As cryptocurrency’s popularity grows, businesses across the globe are looking for new ways to incorporate this cutting-edge technology into their core products and services. In this industry, online gaming, in particular, has become a hub of creative technologies. Play to earn games are always coming up with new methods to utilize bitcoin to purchase and trade in-game items, cosmetics, and unlock characters, among other things. Our metaverse, which combines the virtual and real worlds, has never looked better.
The way people make money by playing video games has evolved dramatically over the previous several decades. Indeed, the play to earn gaming sector is anticipated to rise from USD 173.70 billion in 2020 to USD 314.40 billion by 2026, with a compound annual growth rate of 9.64 percent between 2021 and 2026. Sony, Tencent, Nintendo, and Microsoft are some of the most profitable video game companies, with each producing more than 10 billion dollars in sales. With almost $25 billion in sales, Sony is the market leader. Electronic Arts (EA Games), Sega Games, Konami Holdings Corporations, and Gameloft are among the most well-known video game producers in the world. Click here for exploring play to earn model for horror games.
While many economies succumbed to the Covid-19 outbreak in 2020, the video gaming sector was one of the few to see a surprising uptick. Following the implementation of statewide curfews in a number of nations, individuals instinctively sought entertainment inside their own homes throughout following rounds of restrictions.
Activision Blizzard, Epic Games, and Electronic Arts, among others, predict a massive growth in revenue from sales and active user base in 2020. The boost in active users was accompanied by an increase in in-game purchases.
The explosive growth of cryptocurrency gaming
The gaming industry’s interest in cryptos has risen dramatically as a result of advancements in PC and mobile gaming. Without a question, crypto play to earn games are disturbing the traditional gaming industry by allowing gamers to earn money while they play, thereby paying them for their time and effort.
According to a study conducted by the Worldwide Asset Exchange, more than 75% of online gamers want to be able to swap their virtual assets for money that could be used across many platforms. Crypto gaming has grown in popularity in part due to the fact that it allows players to collect and trade virtual goods that can be traded and sold all over the world. Furthermore, it has proven to be a safe and simple way for the gaming industry to produce revenue.
What is the process of cryptocurrency gaming?
Cryptocurrencies may be bought and traded via digital wallets and crypto exchanges, which is a well-known fact. So, how does cryptography function in the context of online gaming? This is how it’s done.
Affiliate marketing, in-app purchases, and in-app advertising are all prevalent revenue tactics in traditional online gaming. With addition, gamers are well-versed in in-game coins, such as those found in Monopoly or used to acquire CandyCrush on mobile devices. However, for a long time, these coins had no value outside of the game, which is shocking.
Cryptocurrency gaming stands out in this regard since it allows customers to add value to their purchases. Store tokens, such as in-game items, are often maintained on a distributed ledger atop a crypto network in crypto play to earn games. The blockchain is a distributed database that allows gamers to trade their virtual cash for cryptocurrency, which can subsequently be transferred to real money.
Players may buy things like money, extra lives, unique characters, costumes, and accessories right in the game via in-app purchases. When it comes to crypto gaming, in-app transactions occur when users utilize bitcoin to buy things or gain cryptocurrency. In traditional play-to-earn games, on the other hand, assets are often acquired via a single developer-owned store, benefitting the producers rather than the players.
Furthermore, in traditional play, players cannot influence the game’s life cycle in order to acquire games. When the server is turned off, the operator will delete any virtual properties that are no longer in use, and the player will no longer have access to them. All goods contained in the game are owned by the game operator, not the player.
While existing play to earn games include digital ownership, it lacks the value and hazards involved with crypto play to earn games. You are allowed to keep in-game assets, but you are not allowed to sell them to other players. In contrast, the whole concept of crypto play to earn games is fundamentally different, from the ownership of virtual assets to their decentralized functioning and the fact that players’ assets are disseminated globally and not limited to gaming goals.
Make money by playing bitcoin games.
In essence, crypto play to earn games are video games that run on a cryptocurrency network and have a completely or partially distributed ledger architecture, allowing players to verify their ownership of the game’s virtual items. As a result, users may trade virtual items for bitcoin, which can then be exchanged for real money.
Only the game’s makers or game studios benefitted from the virtual currencies sold to players or users during this time period, since these assets had no inherent value. This meant that, despite the fact that users paid real money for them, almost everything you could buy in a game (such as skins, armor, and upgrades) had a fixed value.
The existing quo is shifting, however, with the introduction of crypto gaming to make money. While conventional play to earn games have always been largely about entertainment, crypto play to earn games mix fun with the opportunity to make real money while playing. When a player buys anything, they are indirectly contributing to the game’s economy. Axie Infinity, CropBytes, and Gods Unchained are just a few of the most popular cryptocurrency earn-to-play games that allow users to earn money by accomplishing in-game objectives using virtual products.
CropBytes is a nice example of a homebrew crypto game. In this farm simulation game, players may use NFTs and cryptos on their own farms to diversify their asset portfolios. This crypto game, which has over 80,000 CropBytes users, allows players to generate money while playing by using the power of bitcoin.
The NFT gaming sector has grown in tandem with the popularity of crypto play to earn games. The debut of NFT play to earn games, which expanded from Play to Earn games to collectible games based on the Pay to Earn principle, gave crypto gaming a boost in the first quarter of 2021. Trends have always propelled the gaming industry, and the latest trend in NFTs is no exception. While it is no secret that the NFT business has grown to be a multibillion-dollar industry, play-to-earn games are without a doubt one of the most popular uses for NFTs. Much of the NFT industry is now focused on gaming, which provides gamers with several opportunities to collect unique in-game products.