What is a Crypto Game?
The gaming industry is facing a revolution as technological advances have triggered changes across the sector. In any case, the popularity of games that include blockchain technology and cryptographic tokens usually referred to as “crypto games,” is impossible to deny. Examples include Axie Infinity, Decentraland, and other similar play-to-earn (P2E) oriented non-fungible tokens (NFT) and metaverse games.
Even more significantly, the rise of blockchain-based gaming may mark the beginning of a fundamental transformation in the video gaming industry. The long-held belief that gaming is a waste of time may become outdated as crypto gaming continues to flourish.
As a subgenre of video games, “cryptogames” use cryptographic elements developed for blockchain systems. This genre of games goes by a few different names, but they all relate to the same thing: a game in which the in-game currency is stored on a distributed ledger or blockchain. Typically, the blockchain elements of these games are based on the use of cryptocurrencies or non-fungible tokens (NFTs), which players can buy, sell, and trade with one another. As a result, players can more easily track the provenance of their in-game loot and feel more like actual owners of the stuff they obtain.
While blockchain games have been around since 2017, the video game industry only started paying attention to them in 2021.
Despite the fact that blockchain games have been around since 2017, the gaming industry only took notice of them in 2021.
This is owing to the pushback from players, developers, and businesses in the gaming sector, as well as the desire of large AAA publishers to investigate the potential of the games in question. All of which is normal, given that there was a relatively novel concept with their emergence in the market.
Should You Invest in Crypto Games?
Anyone participating in web3 and blockchain-based gaming platforms may find gaming currencies beneficial. And as can be seen, we are well aware that several game-based cryptocurrencies have exhibited significant growth over the past few years, even when utilized on platforms other than those on which they were initially designed to be used.
Coincidentally, gamers are already aware of the concept of tokenization; thus, incorporating cryptocurrencies into gaming makes a lot of sense. The idea of virtual currencies has been around for a long time, even in traditional games, but in a very limited capacity.
Now, this model looks like something worth investing in. In contrast to the conventional gaming system, all you get for investing time and energy is little to no benefits save the dopamine rush to the brain’s pleasure center after accomplishing tasks. With crypto games, you can feel all that gaming excitement and earn crypto tokens for your pockets. With crypto games, you get to eat your cake and have it!
How to Invest in Crypto games
Finding out how to purchase Bitcoin, Dogecoin, Ethereum, and other cryptocurrencies can be challenging if you’re new to the world of cryptocurrencies. Thankfully, learning the ropes is relatively easy. By following these five simple steps, you can begin investing in cryptocurrencies.
The key actions you should take when investing in crypto games are listed below.
Carry Out Research
DYOR is a popular acronym familiar to the crypto space. Spelling out the words Do Your Own Research is self-explanatory, as dealing with virtual assets requires firm knowledge. You should only use it with a deep familiarity with the internal dynamics of any given business platform or exchange. This is straight out of finance 101. Knowing this would help you decide the best strategy and if you should even bother. You should do the same thing before investing in a cryptocurrency gaming venture.
Regarding the NFT, you should investigate at least two things: who is behind it and if it is on-chain or off-chain. When researching prospective NFTs, details like sale date, required cryptocurrency, and available NFT supply must be kept in mind. This can help you realize if the NFT is in short supply, which may be indicative of its future worth.
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Choose Between Buying Crypto Through a Broker or an Exchange
To buy in-game assets and NFTs, you need cryptocurrency. With a few exceptions, Ethereum is used to purchase NFTs. You will require a cryptocurrency brokerage or exchange to buy Ethereum or other cryptocurrencies. Gemini, Binance.US, Kraken, Coinbase, etc., are excellent examples.
Cryptocurrency brokerages are companies or people who facilitate cryptocurrency transactions between buyers and sellers.
They help you purchase and trade cryptocurrencies and other digital assets. But a cryptocurrency exchange is a digital marketplace where buyers and sellers may interact directly depending on current market circumstances. You will pay more in transaction fees as the value of your investment increases on any brokerage or exchange platform. It’s a good idea to consider the service costs associated with purchasing and investing in cryptocurrencies before doing so.
Transaction costs might be based on a flat rate per transaction or a percentage of the total volume in a monthly trading account. Spending may be estimated by weighing the relative benefits and drawbacks of the many transactions you intend to complete.
Store Your Tokens in a Safe and Secure Wallet
Whether it’s on the same blockchain, a different blockchain, or decentralized storage, you keep the NFTs you buy in your crypto wallet. Trust Wallet, Cybavo, MetaMask, and Alpha Wallet are a few cryptocurrency storage wallets for NFTs. In these wallets, you can store your cryptocurrencies and any NFTs you acquire/buy on the open market.
Decide Where to Purchase NFT
Once you have your digital currency, you must look for a reliable marketplace to purchase NFTs. The NFTs can be traded using cryptocurrency on the open market, and the NFT is for sale and can be traded. After settling on a source for your NFT, you must sign up and link your digital wallet.
Always remember that crypto wallet needs might vary greatly depending on the market. The NFT may be sold at a fixed price or put up for auction, with the purchase price determined by the final bid. Make sure you fully grasp these conditions before signing up for any online marketplace.
Below are some of the most popular marketplaces to purchase an NFT.
