What is Play to Earn? How to make money from Play to Earn game
- 1. What is Play to Earn?
- 1.1 A key component of the Play to Earn
- 1.2 How does Play to Earn Game work?
- 2. How to make money from Play to Earn game?
- 3. Why Play to Earn has been around for a long time but is now booming?
- 3.1 Using NFT as leverage
- 3.2 True Ownership
- 4. Potential of Play-To-Earn game
- 4.1 Axie Infinity - The pioneer of play-to-earn
- 4.2 The expansion of Play To Earn
- 4.3 Potential Market
- 5. Current limitations
- 5.1 Game infrastructure
- 5.2 Still in the finishing stage
- 6. Future of Play to Earn games
- 6.1 A temporary trend
- 6.2 Evolution of gaming
- 6.3 Evolution Development on ecosystems
- 6.4 Storage
- 7. Some game titles Play to Earn highlights
- 7.1 Star Atlas
- 7.2 Aurory
- 7.3 Mines of Dalarnia
- 7.4 Chillchat
- 7.5 Nyan Heroes
- 8. Development trend Play to Earn game
- 8.1 Aperon
- 8.2 Axie Infinity
- 8.3 CyBall
- 9. Should I invest in Play to Earn?
- 10. Terms related to the game Play to Earn
- 11. How to withdraw cash from the game Play to Earn
- 11.1 Withdraw Cryptocurrency from Play to Earn game
- 11.2 Cash out NFTs earned from Play to Earn game
- 12. FAQ about Play to Earn Game
What is Play to Earn? What's so striking about this game genre that attracts so many participants? For more information about Play To Earn, let's explore with BHO Network through the article below!
1. What is Play to Earn?
Play to Earn is a form of entertainment and rewards for participating in the game. It is easier to understand that Play to Earn means "play games to make money".
Play to Earn has been around for a long time, including titles like Vo Lam Truyen Ky, CF, Gunny, etc. When a player owns a high-level account that has many rare items. They can sell them at stores and exchange.
Meanwhile, many games also allow players to buy and sell, exchange items with each other, or organize large and small tournaments to earn more money.
1.1 A key component of the Play to Earn
A vital component of the Play to Earn game model is providing players with rights to specific in-game rules and allowing them to add value through active gaming.
Besides, the part that helps Play to Earn games develop and attract players is the economy and finance.
Players will create value for each other in the ecosystem and publishers when participating in the game. In return, they will receive token rewards as in-game assets. These token rewards can be anything of value, from rare characters limited items, or even cryptocurrency.
Example: In the game Axie Infinity, players will earn Smooth Love Potions (SLP).
The primary purpose of the current Play To Earn games is to aim at the benefit of players. They have spent a lot of time and effort in the game, so they will receive a worthy reward.
1.2 How does Play to Earn Game work?
What is Game Play to Earn? How do they work? So let's find out through the content below!
Each Play to Earn game provides valuable items to use in the game and motivates players to strive for. In addition, each player often has to perform repetitive tasks to earn in-game finance in two main ways:
- Earn in-game crypto: For example, Smooth Love Potion (SLP) in the game Axie Infinity. Players get tokens by performing daily tasks or fighting monsters. In addition, they can compete with many other players to earn cryptocurrency.
- Earn or trade NFT in-game: Each NFT represents a character, item, or collectible. Depending on the type of game, they can be used to decorate the closet or an important element to complete the mission in the game.
In addition to the above two ways, a third solution to help you earn a lot of money is Staking. As can be seen, some NFT games allow players to lock NFTs or cryptocurrencies in smart contracts to generate token rewards.
2. How to make money from Play to Earn game?
NFT titles are a combination of casual online games and NFT. The difference from traditional games is that encoding in-game products into NFT forms to turn them into cryptographic assets is owned by the player, not the publisher.
From there, players can buy, sell and exchange NFTs through events or in-game shops. Encrypted items are all based on different rules of the game, such as breeding, unlocking, and cards.
Example: Game CryptoKitties regularly breed other NFT cats to generate new NFTs. Meanwhile, Gods Unchained works with a card collection mechanism. These cards are like an NFT; players exchange with each other through matches.
In short, earning Play to Earn money is similar to buying and selling NFT products. Players can receive through trading and exchange and have the ability to convert to real money.
3. Why Play to Earn has been around for a long time but is now booming?
Play to Earn boom comes with the strengths of Crypto, which include using NFT as leverage for game Play to Earn and actual ownership.
3.1 Using NFT as leverage
NFT (Non-Fungible Token) is a unique token type that other types cannot replace. NFTs will represent different valuable items or assets in the game, so NFT Tokens are encouraged to be used by game publishers or design teams to tokenize their products.
