To put it simply, Play-to-Earn (P2E) online games basically incorporate blockchain technology, which allows you to earn cryptocurrency and NFTs by playing as usual. These games not only offer an interactive experience for players but also offer people the chance to potentially win substantial amounts of money.
This format may sound familiar to those who are avid online casino fans, but there are a couple of differences to note – for example, unlike an online casino, you don’t have to deposit cash to play.
We look into how P2E gaming platforms work and why they’re worth checking out.
What Is the Difference Between P2E Games and Other Games?
It’s hardly groundbreaking for titles to feature in-game currencies – this has been around for years. Think of GTA, for example. This iconic franchise allows you to accrue millions of dollars as you work through the game. Just imagine if you could actually withdraw everything you earned, though. Well, in principle, this is what P2E games allow you to do.
The key difference between old-school video games like GTA and P2E games is that their in-game currencies are publicly traded on exchanges, and the players actually own the crypto. Therefore, players are free to withdraw, transfer, trade, and exchange the in-game cryptocurrency.
Also, P2E games don’t just give you ownership over the in-game cryptocurrency. Thanks to the invention of NFTs, you can also own different items, including everything from digital cars to houses, clothes, weapons, and practically anything else you can think of. A fellow P2E gamer can literally walk up to you in the game and offer $1 million for your digital mansion, and you can laugh all the way to the bank.
What Are Some Examples of P2E Games?
Unsurprisingly, there are now loads of different P2E games to choose from. You can explore the metaverse in Decentraland and get every job imaginable, from DJ to real estate agent to professional gambler. Or you can train your very own Pokemon-like creatures and battle against other players in Axis Infinity. Here are some fun crypto games that are worth checking out:
Axie Infinity
If you enjoyed playing Pokemon, then this P2E game is for you. This crypto metaverse debuted in 2018 and now has millions of players from all over the world. How it works is you breed and train digital pets and then use them to battle against other digital pets. and then use their special skills to battle against other trainers. To start playing, you first need to buy Axies. Then, you can breed and sell your digital pets, purchase land, and compete against other players for cash prizes. This can be pretty lucrative as one lucky player even sold an Axie for 300 Ethereum, which is currently worth over $500,000!
Alien Worlds
With Alien Worlds, you can move to another player and take on the role of governor, warrior, priest, and more as you rule your galactic colony. You can do all sorts of cool things like hold elections, mine for precious metals, raid over nations, and stock up on weapons. Renting land to other players and trading precious metals is the key to riches in this game.
Decentraland
Decentraland is one of the most popular P2E metaverse games out there. In this game, you can become whoever you want to be and create a whole second life. You can start any business, from a casino to a nightclub to a clothes store. The best way to earn money in Decentraland is to get into the digital property game!
How Do P2E Games Make Money?
Most P2E games are completely free to play, so the natural question is, how are these developers making money? One of the common revenue streams is simply displaying ads within the game. Crypto exchanges and blockchain-related companies will pay handsomely to get their products in front of crypto users.
Another way P2E developers can earn some serious money is by keeping a percentage of the in-game cryptocurrency to themselves. For example, let’s say they create a cryptocurrency called Wincoin, and there are 10,000,000 million total coins, and the developers keep 2,000,000 million for themselves.
As the game gets more popular, Wincoin’s value increases from $1 a coin to $30 a coin, and suddenly, the developers have printed $60 million out of nowhere. P2E games also typically operate under the freemium model, where they’re free to play, but you can make in-game purchases. For example, you could buy your avatar a custom outfit or buy a special weapon like a flaming sword.
P2E games are still in their very early stages. However, they already have massive potential. Judging by just how much time we spend staring at our screens and the increased digitalization of the world, our whole lives might end up being one big P2E game!
