In 2021, the market for video games worldwide reached $195 billion. It seems sense that bitcoin will have a bigger role as more gamers across the world immerse themselves in online gaming universes.
Several games already directly incorporate cryptocurrency into their gaming economies.
Games that allow players to "play to earn," or P2E, compensate them in cryptocurrency or digital tokens based on their performance or time spent playing the game.
Gamers may benefit from their talent or interest for gaming by earning cryptocurrency. But before you dive in, gamers should be aware of the advantages and disadvantages of crypto gaming.
Although the idea of virtual game currency is not new, the development of blockchain technology has given crypto gaming creators the chance to incorporate real-world economics into their games.
By participating in and winning a game, cryptocurrency players can acquire non-fungible tokens (NFTs) or cryptocurrency, which become the player's personal property.
On both controlled and decentralized cryptocurrency exchanges, it is frequently possible to convert in-game digital tokens into stablecoins. These digital assets can be instantly converted to fiat money or sold or exchanged on internet exchanges.
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How Do Crypto Games Operate?
Crypto gaming uses a wide range of various business structures.
According to Adrian Krion, creator and CEO of blockchain-based gaming platform Spielworks, P2E games give players a variety of ways to earn or purchase gaming tokens.
By purchasing these tokens in advance and [hoping] that more players would join the game when they do, people may profit from them, according to Krion.
Some cryptocurrencies games generate revenue by advertising or the selling of in-game goods like certain weapons, skins, or even virtual territory.
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Then, by rewarding them with cryptocurrency or NFTs for completing objectives, the developers encourage players to invest more time in the game. These activities are usually straightforward and require engaging with the game in some way.
These missions often consist of straightforward activities that require players to engage with the game in some way, such defeating a predetermined number of opponents or gathering a predetermined quantity of supplies.
Other cryptocurrency gaming platforms provide users the option to use their cryptocurrency as a wager in online casinos and other games of chance.
The three most well-known cryptocurrency gaming platforms are BitStarz, 7bitcasino, and mBitcasino.
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Leading Gaming Tokens
According to data gathered by CoinMarketCap, the market for gaming tokens worldwide is worth more than $12.8 billion.
The best tokens have a lot of real-world value despite the fact that these tokens may only be used within a certain game or gaming environment. The top three by market capitalisation are as follows:
ApeCoin (APE)
The most valuable gaming token is ApeCoin (APE), which has a $2.23 billion market value.
The Bored Ape Yacht Club, a group of non-fungible tokens created on the Ethereum (ETH) network, uses ApeCoin as its native currency. ApeCoin has been implemented into video games by independent developers. For instance, users of the P2E smartphone game Benji Bananas may quickly exchange the unique tokens they earn for ApeCoin.
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Decentralized (MANA)
The native currency of the virtual world Decentraland, which is based on the Ethereum (ETH) blockchain, is called Decentraland (MANA). In Decentraland, users may trade virtual goods, chat with other users, and even play games.
Players may swap their MANA for various in-game items and services or buy Decentraland NFTs that define virtual land parcels.
The market value of MANA is greater than $1.8 billion.
Sandbox (SAND)
Another metaverse, or virtual environment, powered by the Ethereum blockchain is called The Sandbox. The Sandbox (SAND) tokens enable a variety of gameplay interactions, including the acquisition of LAND-style virtual land parcels.
The market capitalization of SAND is about $1.6 billion.
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How to Make Money Playing Cryptogames
In-game prizes can be compared to tiny payments that crypto players make after fulfilling missions or other conditions.
According to Harry Turner, the creator of The Sovereign Investor and a former hedge fund manager, virtual goods like armor, weaponry, skins, and other equipment may be extremely valuable in the real world.
Investors may benefit from the sale of these products by completing missions and gathering NFTs, claims Turner.
One online market for NFTs and other virtual in-game goods, many of which sell for millions of dollars, is DMarket.
Similar to stock investors who purchase early, crypto players who invest in a successful game will probably be the largest winners, according to Zain Jaffer, founder and CEO of Zain Ventures.
Digital Party Hats were given away as part of the game's Christmas promotion in 2001 to RuneScape members. Jaffer claims that twenty years later, these party hats are now worth billions of game gold coins. According to Runescape, the most popular party hat color sold for 57 billion gold pieces, around $6,700.
If history repeats itself and early adopters of cryptocurrency gaming platforms and currencies are the ones who succeed, it won't be shocking.
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Risks of Crypto Gaming
Unfortunately, there are currently a lot of risks connected to using cryptocurrency for games and tokens.
The fact that crypto gaming tokens are vulnerable to supply and demand dynamics linked to the game's popularity is a significant concern. The demand for an in-game money may totally disappear if people stop playing, rendering its tokens useless.
There is no assurance that the assets in these games will retain their value over time because they are so new and their longevity has not yet been established, according to Jaffer.
Hackers stole $617 million in Ethereum and USD Coin (USDC) from players of the cryptocurrency game Axie Infinity earlier this year. One of the most well-known crypto games is Axie Infinity, which had a peak monthly active user base of more over 2.7 million players prior to the attack. Developer Sky Mavis of Axie Infinity announced in June that it would only refund a third of the cryptocurrency that its customers lost as a result of the attack.
The most well-known game that players may play to make money is Axie Infinity.
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