Indeed, if you are a person who learns very carefully about this market, you are no stranger to the potential of NFT. In the past, most NFTs were in the form of works of art such as photos, paintings, etc., the value of which lies in the story and the meaning behind them, based on collectibles, purchase, and sale value.
All of this has greatly increased the accessibility of customers to NFT, from which the market has expanded and moved to mainstream.
3.2 True Ownership
In a game, the publisher will have all the power. They can control all the sources, uses, and values of the items, not the player. If that game developer goes bankrupt and is forced to "close" the game, all players' efforts will be in vain.
Example: In Vo Lam Truyen Ky, you own an extremely rare skin, which is a reward for the winner of a one-time event, which can be sold at a high value. But then the publisher re-opens that page for sale within 24 hours, then this item of yours will no longer be valid.
In contrast, by taking advantage of NFTs and their features, NFT games help to deal with all the risks above and for the player by:
Real Ownership: player owns the item products in the form of NFT and certified by Blockchain. No game publisher can take it away, even if the server is down. Token items will help players to be able to trade with anyone without being limited by country.
Reservation of value: The number of NFTs issued is limited, and their characteristics cannot be changed. Therefore, rare items will not be reduced in value. In addition, with more and more ecosystems supporting Dapps, their applicability is increasing, not decreasing.
4. Potential of Play-To-Earn game
Is Play to Earn game remain popular? How have they changed now? Let's find out.
4.1 Axie Infinity - The pioneer of play-to-earn
In a video surveying people in the Philippines about the Play to earn movement, Axie Infinity has created a new wave in this country. Because of the Covid-19 pandemic, many households have no jobs and no income, forcing them to look to another source of income and Axie Infinity as their lifeline.
4.2 The expansion of Play To Earn
Axie Infinity has played a significant role, paving the way for the development of Play To Earn as it is today.
Quantity: Developed ecosystems such as Solana, BNB Chain, and Avalanche have all released extremely quality games. Not to mention many games in development on different Chains, such as Axie Infinity on Ronin Chain, Mines of Darlania on Chromia.
- Unlike in 2021, when a series of projects followed Acid Infinity and launched with awful quality, many titles have been released focusing on gamer experience. The Play factor has been given more importance than the Earn factor to match the long-term development of the NFT game market.
- Moreover, the Play to Earn games also do not require high participation costs as before. Many games only need a little fee to join or are entirely free.
Form: The current Play to Earn games are very diverse, with many genres and ways to earn income from different games. Players can freely choose the game that suits their preferences. From shooting games, virtual worlds, farms, and role-playing games.
4.3 Potential Market
To get an overview of how Play to Earn could grow in the future, let's look at the current market value.
According to Newzoo, one of the revenue sites Collecting leading data on the gaming sector, this market is growing steadily. Considering the average growth rate, gaming can reach 200 billion USD with 3 billion players by 2023.
However, the figures provided by Newzoo above only generalize the traditional gaming market, with Play to Earn, this market can grow even more. Gaming will become a real job and be known and recognized by more and more people.
5. Current limitations
Although Play to Earn has a lot of advantages, at the same time, they still have limitations that have not yet been overcome.
5.1 Game infrastructure
Axie's use of layer 2 Ronin is the most evident proof that game development on Ethereum is not considered a good idea.
To process a large number of transactions and can provide a smooth game experience at a low cost, the Ethereum Blockchain is completely unable to do that at the moment. No one wants to spend a lot of USD and wait a few minutes for a transaction to play.
In addition to the high cost problem, the Blockchain at the moment is still not smooth with gaming. It may not need high security like DeFi but certainly, maintaining stability during the game is a necessary factor.
5.2 Still in the finishing stage
Currently, although many quality games have been released, most of the projects with the intention of long-term development have not yet released any products.
This is understandable because it takes a lot of time for each company to make a game of good quality, not to mention bringing Crypto into the game and generating revenue is an even more difficult problem.
Therefore, even though almost a year has passed since the hype of Play To Earn game, the current game market situation is still in the finishing stage, but no product has been developed yet.
6. Future of Play to Earn games
It has reached a boom in the market, but will it continue to be popular in the future? Let's do some research.
6.1 A temporary trend
Play to Earn is a potential market, creating a lot of value for NFT and, importantly, helping players earn income through simple games. Play to Earn will certainly not be a temporary trend like the Food or Animal Token trend.
6.2 Evolution of gaming
It can be said that the NFT gaming segment has been around for a long time since the launch of CryptoKitties in 2017, at which time players can buy or hatch eggs to hatch NFT cats.
