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How to Earn from Playing Games?

2021-09-15

Video games that run on the cryptocurrency network known as crypto games are increasingly becoming popular in the Philippines, nowadays. These games include partially or wholly distributed ledger architecture that allows players to have verifiable ownership over virtual products in these games.

For Filipinos, crypto gaming has stood out because it enables users to increase the value of their purchases.

Since cryptos have continuously become a global phenomenon, industries worldwide are searching for new ways to have revolutionary technology incorporated into their core services and products. In this space, online gaming has specifically become a ground for breeding invigorating innovations in this space.

Developers have invented new methods, so they can leverage cryptos to trade and buy cosmetics, in-game products, unlock different characters, and so much more. Now that the real and virtual worlds have converged into a metaverse, things have never looked this great.

In recent decades, video games have considerably evolved. The global gaming market had a value of $173.70 billion last 2020. It is predicted to have a value of $314.40 billion by the year 2026, with a 9.64% CAGR from 2021 to 2026. Some of the biggest companies in video gaming are Tencent, Sony, Microsoft, and Nintendo. Each of them has a gaming revenue of more than $10 billion. Sony is at the top of this list, as it has a massive revenue of around $25 billion. Some of the world's well-known gaming studios are Gameloft, Konami Holdings Corporations, Sega Games, and EA (Electronic Arts) Games.

Even if some economies have shut down because of the Covid-19 pandemic last 2020, the video gaming industry was among the few sectors that have been able to experience an unexpected surge. As so many countries imposed lockdowns nationwide, people have naturally chosen to search for entertainment in their homes as they go through a continuous set of restrictions.

Some of the big game producers claimed extensive growth in their sales revenue and active base of users last 2020, like Electronic Arts, Blizzard Activision, and Epic Games. Because of the significant increase in active users, purchases in-game have also increased.

Crypto Gaming and Its Expansion

Because of the advancements in mobile and PC gaming, the interest of the gaming industry in crypto has noticeably increased as well. Undoubtedly, crypto games have disrupted the market for traditional games as they enable players to earn money as they play that rewards their effort and time.

According to a report that the Worldwide Asset exchange has published, more than 75% of the people playing online have wanted to have their virtual assets exchanged for currency that they can use across various platforms. The popularity of crypto gaming has primarily grown as it enables players to trade and collect virtual assets. People can work on trading and exchanging them anywhere in this world. It also became a secure and straightforward way to earn money for the industry of gaming.

Crypto Gaming: How does it work?

So many people are now aware that they can use the digital wallets of crypto exchanges to easily purchase and sell cryptos. Now, when it comes to the online gaming world, how does crypto function?

Here is how it functions:

In traditional online gaming, in-app purchases, in-app advertising, and affiliate marketing are among the typical tactics in monetization. Aside from that, gamers nowadays are very familiar with in-game coins, like the coins you use whenever you play mobile games such as Candy Crush and Monopoly. However, these coins don't have any value aside from the game's scope for a long time, which is quite terrible.

Because of that, crypto gaming has stood out as it enables users to increase the value of their purchases. Store tokens like in-game products usually get stored on a distributed ledger on top of the crypto games' crypto network. Also known as the blockchain, this distributed ledger enables the products of the game to be traded for crypto that can eventually turn into real cash.

Purchases in-app will enable players to purchase accessories, outfits, customized characters, extra lives, coins, etc., directly from playing the game. When this gets applied to crypto gaming, in-app purchases get carried out whenever players purchase crypto itself or buy items with cryptocurrency. In contrast to this, assets typically get purchased from a store centrally owned by a developer for traditional games.

Aside from that, when it comes to traditional games, the players can't control the game's life cycle. When the server gets turned off, the operator will take away new virtual properties, and the player will not access them. The owner of any game's merchandise only belongs to the game operator and not the player. 

Even if digital ownership has existed in modern games, they don't have stakes or value like what crypto games have allowed. Even if you can own assets in-game, you may not be able to have them sold to any other player. In comparison to this, the whole concept can be so different when it comes to crypto games regarding virtual assets' ownership to its decentralized operation and the reality that the assets of players are distributed globally and not solely limited to gaming.

