How blockchain play to earn games evolved

Trading cryptocurrency is a popular way for many individuals to earn money these days especially with play to earn games. Take a look at CoinGecko, a cryptocurrency rating website, and you’ll see a list of 9,900 digital tokens, the majority of which were established in the last five years. And many have benefited from cryptocurrency trading.

However, since the trend continues to expand swiftly, trading is no longer the only option to benefit from cryptocurrencies. One may also make money by playing mobile play to earn games. The more you play, the more proficient you get and, ideally, the more money you make.

Axie Infinity (Axie) is one of the trendiest play to earn games in town right now, as seen by the pricing of its digital tokens. A short web search reveals that Axie Infinity Shards (AXS) — the game developer’s token used to collect funding to build Axie — has surged 176 percent to US$138 as of Oct 5 from about US$50 two weeks earlier.

AXS is sometimes referred to as the project token since it enables holders to vote on key modifications made to the game by the creator. Its value often increases in direct proportion to its popularity and future possibilities.

Since April, Smooth Love Potion (SLP), the in-game token that Axie players obtain by fighting monsters and battling other players, has taken a wild trip. In May, it increased 929 percent to 36 US cents per token, up from 3.5 US cents two weeks before. Following dramatic fluctuations, the dust settled at 8.9 US cents per token on October 5.

ASX and SLP may be exchanged on the market via unregulated decentralised exchanges that match and execute deals automatically online using algorithms known as smart contracts. Here is a good post to read about blockchain games http://robertgelinas.org/how-blockchain-games-are-different/

Ee Wui Yang, an Axie veteran and crypto entrepreneur, claims that by playing Axie for two hours a day, one may earn between RM1,000 and RM2,000 per month.

“Previously, it was a ‘grindy’ game” (involving a lot of repetitive actions to level up or earn cryptocurrency). To earn a thousand or two [ringgit], a gamer needs to spend six to seven hours every day. However, they just need to play roughly two hours every day now that the developer has made improvements to the game as similar to other play to earn games,” he explains.

Monthly earnings from the game are contingent upon variables such as the price of the SLP and the exchange rate of a certain fiat currency relative to the US dollar. This is because an Axie player would need to exchange his SLP for stablecoins, which are often backed by the US dollar, such as Tether (USDT), before converting them to fiat cash.

“For example, players in the Philippines would similar play to earn games more appealing than Malaysians, since one US dollar is more valuable in the former than in the latter. It is unquestionably less appealing to Singaporeans,” He asserts.

How do I begin the game?

Before diving into Axie and other similar play to earn games, it’s critical to grasp the notion of non-fungible tokens (NFTs).

Simply said, an NFT is a non-transferable digital token that is unique in its own right. This enables an NFT to be utilized as a representation for a variety of distinct goods, such as artwork, with ownership traceable through a blockchain record.

A well-known local use is the July sale of the Doge to the Moon NFT for 36.3 Ether in an online auction (equivalent to RM325,000 then). Red Hong Yi, a Malaysian modern artist best recognized for her work on the cover of TIME magazine’s April edition, produced the artwork.

Before beginning the game, a player must acquire three NFTs from the Axie Marketplace. Each token is a representation of an in-game monster with a unique state and powers that a player may employ to win fights. Click here to check Axie Marketplace.

The Axie NFT is priced in Ether, which implies that to acquire monsters online, a user must purchase Ether from an exchange and keep it in a special cryptocurrency wallet, Ronin Wallet.

Naturally, when demand for Axie NFTs (or monsters) increases and the price of Ether rises, the game’s entrance hurdles increase. As of Oct 6, a monster would cost at least 0.04 Ether (about US$140, RM585) on the Axie Marketplace. The marketplace now has over 335,000 monsters for sale.

Apart from earning SLP via in-game combat, Axie users may earn money by selling their monsters at a profit when demand is strong.

Axie gamers may also make money by breeding new monsters in the game, according to Jason Kwong, CEO of NFT art firm Imperium Universe. “Each monster you purchase is classified into one of nine distinct clusters, each with its own unique set of characteristics. A player may create a new monster with unique characteristics by pairing two creatures from distinct clusters,” he explains.

This is not a novel notion in the worlds of conventional gaming and non-traditional gaming. For instance, there are already horse-racing play to earn games in which users may purchase an NFT representing a certain sort of horse and enter it into a race.

“You may also purchase an NFT for a horse of a certain breed and pair it with another horse of a different breed. Certain gamers will even compensate you for breeding with your horse. It is identical in Axie. I think that additional NFT play to earn games of this kind will be released,” Kwong adds.

Axie has begun enabling players to purchase land that serves as a base of operations for their monsters and also provides a tactical advantage during combat. Each NFT sold in the game incurs a 4.25 percent fee.

The ultimate goal is to build a metaverse — a virtual world inside the online game in which people may earn, spend, and live in cryptocurrencies. “It’s almost like a parallel universe to the one we live in,” Kwong explains.

Powered by blockchain and non-volatile memory

Axie, developed by Vietnam-based game studio Sky Mavis, used to be a game accessible to almost anyone and allowing for the earning of cryptocurrencies. It was widely regarded as a part-time job intended to supplement income.

“There were even video clips of groups of people playing it cooperatively in some villages in the Philippines,” Kwong explains.

Since May, when Axie entered the scene, a flood of new players has flocked to the game, driving up the price of Axie NFTs and quickly lowering the entry barrier. Additionally, there are more professional players in the game who possess superior knowledge and abilities. In short, earning money as an Axie player has become much more difficult in the modern era.

