I seem more and more people talking about Genopets crypto these days. Remember the recent bull run when there were 10 new crypto projects every day? Everyone seemed to be intimately familiar with the latest “thing”. The fear of missing out was extremely stressful. With the recent uptick in the market I am now experiencing […]
Gaming & NFTs
Play to earn crypto explained
Play to earn refers to games that are allow users to earn a cryptocurrency while playing a game. The most famous play to earn game is Axie Infinity, a description of which you find in the article below.
With the emergence of cryptocurrencies these types of digital assets quickly found lots of applications in digital products.
Play to earn games are a “gateway drug” for cryptocurrencies as their use is immediately intuitive to digital natives such as gamers.
The NFT innovation
The key innovation that transformed gaming was the introduction of Non-Fungible Tokens (NFTs). These represent unique digital assets. As opposed to bitcoin where my bitcoin is exactly the same as your bitcoin each NFT is unique and valued differently by the market.
NFTs originally become popular in a simple online game called Crypto Kitties where you could buy a digital kitten and mate it with another digital kitten to breed a new one.
Many games already made money from in-game marketplaces where you could buy assets for the game such as swords and characters etc. In fact many game are free to play and only make money by placing such products on their internal marketplaces. The introduction of NFTs made this concept much more scalable. Now you could trade and use these assets across games and platforms.
With play to earn the points you win are tokenized. You can sell these tokens on a crypto exchange. Others might want to buy them in order to buy monsters, tools, virtual land and other digital game assets.
There are now people who earn a living just by playing games. And it gets crazier still. There are now companies and DAOs that train gamers or lend them assets in exchange for a commission on their earnings.
With play to earn crypto explained you are now ready to study some of the main games below
Key crypto gaming projects
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What is Axie Infinity? Axie infinity is an online game that uses blockchain technology. It uses tokens to incentivize its users to play and earn money. As a result it is wildly popular in SE Asia where people can often earn a living by playing the game. The game Axie is a game with basic […]