The use of cryptocurrencies is becoming more and more common in our everyday lives. So, it should come as no surprise that the world of video games has been quick to spot the opportunities that crypto can offer for them and their gamers.
One of the most exciting opportunities we’ve seen emerge is play to earn crypto games, finally there is the opportunity to be rewarded for all those hours gaming! In this guide, we’re going to provide you with everything you need to know to get started.
What is the relationship between cryptocurrencies and video games?
Gamers all over the world are taking full advantage of Blockchain technology by using cryptocurrencies as a means of payment in video games. Developers are also using cryptocurrencies but this time as a reward for players who achieve success when playing their game and as a currency to buy extra lives and other features within the game.
The world of video games represents a dynamic market with huge potential to generate an additional income. And as it is logical that Blockchain technology provides the eprfect fit with the world of video games.
New cryptocurrencies are being created every day to develop the field of video games. And the suggestive power that cryptocurrencies bring to the interest of players is undeniable. Although, it does have to be said, that in many cases, these crypto assets have been created with the sole intention of being rewards and exchange currencies within the game.
What are the advantages of using them?
- In general terms, the use of cryptocurrencies in the world of video games provides the same advantages as their use in other fields, such as their decentralized processing.
- The developers create authentic virtual economies linked to their games by allowing in game purchases of weapons, objects, or characters.
- This type of financial transaction through regular channels would generate a commission or tax rate that can be very high. The use of cryptocurrencies makes it possible for the cost of these fees to be very low or non-existent; it is only enough to transfer the cryptocurrencies between the wallets of those involved.
- Another important advantage provided by the use of cryptocurrencies in the field of video games is speed and for many of the transactions that take place in this field, speed is paramount. Since this is required when buying or selling any trophy or virtual object obtained.
- In addition, cryptocurrency brings a high degree of security which is hugely appealing to those on the internet.
Can you make money with video games and cryptocurrencies?
Although some think that we are still “in the early stages” of construction, blockchain-based games are already developing strong reputations in the crypto sector.
Some players are already earning a healthy incomes though their gaming, and many mroe are dipping their toe into the play to earn opportunities to see just what might be acheived. It should be said that it’s important to develop skill and knowledge of a game before investing your life savings.
Make sure that you check out the terms and conditions for each game; they do vary between platforms. Do remember to check how easy it is to convert cryptocurrency to your local currency if your intention is to use winnings to pay for your day to day expenses
Although computer games are free or low-cost entertainment for many people around the world, more and more gamers have realized the great opportunity to earn money playing video games.
Video games where cryptocurrencies are used: examples
- Neon District
The video game consists of creating a team to fight with other players in a virtual world with a punk theme. The same characters that make up the user’s team acquire weapons and skills in exchange for a native token called NEON. While this is not currently exchangeable on a crypto exchange, it can be purchased or spent as the game progresses.
This medieval warrior collectible card video game is based on the Litecoin blockchain. Through the virtual universe of Litebringer, the player is allowed to discover worlds and earn power and litecoins (LTC). The game involves creating teams made up of warriors, thieves, and even magicians in search of the loot and completing the challenges.
- Gods Unchained
Among the collectible card games that are presented in the form of NFT tokens are Gods Unchained, which in 2019 alone, its players spent 87 billion on in-game items. In this game inspired by mythical and fantastic themes, the player is allowed to earn cryptocurrencies through markets such as OpenSea, where NFT cards are exchanged as you win battles or tournaments.
The rapid growth of play to earn opportunities just shows how strong the demand is to earn some extra cash while gaming. Right now we say be cautious, make sure that you fully understand the earning possibilities and how easily you can convert the cryptocurrency for that game into cash that can pay your bills!