Earn Money from Crypto Gaming

Crypto games are essentially video games that run on the cryptocurrency network and include a partially or wholly distributed ledger architecture that allows players to become verifiable owners of the virtual products that the games have. Because of that, the players can have virtual products traded for cryptocurrency that they can eventually trade for real money. At first, only the games studios or developers earned profits from the virtual coins sold to users or gamers as these assets only have the value of vanity. It means that almost anything you can buy from a game, like upgrades, armor, skin, etc., have limited value even if users spend real money buying them.

However, the status quo has begun to evolve because of the emergence of crypto gaming. Regular games fundamentally bought entertainment. Now, crypto games have bright, forward entertainment with earning real cash while playing as an added advantage. Whenever a player purchases an asset, the game economy's value indirectly increases. Some of the most famous crypto games that enable players to earn cash to achieve the game's objectives by using virtual products are Gods Unchained, CropBytes, and Axie Infinity.

The homegrown crypto game, CropBytes is a typical example of this. This game simulates a farm and allows players to grow their asset portfolio by using their own farms' cryptos and NFTs. The game CropBytes has more than 80 thousand users that would enable users to leverage crypto's power so they can earn money by playing the game.

NFT Gaming

Because of the increased popularity of crypto games, the NFT gaming sector has also expanded. In the first few months of 2021, there has been an upgrade with NFT games as it transitions from games in Play to Earn to collectible games according to the principle of Pay to Earn. Trends in the gaming industry have continuously propelled, making the latest NFT trend not an exception. Now, the NFT market has grown to become a market worth billions of dollars. It has undoubtedly made the gaming industry among the highly-suited use cases for NFTs. Most of the NFT industry now focuses on gaming as it has so much potential to provide gamers with unique options for collecting in-game items.

Even if the NFT gaming and crypto gaming terms are often used interchangeably, the two are significantly different. As crypto gaming focuses on using crypto coins for transacting with the other players, people use native tokens to gather or generate NFTs in NFT gaming. With NFT gaming, the game's assets like land, armor, utility, and others can turn into NFTs that people can quickly transfer, sell, or own on the blockchain. With the NFT gaming platform, gamers can have access to NFT markets to sell and buy NFTs that are highly rare. The online video game based on NFT known as Axie Infinity is now among the costly NFT collections that have sold more than $42 million last June 2021.

Aside from that, blockchain gaming now has a new type that combines DeFi (decentralized finance) features with gaming known as GameFi that is gaining a lot of traction. The BSC-based game MOBOX is one of the games that blends DeFi services like yield farming with NFT collectibles. We may see so many products that support Game Finance (GameFi) that allow crypto games to attain new dimensions. As an example, players can have their assets in-game collateralized so they can borrow assets or take loans for the in-game activity that can yield additional assets. Because of that, there are a lot of creative ways people can earn.

Even though many games have a design based on the NFTs of the crypto spaces, FTs also increased in popularity. These fungible tokens are not like non-fungible tokens that you can exchange and replicate with the same value for each other. 

The Liquidity of the Market in Crypto Gaming

Since crypto games heavily depend on the game market, they can address these markets' liquidity levels. Liquidity refers to the most amount of assets that you can buy and sell in the game market at any point in time. Having more liquidity means that the market is healthier. Because of that, liquidity is an excellent indicator of a marketplace.

To get increased liquidity, the market in crypto gaming may comprise both FT and NFT assets. FT assets can get scaled to have high marketplaces in liquidity. They are used as game assets for consumables or utility. NFT assets are used for the increased rarity that often has low volume and high-value transactions.

A Look Forward

You may have always been in gaming as a passionate gamer that started from a young age creating maps in Counter-Strike. For gamers who have been passionate about working in gaming, the crypto gaming sector has now grown to unprecedented heights. It can make anyone feel enthralled with the opportunities this presents, making them so excited to work with new startups and gaming projects. 

Now that there is more investment in the crypto gaming market, it may undoubtedly be set to turn into its industry. Some studios have now jumped onto the crypto gaming bandwagon to capitalize on this newest trend.

Because of that, it can be practical that the expansion of gaming's online industry must be something that crypto gaming needs to exploit as it can be beneficial for both developers and players. Crypto gaming provides the potential to earn, eases transactions, enables people to play anywhere, and provides enhanced security and safety levels. Because of that, crypto gaming can improve the gamers' overall experience in gaming, as it allows developers to attain new streams of income.

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