Explained: What is Play 2 Earn Crypto Model? A New Rising Trend in Crypto 2021
In case you’re wondering what is Play 2 Earn Crypto Model, and how to get started with it, here is your one-stop solution. The gaming industry has reached new peaks over the years, and here’s how you can venture into blockchain gaming.
Those times are far gone when gaming was just recreational leisure. With the growth in technology, we’re also bringing in attractive investment opportunities via blockchain gaming. And in that arena, we have a new model emerging, known as Play 2 Earn Crypto Model. Let me give you the most cliched example of any farming game. You could buy property, vegetables, tools, and even houses in the game. But the currency in the game had no real-life value. There was always a demand for liquidity on this in-game currency. But recently, play-to-earn games like Axie Infinity and Mystic Pepper have been gaining popularity within blockchain gaming.
How does Play 2 Earn Crypto Model work?
Let me get to that with an example from Axie Infinity.
This Pokemon-inspired game is developed by Sky Mavis. 90,000+ ETH has been traded by more than 250,000 active players. The basic plot of the game is to breed graphic creatures called Axie. They can be bought and trained to complete set tasks and conduct battles. The goal is to collect Small Love Potions (SLPs). Using these Small Love Potions, players can further invest in creating new Axies.
Now, how it works is, SLP is a real-time cryptocurrency that can be traded. And, the value of SLP has been rising since 2020. The Axie can be sold off as an NFT (Non-Fungible Token). NFTs are blockchain-based collectibles that have recently gained popularity in the community. Axie Infinity lets you sell in-game elements like real estate, flowers, etc. apart from selling Axies. The transactions are made via the Ethereum blockchain.
How do you get started with Play 2 Earn?
Going with the example of Axie Infinity, to get started, you’d have to borrow or buy three Axies. Prices start at $190 and the average price comes around $350. The high-level characters go out for more price.
The most expensive Axie sold was Angel. It was sold for 300 ETH ($120k at that time). In early 2021, an in-game property was sold for $1.5 million. The Axie Infinity NFTs’ monthly trade value is $170 million.
I’d like to draw a comparison between traditional online games and the Play 2 Earn Crypto Model. Traditional games like Star Wars or Grim Dawn deal on unaffiliated trades. Whereas, Axie Infinity has real-time buy-and-sell models. Also, it’s a win-win for both players and the developer, as the players are assured a secure trading experience, and the developer gets the profits on the infrastructure.
There are many other games on Play 2 Earn Crypto Model like the Cryptokitties and the Sandbox. In Cryptokitties, the kittens are the main digital value. You can buy, breed, and sell these cats for Ethereum. These cat avatars are NFTs and act as a source of income for both developers and the Cryptokitties NFT community. The most expensive crypto kitty is Dragon, and it was sold for 600 ETH($170k).
On the other hand, The Sandbox is inspired by Minecraft. Players can build elements and trade them as NFTs. It is based on its very own SAND cryptocurrency. One of the major exchanges happen over the selling in-game real estate (LAND) As stated by The Sandbox, 2352 LAND parcels went off for $2.8 million in February 2021.
You can take a look at the Monsta Infinite (MONI) Review: The next-gen Play 2 Earn hit here!
It is safe to say that Blockchain gaming models like Play 2 Earn are changing the overall face of both crypto and gaming. And also, big brands are recognizing the potential of this budding sector. The Walking Dead franchise is going to launch soon on this platform. This will attract a wide range of audiences to indulge in a “virtual amusement park”.
Are these Play 2 Earn Games difficult?
To be honest the games are fun. There are adventurous games, that are complex. And then there are very simple arcade games. I personally played simple game like Spaceport and made over 100 USD in rewards. There are many more upcoming play 2 earn games that are going to be launched soon.
To sum it up, Play 2 Earn Crypto Model allows players to create digital assets and trade them in-game. Few games like Cryptokitties have their basics on NFT as well. Players earn in-game liquid currency that can be sold for other cryptocurrencies. Moving on from purely recreational gaming, we now have the new-generation form of the economy as easy as a game. With this creativity to merge a gaming experience into crypto, the Play 2 Earn looks like they’re here to stay for a while now.