As cryptos continue to grow in popularity, companies worldwide are exploring new ways to integrate this really innovative technology into their core goods and services. Online gaming, in particular, has become a hotbed of innovative technology in this field. Play-to-earn games are constantly devising new ways to use cryptocurrency to buy and sell in-game merchandise, cosmetics, and unlock characters, among other things. The fusion of the virtual and physical worlds — our metaverse – has never looked better.
best play-to-earn games have changed significantly over the last several decades. Indeed, the worldwide gaming industry, which was worth USD 173.70 billion in 2020, is expected to grow to USD 314.40 billion by 2026, growing at a 9.64 percent compound annual growth rate between 2021 and 2026. Sony, Tencent, Nintendo, and Microsoft are some of the largest video game firms, with each generating over ten billion dollars in gaming revenue. Sony is the market leader, with over $25 billion in sales. Electronic Arts (EA Games), Sega Games, Konami Holdings Corporations, and Gameloft are just a few of the world’s most well-known video game developers.
While numerous economies succumbed to the Covid-19 epidemic in 2020, the video gaming industry was one of the only industries to see an unexpected surge. With numerous countries implementing statewide curfews, citizens instinctively sought amusement inside their own homes throughout subsequent rounds of restrictions.
Several large game makers, like Activision Blizzard, Epic Games, and Electronic Arts, forecast an enormous increase in income from sales and active user base in 2020. Increased in-game purchases corresponded to the rise of inactive users.
The exponential expansion of cryptocurrency gaming
With developments in PC and mobile gaming, the gaming industry’s interest in cryptos has increased significantly. Crypto play-to-earn games, without a doubt, are upsetting the conventional gaming business by enabling players to earn money as they play, therefore compensating them for their time and effort.
According to research issued by the Worldwide Asset Exchange, over 75% of online gamers desired the ability to trade their virtual assets for money that could be utilized across different platforms. Crypto gaming has increased in popularity in part because it enables users to gather and trade virtual assets that can be swapped and sold globally. Additionally, it has proved to be a safe and straightforward method for the gaming business to generate money.
How does cryptocurrency gambling operate?
It is a well-known truth that cryptos may be purchased and sold simply using digital wallets and crypto exchanges. Therefore, how does cryptography operate in the area of online gaming? This is how.
In conventional online gaming, affiliate marketing, in-app purchases, and in-app advertising are all common monetization methods. Additionally, gamers are highly acquainted with in-game coins, such as those seen in Monopoly or mobile play to earn games such as CandyCrush. However, for so long, these coins had no worth outside of the framework of the game, which is horrifying.
This is where cryptocurrency gaming differentiates itself since it enables consumers to add value to their purchases. In crypto play to earn games, store tokens, such as in-game merchandise, are often held on a distributed ledger atop a crypto network. This distributed database, dubbed the blockchain, enables the exchange of gaming items for cryptocurrency, which may then be converted to real money. You can read about DeFi and Play to earn games by clicking here.
Through in-app purchases, players may purchase stuff like money, additional lives, custom characters, clothes, and accessories straight inside the game. When applied to crypto gaming, in-app transactions occur when users purchase products with cryptocurrency or acquire cryptocurrency itself. In contrast, in conventional play-to-earn games, assets are often purchased through a single developer-owned shop, benefiting the creators rather than the gamers.
Additionally, players cannot affect the game’s life cycle in conventional play to earn games. When the server is shut off, the operator will remove any unused virtual properties, and the player will lose access to them. The game operator retains ownership of all products included in the game, not the player.
While digital ownership is present in current play-to-earn games, it lacks the value and risks associated with crypto play-to-earn games. While you may hold in-game assets, you are not permitted to sell them to other players. In comparison, the whole notion of crypto play to earn games is fundamentally different, from the ownership of virtual assets to their decentralized functioning and the fact that players’ assets are worldwide dispersed and not restricted to gaming objectives.
Earn money with cryptocurrency gaming
In essence, crypto play-to-earn games are video games that operate on a cryptocurrency network and have a fully or partly distributed ledger architecture, granting players verifiable ownership of the game’s virtual goods. As a consequence, users may exchange virtual goods for bitcoin that can be converted into real money.
Throughout this time period, only the game’s producers or game studios profited from the virtual coins sold to players or users, since these assets had no intrinsic worth. This meant that practically everything you could purchase in a game (e.g., skins, armor, and upgrades) had a finite worth, despite the fact that customers paid real money for them.
However, with the advent of crypto play to earn games, the status quo is changing. While traditional play-to-earn games have always been primarily about amusement, crypto play-to-earn games combine enjoyment with the possibility of earning actual money while playing. Each time a player purchases an object, they indirectly contribute to the game’s economy’s worth. Axie Infinity, CropBytes, and Gods Unchained are just a handful of the most popular cryptocurrency play-to-earn games that enable players to earn money by completing in-game goals using virtual items.
CropBytes, a homemade crypto game, is a good example. Players may expand their portfolios of assets in this farm simulation game by using NFTs and cryptos on their own farms. This crypto game, which is a favorite of over 80,000 CropBytes members, enables players to use the power of cryptocurrency in order to make money while playing.
With the popularity of crypto play to earn games increasing, so has the NFT gaming industry. Crypto gaming received an update in the first quarter of 2021 with the introduction of NFT play to earn games, which evolved from Play to Earn games to collectible games based on the Pay to Earn premise. The gaming business has always been driven by trends, and the newest trend in NFTs is no exception. While it is no secret that the NFT sector has grown to be a billion-dollar industry, play-to-earn games are unquestionably one of the strongest applications for NFTs. Much of the NFT sector is now centered on gaming, which offers a great opportunity for players to accumulate unique in-game items.