Next is the appearance of a game genre that probably all of us know about, typically The God Unchained and Axie Infinity. At this point, players can hold their NFT to compete against other players and increase interaction in the game.
Finally, in the next generation of games, they have resolved the limitations left in the current version, helping players have a smoother experience. Just a fast, smooth, easy experience, no need to meet strict requirements. That's enough for a quality game.
6.3 Evolution Development on ecosystems
Game Gaming is also expanding its presence on many ecosystems similar to DeFi in every Chain. These Chains have extremely high-quality games that are followed by a smooth, stable experience, which is a great advantage in attracting players.
Currently, storing data on Blockchains like Ethereum is extremely expensive. According to Seba Bank, a gas fee of 100 gwei will cost 60,000 ETH in transaction fees and only save 1GB. So, instead of on-chain storage, NFTs just provide a link to the data stored at a certain server.
Fearing the possibility of the server going down at any time, the NFTs now only contain broken links, and players will not be able to see them. If this were to happen, the issuer would need to deploy a new NFT to replace the old one, and it is unlikely that the NFT would retain the same value as when it was complete.
Therefore, if the Gaming and Play to Earn segments continue on the path of development, storage has a significant role. Games and projects that are applied by decentralized storage projects such as IPFS, and Filecoin will also have a higher success rate and probability than other competitors.
7. Some game titles Play to Earn highlights
We would like to introduce the most popular Play to Earn titles today.
7.1 Star Atlas
Star Atlas is an online game with a beautiful galactic setting, in which players will transform into one of three phases and fight to gain resources, build territory and dominate the whole world.
Star Atlas is one of the highest-quality games on the market, but there is still a limited development time. As far as we know, Star Atlas takes five years to develop, but the publisher will launch each small project.
Aurory is a platform game based on Play to Earn mechanics. The game developer's vision in the future will follow the Pay to Play model, Free to Play, and finally Play To Earn.
The purpose of this game is to build a game that helps players earn extra income and also helps more people positively understand Blockchain, simply through a fun game.
Currently, Aurory is a game that has received a lot of attention from players on the Solana platform as it is gradually improving and preparing to be released.
7.3 Mines of Dalarnia
Mines of Dalarnia is a Gaming NFT project in action, and adventure, specifically terrain mining. You can imagine quite similar to the old gold-digging game on Game24h. But the interface, images, and features of Mines of Dalarnia will be more complicated.
Chillchat is a virtual universe platform where players can freely create a character according to their preferences with simple and quick tools. Players will transform into these characters to participate in games or interact with others.
With Chillchat, players can entertain and earn money and unleash their creativity to earn income. This project is also about launching a finished product soon.
7.5 Nyan Heroes
Nyan Heroes is also a game based on the Play to Earn form. This is a 3rd person shooter game, similar to Warfram. A series of games that attract a lot of players at the moment.
8. Development trend Play to Earn game
In 2022, the Play to Earn games trend is still gradually perfecting to be released to players in the best way. Play to Earn games are always focused on quality and keeping stability.
Apeiron project is inspired by classic games like Populous and Black & White. Similar to action and adventure games, Apeiron offers attractive gameplay. You can shape the entire virtual space here, from above, before descending to earth, in addition to being able to control to unlock the mysteries of the universe.
Moreover, you will have the mission to grow your planet to the highest level, reset the planetary cycle, and open the door to long-term growth. Ultimately leading to exciting alliance-level PvE and PvP gameplay.
8.2 Axie Infinity
Since upgrading to a new version called Origin, Axie Infinity has started a new era, gradually turning into a new cycle from Play to Earn to Play And Earn. Players can play for free and join the game quickly.
In addition, Axie Infinity also regularly provides Token rewards for players who contribute to the game or participate in competitive tournaments.
Not only attracted by the rewards, but the graphics of Axie Infinity have also been completely refreshed and reached AAA standards.
CyBall is a game that integrates two genres of football and cards with NFTs, released on the BSC platform. Players can collect, trade, trade, and train in-game characters called CyBlocs to create battles between them.
Although currently, this game is still very new, logging in is relatively easy and costs a small amount. With the ability to create excitement in each match and high competition, BHO Network firmly believes this will be the hottest Play to Earn game in 2022.
9. Should I invest in Play to Earn?
Currently, the revenue of NFT games still depends mainly on the increase of the player experience. In other words, the high-value NFTs in the game must be thanks to the majority of the player community.
To better understand this issue, you can look at how Axie Infinity - a Vietnamese NFT game, when created, has had outstanding growth in revenue. This game even launched its own AXS Token on the Binance exchange.
However, it is challenging to said that Play to Earn is not a reasonable investment because more and more game companies are joining this model. This not only brings a variety of different game genres but is also considered a breakthrough for the game market and technology.