- Axie Marketplace
- NBA Top Shot Marketplace
Ensure You Have Enough Cryptocurrency to Complete a Transaction
Trading NFT is similar to purchasing and selling commodities. This means you will be unable to get an NFT unless you have sufficient crypto.
It is imperative that you have sufficient tokens in your wallet to pay the expenses of every blockchain transaction, including gas fees. Fees can encompass the cost of acquiring, transmitting, and exchanging digital currency.
Costs associated with running a cryptocurrency exchange are partially covered by the gas fees miners get for recording transactions on the blockchain.
How to Earn Crypto Playing Games
Here is a breakdown of some of the top games currently available and how you can earn cryptocurrency while playing for anyone wishing to get engaged in blockchain-based games and start earning cryptocurrency and NFTs.
Axie Infinity (AXS)
Another widely played NFT/metaverse game is Axie Infinity, which has a more extensive user base and more daily transactions than any other crypto game. With gameplay similar to the Pokémon game, users must gather “Axies,” care for them, train them, battle them, and eventually trade for the best ones. (Axies, besides being adorable animals, also perform the role of NFTs).
The game has excellent earning potential, but breeding, caring for, and trading rare or unique Axies demands a lot of time and effort that, of course, would be rewarded as the game works on a play-to-earn system. These creatures can engage in combat to gain SLP tokens or be dispatched on missions to farm resources.
- Native token: Axie infinity (AXS) and Smooth Love Potion (SLP)
- Blockchain: Ethereum
- Monthly user base: 308,000
- The initial investment required: You need to purchase three Axies from the in-house marketplace before you can play.
Alien Worlds (TLM)
In this game, the player inhabits a multi-planet alien environment, where they must battle for scarce resources and mine the virtual currency Trillium (TLM). In addition, players can engage in combat, complete quests, and make additional tokens by renting out their land to others.
Alien Worlds was the first game to reach over 100,000 players and now has over 2.5 million players. The fact that it’s free to play and uses many blockchains (including WAX, Ethereum, and Binance Smart Chain) further helped propel its popularity.
- Native crypto token: Trilium (TLM)
- Blockchains: Native WAX blockchain, but also runs off Ethereum and Binance Smart Chain (BSC)
- Monthly user base: 1,000,000
- The initial investment required: To mine, you must purchase NFT game cards like land.
If you enjoy playing Hearthstone, this is the perfect NFT game. Splinterlands is, without a shadow of a doubt, one of the most enjoyable crypto games available today. This trading card game may be played in a web browser. This game allows for the cross-chain trading of cards and tokens between the Wax and Ethereum blockchains.
In this online collectible card game, users build a deck of cards with unique abilities and attributes, which they use in battle against other players. All cards are backed by NFTs that can be freely sold and bartered. In-game combat is player vs. player, with each encounter having its own unique set of variables.
Then, each player has a certain amount of time to assemble a deck of cards that they will use to battle one another.
- Native Token: Dark energy crystals (DEC), the native token, and Splintershards (SPS), the governance token
- Blockchain: Hive blockchain
- 120,000 users each month
- The summoner’s spellbook costs $10 and must be purchased to access the play-to-earn features and receive DEC tokens.
A web-based role-playing game called CryptoBlades imitates classic games like Skyrim or Dark Souls. Players can create weapons to help in combat so they can gain the upper hand or increase their power. Players can engage in monster combat or execute in-game raids to earn SKILL tokens. After then, these items can be traded in a public market.
The gameplay itself is straightforward to understand. One of the game’s four major components — fire, earth, lightning, or water — is bestowed upon each playable character, weapon, and trait, as well as each foe. Each component will come with a set of benefits and drawbacks, both of which the players will need to use to gain an advantage over their competitors.
- Native crypto token: Cryptoblades (SKILL)
- Blockchain: Binance Smart Chain
- Monthly user base: 510,000
- The initial investment required: Users must purchase around 0.2 BNB to play and pay transaction fees in-game.
Upland is an EOS-based NFT that simulates the life of a real estate magnate. When the metaverse is eventually superimposed onto our own, gamers can acquire NFTs representing virtual land and properties.
Players can purchase, sell, and trade properties tied to real-world addresses in Upland Upland, an NFT metaverse designed to match our world. Users can then play, run businesses, and communicate with other Uplanders from all over the world.
In Upland, the player’s avatar can scavenge a city in search of a house or apartment that’s up for sale. Alternatively, users can visit the houses of other players. Users who complete a Collection unlock special UPX awards and increase a building’s revenue. In a fashion reminiscent of Monopoly, your properties will be worth more as you acquire more of the same.
- Native token: Upland (UPX)
- Blockchain: EOS
- Monthly user base: 155,000
- Initial outlay necessary: You have to buy a virtual asset first before you can open an account.
Many blockchain-based gaming platforms use gaming tokens to enable user interaction with both the games and other players. Within these gaming platforms, you can purchase assets using gaming tokens or crypto coins and even use them to generate more coins.
Just like the value of any other asset, the potential gain from investing in crypto gaming coins is conditional on several variables. The tactics you employ in making investments, the level of risk you are willing to take, the state of the market, and the quality of the project you are putting resources into are all examples of such factors. Still, if you ever want to pass the time with your favorite activity like gaming and casually earn just from playing, the gaming options considered here are worth exploring.