How blockchain games are different

India has the world’s biggest mobile gaming population, with over 400 million users. Other popular platforms include desktop computers and game consoles such as PlayStations and Xboxes. Until now, all of the most popular and successful play to earn games, such as Call of Duty, Among Us, and Grand Theft Auto, have used a centralized approach, in which the game’s creator controls it through administrators and maintains all game data on a single server.

Now, with the emergence of blockchain technology, decentralized gaming is garnering worldwide interest, led by blockchain-based play to earn games like as Axie Infinity (AXS), The Sandbox (SAND), and Decentraland (MANA), among others.

Players have total control over their digital identities, accounts, and assets in a blockchain-based game. Additionally, individuals have complete control over how they engage with the game’s natural micro-economies, trading and encash assets as they choose.

This is in contrast to a centralized game, in which all player objects, collectibles, and cash are stored in the game maker’s database and are therefore owned and controlled by a single corporation.

Additionally, centralized game servers are prone to failure, infiltration, shutdown, and manipulation by developers/admins, and do not provide players with visibility into game mechanics.

How blockchain-based play to earn games are distinct

Players have actual ownership of in-game assets in a blockchain game. Generally, these assets are represented by non-fungible tokens (NFTs), which serve as evidence of ownership for participants.

In-game equipment, wearables, character skins, and cards are all examples of assets that may be tied to NFTs and preserved on the distributed network of a blockchain-based game.

Due to the fact that players have the ability to freely own and exchange their in-game assets, micro-economies or decentralized markets arise inside the game.

Additionally, since blockchains are decentralized, the protocol removes the need for trust between player-traders and/or a mediator or third party to govern markets. Additionally, blockchains enable value transfer and payment facilitation between users through cryptocurrencies, which is true for micro-economies in blockchain-based play to earn games.

Blockchain technology may also enable players to move and utilize assets across various play to earn games or trade them on other gaming marketplaces through NFTs (for digital assets) and crypto (for value transfer). learn more about blockchain technology by clicking here.

Depending on how the game is implemented, players may be given the ability to vote for or against game updates or modifications.

Additionally, the distributed nature of blockchain prohibits hackers from interfering with/attacking the game, since distributed networks lack a single point of failure. Additionally, a blockchain-based game continues to operate even if its creators leave or relocate.

While these characteristics favour blockchain-based play to earn games over their centralised versions, distributed ledger technology does have certain drawbacks.

Blockchains are slower than centralised networks in terms of network performance and scalability, which has an effect on in-game transactions. Additionally, since blockchain technology is still in its infancy, play to earn games created on it are still rather rudimentary, low-budget, and lack widespread popularity.

Axie Infinity, a popular blockchain-based game (AXS)

Axie Infinity was created by Sky Mavis to educate the gaming community about cryptocurrency in an entertaining way. It is a play-to-earn game in which players gather, fight, and employ Axies to earn tokens and pay out at predetermined intervals.

The game makes use of the Ethereum-based coins AXS (Axie Infinity Shards) and SLP (Smooth Love Potion). On its platform, NFTs and crypto enable users to acquire property rights.

Additionally, Axie Infinity has an active community and scholarship program designed to encourage and educate new players. Sky Mavis secured $152 million in October 2021 from Andreessen Horowitz, Mark Cuban, and others to expand Axie Infinity.

Sandbox (SAND)

The Sandbox is a virtual world game in which players are given the tools necessary to create their own nonlinear experience. SAND is used to fuel the in-game economy of The Sandbox, which was developed by Pixowl and bought by Animoca Brands.

Players may create digital avatars and utilize tools to generate in-game assets, convert them to NFTs, and trade/sell them. As such, The Sandbox is a play to earn games title. Additionally, the Sandbox allows for the selling of virtual property inside the game, enabling landowners to create digital experiences on the platform.

The game secured $93 million in a Series B fundraising round headed by SoftBank’s Vision Two Fund and a handful of additional investors in November 2021.

Decentralizationand (MANA)

Decentraland is a virtual world in which people may own land, hold virtual events, create and share content, and participate in a variety of social activities.

As with Axie Infinity, The Sandbox, and other blockchain-based play to earn games, Decentraland enables players to control their digital identities and in-game assets using blockchain technology.

Decentraland has been a pioneer in the realm of blockchain-based play to earn games, and its economy is powered by MANA – an Ethereum standard token. The game’s popularity has increased in part because to LAND, its virtual real estate NFT.

Decentraland raised $26 million in an initial coin offering (ICO) in 2017 and apparently received more funds in unspecified amounts from Digital Currency Group, Kenetic Capital, FBG Capital, CoinFund, and Hashed.

The Metaverse and Gaming

Apart from Axie Infinity, The Sandbox, and Decentraland, other notable initiatives in the sector include the virtual reality game Bloktopia, the NFT platform Enjin, the role-playing game Ilivium, and the gaming platform Gala. Learn more about Axie Infinity games at https://bltzr.gg/axie-infinity

The market capitalization of the top gaming crypto tokens is $21 billion, which is a pittance in compared to the top crypto currencies such as Bitcoin (nearly $1 trillion) and Ethereum ($536 billion).

With the growing popularity of the Metaverse idea – a shared, gamified, three-dimensional virtual environment in which people can interact – the play-to-earn model of blockchain-based play to earn games may play a significant role in incentivizing the adoption of Metaverse platforms.

Decentralised, blockchain-based platforms, as well as centralised tech giants such as Meta (previously Facebook), Microsoft, and others that are developing in the field, are positive on the concept. Additionally, centralized play to earn games like Fortnite and Roblox have been developing the most metaverse-like experiences.

Conclusion

NFTs provide esports players the opportunity to earn. It’s remarkable because, while you’re enjoying the excitement of the game, you’re simultaneously hoping for profitability when you lose interest in the game objects and want to exchange them for more enticing ones.