10. Terms related to the game Play to Earn
NFT (Non-fungible Token): Non-fungible token that contains a certain amount of digital content.
Coin: Is a cryptocurrency built on Blockchain.
Token: Another cryptocurrency built on an existing cryptocurrency's Blockchain. For example, ERC-20 is on the Ethereum Blockchain platform.
Cryptocurrency Wallet: Cryptocurrency wallet with storing, returning, receiving, and sending cryptocurrency. Each wallet will have a different key code (also known as a password) called Private Key.
Digital assets: Simply put, it is a digital asset that exists only in cyberspace.
11. How to withdraw cash from the game Play to Earn
To withdraw cash from Play to Earn game, we can do it through two methods: withdrawing from cryptocurrency or from NFTs earned in the game.
11.1 Withdraw Cryptocurrency from Play to Earn game
Step 1: If you are using the MetaMask app or any crypto wallet, copy the deposit address to the wallet to Transfer Cryptocurrency Tokens. And one thing to keep in mind, you will need crypto to pay your sending fees, for example, BNB for Binance Smart Chain and ETH for Ethereum.
Step 2: Then, on the screen, select a pair with the right SAND to trade. We find SAND/BUSD a good choice because BUSD is easily redeemable for fiat currency and can be used to lock in your earnings.
Step 3: You can sell SAND with any order type you want. We can use market orders, or we can use limit or stop-limit orders.
Step 4: Now you have BUSD and can convert to fiat on markets like EUR/BUSD. Once you've sold your fiat, your cash withdrawal from Binance will vary depending on where you live and other available methods.
11.2 Cash out NFTs earned from Play to Earn game
Step 1: To sell NFTs on Binance, you need to create an account or log in to an existing account on Binance. It is important to ensure the NFT is already in a compatible wallet like Metamask and to complete additional verification processes.
Step 2: Next, click on the Binance NFT homepage, click on the User Center box, then click on the yellow Deposit words.
Step 3: Then choose BSC or ETH depending on your NFT network. Next, you'll see the address you need to send your NFT to.
Step 4: Once you have imported your NFT, you can now sell it via auction or fixed price in different cryptocurrencies. But we think BUSD is a good choice when setting up a trade because it is volatile and easy to convert to fiat money.
12. FAQ about Play to Earn Game
Is Play to Earn just a trend?
Play to Earn may not just be a temporary trend like Food or Animals Food by always creating valuable game features, that is, promoting the role and use of the game in real life.
How is the storage capacity of Play to Earn games today?
The data in the game is only partially stored on-chain. The rest will mainly be saved on the server.
Prediction on the future of Play to Earn game?
We believe the Play to Earn model will have an even better future with the current development era. In particular, the value of assets in cyberspace is increasingly attractive to many people in the current digital age.
BHO Network has summarized in detail the most useful information about Play to Earn game. This should help you answer the question: What is Play to Earn. We firmly believe that in the future, this will grow even more. Don't forget to follow our website regularly to update more interesting projects!
Published on November 05, 2022
What is Multi-chain? Trend of Multi-chain and Cross-chain
What is Multi-chain? What is the relationship between Multi-chain and Cross-chain projects? This article of BHO Network will answer this question for you!
September 02, 2021
What is ICO, IEO, IDO? How are these 3 different?
What is ICO, IEO, IDO? Let's learn the familiar terms in this crypto world with BHO Network.
September 05, 2021
BHO MAINNET FUNCTIONS SERIES: MNEMONIC PHRASES
What you need to know about the 12-word mnemonic phrase
January 05, 2022
BHO MAINNET FUNCTION SERIES: WHAT IS "CROSS-CHAIN"?
What you need to know about BHO Mainnet's "Cross-chain" function
January 08, 2022
Hot Wallets vs Cold Wallets, What Is The Better Choice?
Hot wallets vs Cold wallets, Where is the safest place to store tokens? Let's explore the details of these two wallets with BHO Network.
January 12, 2022
TYPES OF CRYPTO WALLETS - PART II: 𝘊𝘌𝘕𝘛𝘙𝘈𝘓𝘐𝘡𝘌𝘋 𝘷𝘴 𝘋𝘌𝘊𝘌𝘕𝘛𝘙𝘈𝘓𝘐𝘡𝘌𝘋?
Know the difference between centralized and decentralized wallets!
January 13, 2022
BHO MAINNET FUNCTION SERIES: WALLET MANAGEMENT
Learn how to manage your wallet on BHO Mainnet!
January 16, 2022
ANNUAL SUMMARY: DEFI HIGHLIGHTS
Everything DeFi in the last year!
January 19, 2022