The concept of play-to-earn (P2E) captured global attention during the last crypto bull run. Unlike traditional games where players spend money without any tangible return, P2E promised a revolutionary model: play the game, earn digital assets, and cash them out for real-world money.
But hype and reality often diverge.
I decided to test whether today’s crypto games actually deliver income, or if the dream is still out of reach.
The Rise of Play-to-Earn
Play-to-earn broke into the mainstream with Axie Infinity, a Pokémon-inspired battle game that allowed players to earn Smooth Love Potion ($SLP) tokens.
At its peak in 2021, some players in the Philippines were making up to $1,000 a month, a full-time income in many regions.
Communities and gaming guilds formed across Asia, Africa, and Latin America to sponsor new players and share earnings.
Venture capital poured in – billions of dollars went into Web3 gaming studios, all chasing the “future of work and play.”
This early momentum established the idea that games could be more than entertainment — they could become digital economies.
[WATCH] Enabling Crypto Gaming Guilds in Africa – A Chat with Crypto Student Gamers in Zambia https://t.co/EkhRRXGqax via @BitcoinKE
— mpelembe (@mpelembe) April 24, 2022
The Experiment: Playing for Profit
To test the current state of crypto gaming, I explored different titles across categories:
NFT-based battle games (similar to Axie Infinity)
Metaverse-style worlds where land or avatars can be bought and sold
Casual clicker and farming games that offer micro-earnings
Move-to-earn hybrids like StepN, which reward activity instead of gameplay
The goal was simple: Could I walk away with enough rewards to matter financially?
Axie Infinity Surpasses $4 Billion in NFT Sales – https://t.co/IYDbpHpcPb https://t.co/axMh5kGj6f
— NFT Marketing Partners (@PartnersNFT) February 26, 2022
The Hidden Costs of P2E
What I quickly discovered is that every game has barriers:
High Entry Costs – Many require upfront purchases of NFTs or characters. In some cases, the “starter packs” cost as much as $100–$500 before you even play.
Time Sinks – Earning potential often depends on grinding repetitive tasks. What begins as fun can quickly feel like work.
Token Volatility – Most games issue their own tokens, which are prone to inflation. Earnings that look good in-game may be worth far less when cashed out.
Liquidity Issues – Not all rewards can be easily converted into stablecoins or fiat. Some tokens are only tradable on niche decentralized exchanges.
This makes “making money” less straightforward than the P2E marketing suggests.
Where the Money Actually Comes From
One major realization: in most games, the money paid out to players comes from new players buying in. When user growth slows, the economy collapses.
This explains why so many early P2E titles saw massive crashes:
Axie Infinity’s token, $SLP, dropped over 95% from its peak.
Land in some metaverse projects went from thousands of dollars to nearly worthless.
It’s a cycle: hype drives in new players, token prices pump, and early adopters profit – until the music stops.
Gaming Dominates Blockchain Connections at 51%, Says August 2022 DappRadar Report
Report highlights:
* #WAX still accounts for 42% of gaming activity * Wallets on #BSC increased by 2% surpassing 85,000 * #Solana wallets grew 85% MoMhttps://t.co/0GCWTkIE5w
— BitKE (@BitcoinKE) September 6, 2022
Lessons Learned From Playing
After weeks of experimenting, here are the biggest takeaways:
Fun Still Matters – The few games that felt enjoyable were the only ones worth spending time on, even if rewards were small.
Stable Rewards Are Rare – Unless tied to external revenue streams (ads, sponsorships, or real-world assets), most rewards don’t hold value.
Communities Make the Difference – Guilds and player groups can offset costs by sharing NFTs and strategies. This model has been particularly strong in Asia and is now emerging in Africa.
Africa’s Untapped Potential
Interestingly, Africa is one of the fastest-growing gaming markets in the world. With young populations, high smartphone adoption, and interest in crypto, the region could become a natural hub for Web3 gaming.
Nigeria, Kenya, and South Africa already lead in crypto adoption.
Local P2E guilds are experimenting with using earnings to pay for real-world expenses like school fees or household costs.
If sustainable game economies are built, Africa could see both entertainment and income opportunities converge.
REPORT | South Africa’s Carry1st Was One of the Few Winners in a Declining Web3 Gaming Market in 2023
The lone deal across Africa in 2023 was raised by Carry1st, a leading game publisher and digital commerce platform from South Africa.
See the report synopsis below including an… pic.twitter.com/0g54ftw0aV
— BitKE (@BitcoinKE) March 15, 2024
But for now, most African gamers face the same challenges as the rest of the world:
High entry costs
Unstable token rewards, and
The risk of being left holding depreciated assets.
Crypto gaming is not yet a reliable income stream. The dream of quitting your job to play blockchain games is – for now – more marketing than reality.
However, the underlying innovation is powerful:
Digital asset ownership ensures players truly control their items.
Tokenized incentives open the door to new business models.
Community-driven economies could eventually make games sustainable.
The next generation of Web3 games will need to balance fun, sustainability, and fair tokenomics. If they succeed, the industry could still redefine both gaming and work.
Until then, approach crypto games with curiosity – not expectation.
A 6x founder is building Africa’s Fortnite.
* She’s Ethiopian. * She’s fearless.
And her new game is rooted in rebellion, royalty, and #Web3 !https://t.co/jOZBCBA9w2 pic.twitter.com/ssooUfDSmJ
— BitKE (@BitcoinKE) May 18, 2025
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This post is rendered from this personal experience on Medium