Do you consider yourself a hardcore gamer? Are you looking to earn more money? With the steadily increasing popularity of NFT-based play-to-earn games, everyone has a great opportunity to make a consistent income.
Read on to learn more about how play-to-earn games function. But first,
What are Blockchain games?
Blockchain technology allows games to be played across a global network of computers. A blockchain is an immutable chain of data blocks that no one can alter, edit or modify the data. Games placed on the blockchain are not controlled by a singular entity but by the entire network of systems playing the game.
How to Earn Money from NFT Gaming:
The use of NFTs and the integration of cryptocurrencies for in-platform payments are two traits that distinguish blockchain games. Blockchain games are a huge step forward as they allow gamers to develop games and resources with unique characteristics that can be traded or moved between platforms. Users can now earn money by trading blockchain games.
Play-to-earn NFT games are creating an opportunity for players to earn money while having fun. A player in many circumstances is rewarded with tokens and, on many occasions, NFTs. The key is that the longer they play, the more they earn. Gamers can win monetary rewards, pick up “NFT Drop”, while users with a creative mind can develop and sell valuable things. The term NFT drop refers to the accurate time and day on which a non-fungible token will be minted and released during the game play.
The tokens gained are necessary to play the game. In the course of the game, tokens can be earned repeatedly, whereas NFT drops are more unpredictable, the token approach is the more dependable of the two. Low-income users are flocking to play-to-earn as a complement or replacement for fixed income or social security.
The Business Model:
Video games with modern business models have evolved as technology has become more accessible to the general public. People used to play games on arcade machines in local gaming centers in the early 1980s. With a pocket full of change, gamers would aim for the highest score. Since then, times have changed, and people may now play games on their smartphones. When customers want a more immersive experience, they can launch a game on their computer or home console. Regardless of the platform in consideration, there are business models for every user.
The play-to-earn business model embraces the idea of an open economy and rewards all players who provide value to the game environment. In-game currency, new content, and cosmetics for game characters all require payment. The model involves the addition of new game concepts and retention ideas to modern gaming that haven’t been seen before. Gamers will have to pay for in-game items, such as cosmetics and currencies if they want to advance or gain special abilities. Free-to-play games can be easily downloaded and offer players a confined experience.
What is Axie Infinity & How does Axie Infinity work!
Axie Infinity is an NFT game, founded by Sky Mavis – a start-up company in Vietnam, in which a player can find a combination of crypto-tokens and a Pokémon setting. Axies are NFT animals that players can battle, trade with, and develop within the Axie Infinity game. These Axies can be traded for money. There are two native cryptocurrencies: Axie Infinity Shards (AXS) and Small Love Potion (SLP). AXS can be purchased and traded on various NFT marketplaces and crypto-exchanges, and SLP is given in the game to users in exchange for their time spent playing the game.
The purpose of Axie Infinity is to create a decentralized platform where cute animals known as Axies can breed, develop, and battle. On the in-game marketplace, Axies are sold as NFTs. The presence of Ronin, a fast, customized sidechain designed by developer Sky Mavis to have lower fees than the main Ethereum blockchain, is Axie Infinity’s unique feature. Ronin is where the majority of the transactions take place.
AXS Crypto:
The main token, Axie Infinity Shards (AXS), is an ERC-20 token that is used for governance on Axie Infinity.
To understand more about Axie Infinity and how to play the game, keep reading.
The Working Mechanism:
Users must first invest at least three Axies in order to play the game. The other way to enter the gaming platform is through agreements called Scholarships. This is a scheme in which people who don’t have the time or skill to play a game delegate the duty to scholars, who are skilled gamers. In short, that is a business partnership. Players invest their time playing the game, while other users invest the required capital for the game. Profits from the game are split between the investor and the gamer according to a predetermined ratio.
One of the profitable ways to profit from Axie Infinity is to breed Axies. Currently, at a cost of 4 AXS and some SLP tokens, any two Axies can be bred. The quantity of SLP tokens required depends on the number of breeding combinations employed. The Axie will hatch and reach adulthood in just five days. Depending on market conditions, you can use it on the platform to improve your game, sell it on an NFT Marketplace, or lend it to Axie scholars.
Although blockchain technology has yet to exert a powerful positive influence on the global gaming landscape, it has created waves in the broader blockchain industry. Blockchain gaming is making advancements most likely due to its size and global availability.
Axie Infinity is the leading platform promoting play-to-earn gaming NFTs. Users can utilize the Scour from bitsCrunch to safeguard themselves from washtrading. Factors such as users being rewarded for spending time on the platform, making money by breeding Axies, and lower gas fees contribute to their popularity.
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