The gaming industry is a massive and fast-growing one. According to data from Statista, the global video game market was worth $109 billion in 2018 and is expected to grow to over $200 billion by 2023.
With so many gamers spending their leisure time in front of screens rather than on sports fields, it’s no wonder that companies are racing to develop new ways for people to get involved with this digital pastime.
Some of the most innovative uses of blockchain technology in the world today involve virtual currencies such as Ethereum and Binance smart chain, which can be used as a reward system for gamers or integrated into games themselves as tokens of value.
Here is an overview of some of the key terms and concepts related to cryptocurrency and gaming – and how you can use them to earn money while having fun at the same time!
What is cryptocurrency?
Cryptocurrency is a virtual or digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions and control the creation of additional units of the asset.
Most commonly, cryptocurrencies are used to transact with goods and services or serve as an investment, but this is not the only use for these digital coins. Cryptocurrencies are increasingly being used as a reward system for gamers or casual gamers.
Earning crypto for playing games is an ideal use of this technology as it is a frictionless, transparent, and secure way to share profits with users and encourage them to continue using the platform.
How to get started with earning crypto for playing games?
The easiest way to get started with rewarding gamers with crypto is to install a crypto wallet – which can be done on multiple devices, including Android, iOS, or desktop computers.
But the most popular one is by using Metamask. Metamask is a browser plugin that allows users to easily interact with the Ethereum network and other networks like Binance smart chain.
Aside from sending and receiving cryptocurrency, it can also store NFTs (non-fungible tokens). If you already have Metamask installed, you can begin playing games and earning cryptocurrencies.
Here you can find hundreds of play-to-earn games developed by both users and developers. You will also see the most recent and upcoming games on the site.
However, if you are looking for a review on a specific play to earn. You can check our Altcoinpinoy youtube channel for that. We cover a variety of play-to-earn games and NFT on our channel.
Earning Crypto by Playing Games
Crypto gaming is still in its early stage, but with the continuous growth of the crypto market, it’s only a matter of time before traditional gamers begin to consider play-to-earn games are the future of gaming.
There are several ways of earning cryptocurrency through playing games. Different developers use different methods to reward their users. Here is the list of some of the popular games today.
This is a blockchain-based game where players can collect and train virtual pets called Axies. Players are being rewarded in the form of SLP tokens by competing with other players.
Axie Infinity is the most popular play-to-earn game in Southeast Asia, especially in the Philippines. People make a decent amount of money playing this game.
This is a digital collectible game that allows users to buy and sell virtual cats. In Cryptokitties players can breed kitties to generate kittens and then sell them off for profit. The process requires players to buy the kitties using fiat currency and then use them to play the game. The more time a player spends in the game, the more tokens he or she earns that can be used to buy more cats or other virtual items.
This is another decentralized application (dApp) that rewards its players for playing games on its platform with cryptocurrency instead of traditional money. BitDice is a provably fair poker-style betting game where users can earn tokens by playing the games on the platform or by placing bets on their favorite teams in different sports tournaments.
The number of tokens earned depends upon how well a player does in betting on his or her favorite teams in various competitions over time. Since all bets are recorded through smart contracts, there is no room for cheating or fraud.
This DApp is another example of a blockchain-based game platform where users can earn tokens by playing games on the platform. The token used on the Thetan arena platform is called Thetan coin (THC).
Users can earn THC tokens for playing games such as MOBA and Battle Royale. For instance, In MOBA, users are rewarded for winning matches against other players. Same with Battle royale, users are rewarded for surviving as long as they can.
League of kingdoms
This is another blockchain-based game platform where users can earn tokens for playing games. The token used on the platform is called League of kingdoms coin (LOKA). Users are rewarded for participating in matches and tournaments on the platform.
These are the few play-to-earn game platforms that are currently trending in the blockchain space. As more and more developers realize the potential of blockchain technology, we can expect to hear of more platforms such as these in the future.
Final Words: Is Earning Crypto for Games Worth It?
Gaming is a fun way to pass the time and earn a little extra cash without having to put in a lot of effort. Earning crypto for playing games is a great way to enjoy your leisure time while also earning money.
With blockchain technology and cryptocurrencies gaining increasing traction in the gaming industry, there are opportunities to earn crypto for playing games that are available nowhere else.
However, we are in the early stage of this industry, and the same with other cryptocurrency projects.
There is an opportunity but there is also a risk that we have to consider. The technology is new and it might take a while to gain traction. Nevertheless, I believe that blockchain technology will have a major impact on the gaming industry in the long run. If you are interested in earning crypto for playing games, you should do your research before deciding to invest.