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What is Play-to-Earn in Crypto?

What is Play to Earn?

Games have functioned as a diversion, something to keep you occupied after a long, hard day. At least, this was the case throughout the past 50 years of video gaming. However, a new generation of video games is emerging. This generation uses blockchain technologies like non-fungible tokens (NFTs) to reward gamers with cryptocurrencies. These games, also known as “play-to-earn” (P2E), have recently become popular. But what exactly are P2E games, and which ones are the most popular?

What is Play-to-Earn (P2E)?

Play-to-Earn (P2E) crypto games involve earning crypto through playing games. You make in-game currency by completing missions, winning battles, or completing other challenges. Usually, you can trade this in-game currency for Ethereum or other tokens through a decentralized exchange. 

The money earned by playing these games comes in the form of crypto. This means that you can use it to trade or just HODL onto it. In addition, they can also be used to acquire NFTs. In certain circumstances, NFTs are the in-game currency. This indicates that users can possess in-game items and sell or exchange them for something else.

Because the financial rewards of these games are a substantial incentive for players, the P2E sector is thriving. These activities are part of the GameFi movement, which blends gaming with decentralized finance (DeFi).

GameFi

GameFi, known as “play-to-earn,” combines gaming with blockchain-powered financialization. Such games allow users to gain digital assets for their in-game activities through missions, trade, and other means. While traditional games allow players to accumulate and exchange digital assets, their investment is still a property of the game itself. GameFi games, on the other hand, maintain their assets dispersed throughout a network. As a result, these operate independently of any single organization, significantly reducing the risk of digital assets.

 

Top Play-to-Earn Games

Axie Infinity

Play to Earn Game Axie Infinity
Axie Infinity Play-to-Earn (P2E) Game. Source: Axie Infinity

Axie Infinity has quickly become one of the world’s largest blockchain games in its Play-to-Earn mix, employing GameFi features like task completion and property trade. 

To proceed through the game, players must collect, train, and fight creatures known as Axies. Axie Infinity may provide considerable rewards for dedicated players. The top players can make hundreds of thousands of dollars every month. However, even mediocre players can earn around $400 in the same time frame. Players get these rewards in the form of AXS – a rising cryptocurrency with a market capitalization of more than $8 billion.

Town Star

 

Play to Earn Game TownStar
TownStar Play-to-Earn (P2E) Game. Source: TownStar

Town Star is a farming simulator, similar to the good old Facebook game, FarmVille. In this farming simulator, players may purchase trucks or barns as NFTs to help them cultivate their virtual land more effectively and rapidly. Townstar tokens (TOWN) are awarded for achievements and may be used to purchase NFTs. However, in November 2021, the game got its own nodes, which needed yet another licensing. During the November auction, all licenses were sold out in five minutes. In addition, the starting price for a TOWN license in the second licensing cycle in January of this year was the equivalent of $14,000.

Phantom Galaxies

Play to Earn Game Phantom Galaxies
Phantom Galaxies Play-to-Earn (P2E) Games. Source: Phantom Galaxies

Phantom Galaxies is an open world, third-person space sim, mech shooter, RPG. Players assume the role of Space Rangers piloting Mechanized Starfighters. These spacecraft are fighter-style spaceships that can also morph into Mech robots.

During the game, players participate in missions, the game’s long-form plot material, and quests, which are one-time experiences. Operations (daily missions) and Raids (team-based objectives) are also available. The further you get out from the center, the riskier the tasks become and the greater the reward.

Phantom Galaxies’ initial launch is on the Polygon blockchain. Long-term ideas include multichain support, with each chain having its own home galaxy but still allowing players to connect. Closed Alpha is already accessible, with an early access beta set to start in Q3 of 2022.

Blankos Block Party

Play to Earn Game Blankos
Blankos Play-to-Earn (P2E) Game. Source: Blankos

Blankos Block Party is a play-to-earn and open-world multiplayer crypto game. This game is one of the most popular games that use blockchain technology and contains components comparable to Minecraft and Roblox

In the game, users may design unique avatars and environments that other players can use. In addition, player-created characters are non-fungible tokens. This allows you to purchase, sell, and display them as exclusives.

Blankos Block Party allows you to have a good time by exploring and playing games with your friends. Furthermore, gamers may design their own rules and personalize their experiences. Despite being only over a year old, Blankos is one of the most popular crypto games.

The Future of Play-to-Earn Games

Play-to-earn games are likely going to become an exciting component of the decentralized ecosystem. 

With their intriguing developments and tempting financial incentives, they may become some of the most popular games available. Thus, time will tell whether P2E games will gain popularity in the long run. However, that appears to be the current case in the crypto market.

Takeaways

  • The gaming industry was one of the first to adopt NFT tokens.
  • Play-to-Earn (P2E) crypto games involve earning currency through playing games.
  • The money gained by playing these games can be transferred to a Bitcoin wallet.
  • GameFi is a combination of gaming with blockchain-powered financialization.
  • Axie Infinity is the largest blockchain game. The income is supported by AXS.
  • Blankos Block Party is a famous game, similar to Minecraft and Roblox. 
  • Because of its intriguing developments and financial incentives, the future of P2E is very promising.

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