[Terminology] What is Play to Earn?

by GameAZ
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Play To Earn has been a hot topic of discussion for NFT Game models in recent times. It was created with the simple concept of helping players join the game and earn money. To understand more about What is Play To Earn, GameAZ will give you some information about the concept? The potential for development as well as the opportunity to profit from this model. GameAZ will give everyone some basic information so you can understand what is Play to Earn? Market growth potential and what’s coming next as well as investment opportunities with this money-making gaming trend.

1. What is Play to Earn Crypto Games?

Play to Earn is a model in which a platform offers players the opportunity to earn any form of in-game asset that can be converted to NFT as a valuable resource.

Especially in the blockchain and NFT universes. An effective way to generate income by participating in the game. Players create value for other players and developers by participating in the game ecosystem and earning assets for their contributions.

2. Is the Play2Earn game free?

Are PlaytoEarn games free or not? The answer will depend on the vision of each game developer. Some games will be completely free. But there are some other games that you want to play that require you to contribute something to start participating in the game.

The benefit of the Play to Earn game is that the player generates a marketable NFT asset. Even if the user needs to pay to start playing, these items can then be sold for a potential profit over free game items..

Most free-to-start games require some form of early financial commitment to unlock basic abilities and perfect the game.

3. How to make money from Play to Earn Gaming Crypto?

3.1. Crypto assets are in-game items

NFT games can be understood as a combination of traditional video games and NFT. Unlike traditional games, encoding game materials into NFT helps it turn into cryptographic assets, which are owned exclusively by the gamer, not by the game company. From there, players have the right to exchange and buy NFTs through the market places in the game

Encryption items will also be based on different game mechanics (card collection, breeding, unlocking,… ).

3.2. Examples

Game God Unchained, works similar to other card collecting games, these cards will be converted into NFT form and exchanged to buy/sell on the floor.

4. Terms related to Play To Earn

4.1. NFT

Non fungible tokens, non-fungible tokens, contain no digital content

4.2. Coin

Cryptocurrencies are built on the Blockchain platform

4.3. Tokens

Cryptocurrency is built on the Blockchain of an existing cryptocurrency

4.4. Cryptocurrency Wallet

A crypto wallet is a place to store, swap, send and receive cryptocurrencies. Each wallet will have a different key called a private key

4.5. Digital assets

Digital assets are assets that exist in cyberspace

5. Some of the most popular Play to Earn games in the Worlds

5.1. Axie Infinity

Axie Infinity is an NFT game project running on the Ethereum blockchain. Axie Infinity is a monster fighting game inspired by Pokemon games and another game project, CryptoKitties. In it, players can assemble teams of monsters called Axies to fight each other in battles. The game also allows breeding or collecting valuable rare animals for collection.

5.2. My Defi Pet

My DeFi Pet is a game platform that combines mixed reality and traditional pet game genres. In-game items or collections are personalized in the form of NFT, a game built on Blockchain technology and developed under the Play to Earn model. The pets will be collectively referred to as Monsters.

5.3. Alien Worlds

Alien Worlds is an NFT DeFi metaverse that simulates economic competition and cooperation between players. In it, players will have to do tasks to accumulate Trilium token, also known as TLM – which is an in-game currency. TLM is controlled by Planet DAO (Planet Autonomous Organization).

5.4. My Neighbor Alice

My Neighbor Alice is a game revolving around the world of Alice and a population of islands. Here, players can freely build on their own land and can show friends and other players what they have created. Most of the in-game items will be encrypted into Non-Fungible Tokens (NFTs), which are fully owned by the player.

5.5. CryptoBlades

CryptoBlades is a web-based role-playing NFT game built on Binance Smart Chain and developed by Riveted Games. In the game, players can buy characters, characters’ skills, forge weapons and equip those weapons to increase their overall strength. Players can also trade their characters and weapons on the in-game market

6. PlaytoEarn’s Future

Play to Earn games, have been helping people around the world especially countries hit hard by the pandemic to earn a large amount of money from playing games.

The revenue of the NFT market surpassed $2.5 billion in 2021. This number is set to grow exponentially as new NFT games flood the market. The boom of NFT is creating a new revenue stream inside the blockchain world and it will probably surpass many other industries.

7. PlaytoEarn’s Potentials

According to Newzoo, a game’s revenue (the amount a player is willing to spend in a game) can account for up to 77% of that game’s revenue.

The total market capitalization of the top 10 on-chain game projects currently accounts for almost the entire market share of the on-chain gaming segment, we see that the market for on-chain gaming is still quite small and still very small. lots of growth potential.

Game

Market Cap

Fully Diluted Cap

Axie Infinity

4,532,656,551

17,225,461,264

Enjin Coin

1,851,816,487

1,981,950,018

SandBox

4,660,694,643

13,508,550,012

My neighborhood Alice

145,352,042

835,356,562

Gala

2,517,394,930

16,688,074,739

Illuvium

434,126,401

6,839,048,120

Atari

60,922,473

80,535,119

Total capitalization and dilution value of the top 7 gaming projects.

According to Newzoo’s data above, it only covers the traditional gaming market, with Play to Earn, the Gaming market can grow a lot more than it does now.

Gaming will then be more than just a game, it can be a real job and Gaming will be recognized by more and more people, like what AXIE did to people in the Philippines in particular and the world in general. .

Conclusion:

Game play to earn crypto has appeared years ago, but with the explosion of Axie Infinity in recent days, this form of earning money has become more and more popular.

The above is extremely useful information that GameAZ brings to readers about “What is Play to earn”, wishing you success in making money.

->>> More Knowledge for Newbie at: https://gameaz.com/en/category/terms/

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Disclaimer: This website’s content is offered as a general market overview and does not constitute financial advice. GameAZ recommends you to conduct additional research before to investing.

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