Play2Earn Tokens Explained: What You Need to Know and Why They Matter
Gaming is perhaps the most accessible (and enjoyable!) way to get started with cryptocurrency investing. Gaming Play2Earn coins are incredibly usable and growing in popularity. In this article, we’ll look at what Play2Earn tokens (also called P2E tokens or P2E coins) are and how to find the most profitable games you can play.
What Are Play2Earn Coins?
Everyone, from retailers to bankers, wants to incorporate cryptocurrencies in their businesses, and the gaming industry is no different. Play2Earn refers to a concept of gaming in which the platform provides players with the ability to earn in-game assets that can be sold as valuable resources in the real world. These assets can range from coins to tokenized accessories on the blockchain.
Image: The popular Axies game
In a game like Pet Games, users acquire eggs with PETG tokens to start participating in the gaming ecosystem. Eggs hatch into pets that can be sold on the marketplace. In Axie Infinity, Axie resembles cute animals that are actually non-fungible tokens or NFTs. Players can acquire land and breed Axies using in-game tokens and then sell them for profit.
How Can You Make Money from Play2Earn?
Play-to-earn games can vary in their approach. Gamers with some design skills can create in-game items that can be sold as NFTs via in-house trading platforms or marketplaces. Coins are earned in the game, exported to wallets, and converted to fiat currency elsewhere. Other games allow you to earn valuable resources and rewards by completing quests, which can be sold to other players. Games like Decentraland make money by selling virtual art and real estate, and digital landowners can earn an income by erecting casinos or hosting events.
How to Find the Best Play2Earn Games
As with any crypto investment, some Play2Earn coins and tokens will be more valuable than others, and some games will be more enjoyable and profitable than the rest. If you want to go the Play2Earn route, you have to find a game that is enjoyable and worth the time and monetary investment you’ll have to make to get started. There are a few Play2Earn scams out there, so you should vet each company carefully before investing your hard-earned money in the platform.
Image: Bit Brawlers, another popular PlayToEarn video game.
Here are a few tips to consider:
- Do your research. Has the game been audited, and is there a published report you can review? These reports are usually the best to find out whether or not a gaming platform has been well-planned and has longevity.
- Find the game early. You can use an early discovery site like Coinscope.co to find upcoming Play2Earn game launches. These launches often come with perks and promotions, so it’s worth getting in early before the games really take off and become expensive. Choose the ones with a high return on investment.
- Determine what you need to do to earn P2E tokens. Do you need to farm every day, join a collective, or just buy and flip tokens on the marketplace? Each game will have its own mechanics to explore, and you need to know what you’re getting into.
- Find and join the gaming community. Communities often club together to increase their buying power or even to complete high-value quests. You can even gain early access to investment rounds through forums.
- Determine how you’ll cash out your coins. Many play-to-earn games are built on the bigger blockchains like Ethereum, but converting them to other coins might not be as easy as you think. If you exclusively earn NFTs, they can take a long time to sell, and in-game P2E coins can fluctuate in value every day. Find out what you’ll earn and how you’ll be able to spend your P2E tokens and coins in the real world.
How Much Are Play2Earn Coins Worth (and How Much Can You Make)?
The entry cost of P2E games can vary dramatically. Most games require some sort of starter kit bought with crypto coins, but others require nothing more than a wallet. Of course, play-to-earn games come with no guarantees of return, so you should only invest what you can afford. Having said that, there are full-time P2E players that have turned their gaming hobbies into full-time careers. Games like Decentraland have enjoyed massive uptake, with pieces of digital land costing as much as $3.5 million. If you can get started early enough, you can earn a profit and have fun doing it.
Why Do Play2Earn Games Matter?
* The Market Potential Is Huge
There are millions of gamers around the world, playing as individuals or in a social setting. According to ExtremeTech, there are 3.1 billion gamers in the world as of January 2022, of which nearly half are based in Asia. While these gamers are spending hours in virtual worlds completing challenges or earning weapons and resources that have no real-world value, they can easily switch to the Play2Earn model and benefit financially. Many have already quit their day jobs in favor of for-profit gaming. Play2Earn offers everyone the opportunity to earn money by doing what they love - playing games.
* Play2Earn Develops the Gaming Community
P2E games usually have extremely active and social communities that work together to complete missions and share the financial rewards. The shared incentives are extremely helpful in building and promoting inclusive and positive communities in the gaming industry.
* Play2Earn Will Help Normalize Blockchain Technology
Blockchain technology is still in its nascent stage, whereas gaming is a well-established and accepted form of entertainment. Combining the gaming and crypto market fuels the adoption of cryptocurrencies and takes them to the mainstream consumer market.
Play2Earn coins and tokens can be an excellent investment for any aspiring crypto investor. Keep an eye on early discovery sites like Coinscope to discover the next big thing, and you could soon earn a profit - and have a great time doing it.