Ultimate guide: how to win dollars with 'Play to Earn' games.'
Play to Earn is a new model in the decentralized space that empowers players, allowing them to own and increase the value of their in-game assets by playing the game and selling the content they generate.
Extending the idea of in-game economies, the Play to Earn model encourages users to play, create and sell in-game assets in the form of NFTs on marketplaces such as Binance NFT. In addition, most Play to Earn type games also offers internal rewards via cryptocurrencies that can be staked to generate passive income, ensuring that active players are financially rewarded for their participation.
Play to Earn allows players to own their assets and increase their value through typical in-game activities, such as raising creatures, unlocking upgrades, purchasing items, and more. By participating in the game's internal economy, players create value for both the community and the developers.
The reward system for Play to Earn activities is straightforward, ranging from in-game assets - such as tools and weapons - to financial rewards in the form of cryptocurrencies and tokenizable assets that can be sold as non-fungible tokens (NFTs).
Play to Earn: How does it work?
In the decentralized world Play to Earn points to two methods of generating liquidity: buying and selling in-game NFTs, or playing to earn in-game cryptocurrencies. In the first case, players create and sell in-game and unique NFT objects on a marketplace to other players in exchange for cryptocurrencies or fiat money. In the second case, players are rewarded through in-game crypto assets, which can be used to buy more in-game content or exchanged for fiat money or other digital currencies.
Buying and selling NFTs
Creating, buying, and selling in-game assets as NFTs is the core concept of the Play to Earn model. The most famous example would be games based on NFTs that allow users to buy, sell and trade NFT-type collectibles in in-game markets - such as crafted weapons, cosmetic items, and energy potions.
The Pokémon-inspired game Axie Infinity (AXS) is an excellent example of an online game based on NFTs. Players can breed or buy Axis - magical creatures - to battle against other players and earn rewards. Each Axie is a unique NFT, meaning that no two Axis are alike, and their ownership can be individually tracked on the blockchain. Players can also sell their NFT Axis on the marketplace and receive all the profits, thus generating a user-driven market economy for collectors and players.
- Earn rewards and in-game cryptocurrencies
In addition to in-game NFT assets, gaming platforms such as Mobox (Mbox) - recently added to the Binance launch pool - reward their players with cryptocurrencies through their free games. Everyone can participate in the various games offered by the platform, which range from NFTs farming to yield farming and blockchain games.
Not only that, but players can staking in liquidity pools or use MOMO NFTs to earn staking rewards paid in the native MBOX currency. In addition, staking MBOX tokens can reward you with unique MOMO NFT Mystery Boxes, generating an extra incentive for users to make holdings and use the platform's native token - thus generating passive income.
The latest collection of Mobox mystery boxes from the Binance NFT Marketplace sold out in seconds, featuring their Legendary MOMO NFTs that can be used across the entire MOBOX platform. Each MOMO NFT has a random hash power, giving them unique attributes within the Mobox universe.
On the other hand, Axie Infinity players can battle in Adventure Mode or in the Arena to earn Smooth Love Potions (SLP) - an in-game reward that players can use for breeding new Axis or trade as cryptocurrency on exchanges such as Binance.
Users should be aware that not all NFT-based games use Play to Earn systems, as many have been designed simply for recreational purposes and without built-in monetization options.
Advantages of the Play to Earn model games
Play to Earn model games represent an exciting application of NFT technology, allowing players to enjoy full ownership of their in-game NFT assets. As with traditional games, users can use their in-game purchases for breeding new creatures, level up, and gain an advantage in PvP combat.
However, unlike in traditional games, as players improve their character, they can also sell and trade in-game assets such as NFTs on markets. The more unique and powerful their characters are, the more profit they generate.
Play-to-Win type games create an open economy by ensuring that players who contribute value to the game receive in-game rewards or are financially rewarded through cryptocurrencies. As the popularity of NFT-based games increases, the price of NFT-based in-game characters and in-game assets will also increase, incentivizing players to actively participate in the game in exchange for more attractive rewards.
Players can also trade on Binance with their hard-earned tokens to earn even more. NFT-based games that have their native token include My Neighbor Alice (ALICE), The Sandbox (SAND), MOBOX (MBOX), and others - all of which have been included in Binance.