As a consequence of the launch of a new genre known as Play to Earn games, the gaming industry is experiencing its most dramatic upheaval in its history. Play to earn games, also known as NFT play to earn games in the Philippines, use blockchain technology to provide players a genuine feeling of ownership over in-game objects and collectibles. These things may usually be exchanged for cryptocurrency or cash with other players, making them a lucrative source of income.
What exactly is the difference between blockchain and non-volatile memory?
Simply, an NFT is a media file (such as a photograph, GIF, or video) that is connected with and unique to a single entity. Blockchains allow for the identification of these owners as well as the sale and exchange of assets between users. Developers of play to earn games produce a limited quantity of NFTs that symbolize in-game products that players may subsequently obtain in the Philippines and overseas. This scarcity raises demand for NFTs, which may cost more than a million dollars in certain situations. Learn more hw to pick the best play to earn games in 2022.
Playing games to earn money is a great way to get money.
It is not a new notion to generate income from video game play in order to make money. Players from a number of platforms gathered on unauthorized marketplaces for a long time to sell their in-game things. The issue with this method is that it has grown into a breach of various game regulations and is regularly inhabited by con artists.
The sales dynamic is considerably different with play to earn games. The trading of NFTs takes place on certain marketplaces. Smart contracts, which are intended to assure the authenticity and efficiency of transactions, are another blockchain invention. As a result, in the Philippines’ Play-to-Earn business, play-to-earn games are a safe and successful way to gain money.
Traditional gamers may also earn money by becoming streamers on popular video-sharing sites like YouTube or Twitch. They needed to be specialists at the game and have a large following on these platforms to make a livelihood. Play to earn games are popular in the Philippines because they are simple to learn and give a way for everyone to make money.
Axie Infinity, for example, has designed its own in-game tokens (called smooth love potion, or ‘SLP’) that may be acquired in conjunction with the buying of NFTs. This implies that users may do more than only buy and sell NFTs; they can also play the game and earn bitcoin straight to their wallets.
Players who can’t afford the NFTs may still earn by being chosen as a scholar in a play to earn games guild. One of the country’s biggest play-to-earn guilds is Crypto Gaming United (CGU). In return for a share of the in-game tokens gained, guilds like CGU give their’scholars’ with the NFT assets they need to start playing and earning right away.
Playing to earn is the future of gaming.
While play to earn games are still a young part of the gaming business, word of their success is quickly spreading across the industry. This is logical given the breadth of their services and the unique experience they provide. In-game assets are no longer tied to a certain game due to the nature of NFTs. This enables users to share their progress across several cooperative games in order to win rewards, thereby creating a shared world. Indeed, this is a first in the Philippines, and it piques interest in bitcoin, NFTs, and Play-to-Earn.
It’s important to realize that the “play to earn games” strategy isn’t new. Auction houses or marketplaces run by gold farmers employing fiat money may be found in a number of online role-playing games.
Cryptocurrency game assets, on the other hand, are held on a blockchain. This suggests that determining ownership and legality is simple. Furthermore, unlike conventional play-to-win games, the security of a blockchain network prevents the potential of assets being copied, hacked, or abused.
Perhaps most crucially, scarcity increases the value of in-game assets in blockchain play to earn games. When objects are linked to the blockchain, they become difficult to duplicate, lowering their value.
• A business concept that allows gamers to harvest or gather cryptocurrencies and non-fungible tokens (NFTs) for resale is known as the play-to-earn model. This strategy marks a paradigm shift in the gaming industry since consumers are financially paid for playing play to earn games.
• To make money in the play to earn games, users must either earn, swap, or stake NFTs or bitcoin in smart contracts. Play to earn games aren’t a new idea in gaming; they’ve been around for a long time in online role-playing games. The scarcity of in-game objects prevents them from being reproduced, and blockchain-based play to gain games are impervious to hacking and exploitation.
Liquidity is crucial in the bitcoin gaming industry.
Given how reliant the crypto gaming business is on the gaming sector, market liquidity must be controlled. Liquidity, in its most basic form, refers to the maximum quantity of assets that may be bought and sold in the game market at any particular moment. Liquidity is a powerful measure of the health of any marketplace since it is a substantial indicator of the health of a market.
The crypto gaming market may include both NFT and FT assets to boost liquidity. While FT assets may be expanded to have massive liquidity markets and therefore be used as utility/consumable assets in the game, NFT assets can be employed for their uniqueness, which often entails high-value but low-volume transactions.
In the future
I’ve always been interested in gaming, beginning with my early counter-strike map creation. I’ve always been a video gamer with a strong desire to work in the industry. I’m enthusiastic about the prospects that the crypto play to earn games gaming industry brings, and I’m particularly eager to work with new gaming businesses and entrepreneurs.
With increased investment, bitcoin gaming is on its way to becoming a self-contained industry. Several studios have jumped on the bitcoin game bandwagon in the hopes of profiting from the new trend.
Having said that, it’s only natural for crypto gaming to attempt to cash in on the online gaming industry’s expansion, since it clearly helps both gamers and creators. Cryptocurrency gaming enhances the whole game experience for players while also bringing new revenue sources for creators, from income potential to transaction ease, mobility, and greater levels of safety and security. Let’s have some fun together.