Cryptography, NFT and Co .: What exactly are cryptocurrency games and how to make money with them? | knowledge


Cryptographic games are not a clearly defined term
Players can earn revenue from cryptocurrencies or NFTs
Also opportunities for investors

According to a study by DappRadar and the Blockchain Game Alliance, Blockchain games have grown by 2,000 percent. However, blockchain games, like cryptocurrency games, are not a clearly defined term because they cover many of the cryptocurrency games that take place in the gaming industry.

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Earn cryptocurrencies by playing

One way to link the two worlds is to earn cryptocurrencies by playing video games. The so-called Play 2 Earn games have been giving players the opportunity to make money from their virtual successes for some time. However, in rare cases, players are paid in cryptocurrencies – at least without first investing in digital chips themselves.

One of the most famous games in this segment is Axie Infinity. The game has a similar gaming concept as Pokmon & Co. After purchasing virtual creatures, so-called axes that can be grown and bred, players can acquire, grow and breed virtual creatures (Axies) and use them in battles with other players. You can then make money selling like a rare axle.

Because Axie’s pairing options are limited and breeding requires additional elements of the game, Axie Infinity player revenue also depends on success and additional personal investment. There is also the principle of supply and demand. How many other players want to put on the table for a virtual creature depends on a variety of factors that cannot be reliably estimated. Also game exchange rate fluctuations AXS and SLP players find it difficult to earn revenue reliably. But in principle, the system works: if you sell a rare Axie for more money than you invested, you can exchange the proceeds for other cryptocurrencies or Fiat money to make a profit.

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Make Money Using Gaming NFT

Irreplaceable tokens, NFTs, have also recently found themselves in the gaming industry. NFT guarantees the ownership rights of the owners of specific virtual elements, as they are certificates of authenticity and invariability of the element. This opens up a wide range of opportunities in the gaming segment that are already actively used by many game developers and publishers.

Players who have special items in the game receive proof of ownership in the block chain and can thus take back, exchange, or resell the item. The concept is already used in games that have reached Metaverse, and well-known pioneers including Decentraland and Sandbox, and Axie Infinity also fall into this category. In this video game, players can acquire virtual features and virtually design them according to their preferences. In addition, some avatars may be equipped with special items. An initial capital investment is also necessary here, as NFTs usually have to be bought by players in order to resell them.

Also liked by big game developers Electronic Arts (EA) and Ubisoft has announced that it wants to develop NFT games. 2021 Andrew Wilson, head of EA, even said that NFTs are “an important part of our future.” However, game developers also benefit financially from the introduction of NFT, as a certain percentage of all sales should go into their pockets. Players who are already considered a generous target group would benefit not only from the opportunity to trade in the items they purchase, but also from the concept that the design of the game environment, avatar, and so on. be unique gaming NFTs to be persuaded.

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Criticism of NFTs is not running out

However, by no means are all experts and members of the gaming community positive about the latest developments in the gaming sector. Concerns about the environmental aspect are rising again and again. As NFTs are based on cryptocurrencies, the issue of high energy consumption associated with such projects is particularly relevant. Crypt transactions leave a clear carbon footprint, and the extra energy costs run counter to the goal of climate neutrality.

Another point of criticism is the evaluation of the NFT ….

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