Blog NFTs Play-to-Earn Crypto Games: Money Maker or Pyramid Scheme?

Play-to-Earn Crypto Games: Money Maker or Pyramid Scheme?

date May 27, 2022 time 5 min read 1104 views

It’s hard to switch on your phone without hearing something about the metaverse and how it’s about to change everything—and play-to-earn crypto games are one of the latest innovations. The prospect of earning money for doing something as entertaining as gaming might sound too good to be true, and some would argue it (almost) is. But these new crypto games are certainly worth checking out.

Play-to-earn crypto games pull various tried-and-test aspects of gaming together for a perfect experience.
Play-to-earn crypto games pull various tried-and-test aspects of gaming together for a perfect experience. (Source: Unsplash)

As long as gaming has existed, it’s never not been popular. That popularity boomed during the lockdowns of 2020 and 2021 when we were left with little else to do, which helped to promote the emergence of a new niche: Play-to-earn crypto games. Although the area hasn’t quite hit the mainstream to the point where even your uncle has started crypto gaming, it’s already a multi-billion dollar market. 

If you’re still struggling to believe gaming could be profitable and a hot investment trend, allow us to explain. Let’s look at what exactly play-to-earn games are and identify some of the best projects around.

Play-to-earn crypto games

We’ve mentioned the term a few times already, but what actually are play-to-earn crypto games? There are two essential elements: The crypto side and the play-to-earn side.

In a nutshell, play-to-earn just means that you have the chance of making money online through  gameplay. To some extent, this concept has always been about—most games (whether Roblox or Runescape) have their own in-game “currency” that players can earn by taking part in activities. For instance, Runescape players mine ore and sell it on, then use the proceeds to buy new armor. 

But earning money that you can redeem for fiat currency and use in the real world? That’s a fairly new concept outside of gambling.

Play-to-earn games and crypto

However, what really makes play-to-earn crypto games special isn’t just that you can make money from them—it’s their links with the blockchain world. Crypto games use their own crypto tokens as in-game currencies. So, when the game becomes more popular and attracts more people, the cryptocurrency increases in value (especially when gamers trade items).

Then there’s the NFT factor. Often, in-game items take the form of NFTs. As a result, they don’t solely exist in-game—ownership is stated on a public ledger, and you can trade them on NFT marketplaces in return for money or tokens.

These NFTs have all kinds of potential applications. For instance, in the hot new NFT project Decentraland, the team aims to create a virtual real estate market and sell plots of land as NFTs. 

Growth of crypto games

If you need some more convincing that play-to-earn crypto games are worth caring about, how about knowing that the market is estimated to surpass $200 billion by 2024?

Why play a regular game when you could try crypto gaming and earn money in the process?
Why play a regular game when you could try crypto gaming and earn money in the process? (Source: Unsplash)

Now we’ve got your attention, let’s look at where all that money is coming from. You might be thinking that it’s nice of developers to allow players to earn through their games, but this isn’t an act of charity. Developers make money from the transaction fees within their games, which players have to front to purchase in-game currencies or items.

Also, as a game’s native currency rises in value, the developers benefit (since they typically hold lots of that token). As such, players will also make money by encouraging others to join and add value.

If you’re thinking this sounds like a bit of a pyramid scheme, you’re not the only one to be concerned. If everyone stopped playing a game, the price of its token would plummet. Also, if players use bots to game on their behalf or manipulate prices, this could also ruin everything. 

Also, beware that these games probably won’t make you a millionaire. You need to be good at gaming, which takes a lot of time and practice. Only a small portion of players will ever be successful—but will you be among their ranks?

The best new crypto games

Okay, we can probably agree that’s enough hype-building for now. Let’s give you a taster of what play-to-earn crypto games have to offer by running through some of the top new crypto games.

Axie Infinity

If you’ve even spent five minutes researching crypto gaming before now, you’ve almost certainly come across Axie Infinity. The value of its core cryptocurrency, AXS, increased in price by around 18,000% in 2021.

But there’s more to the project than just the hype about Axie Infinity investing. The game has become popular for all the right reasons. It follows in the footsteps of Pokemon by giving gamers the chance to select monsters and use them in bottles, with the opportunity to earn if they win. Plus, the crypto twist is that each monster is also a collectible NFT.

Splinterlands

Collectibles like trading cards have become popular as NFTs, and Splinterlands capitalized on this by creating a whole game around them. Splinterlands players trade cards within the game—but the trading cards fall into splinters (factions) and are used to fight monsters. The winners then earn rewards.

Metalands

If the buzz around many recent projects linked to the metaverse is anything to go by, Metalands should be a runaway success purely by having “meta” in its name. Yet Metalands is more than just a project trying to cash in on the hype. 

The concept is a first-person shooter game in the metaverse. Users can earn in-game tokens, and in-game items take the form of NFTs. Need we say more?

Farmers World

Who would have expected a game about farming to be one of the most promising new crypto games?
Who would have expected a game about farming to be one of the most promising new crypto games? (Source: FarmersWorld)

If you’re old like us, you might remember Farmville on Facebook or any of the farming-related predecessors that came before it. Surprise surprise, this age-old concept has popped up again in the metaverse. On Farmer’s World, players harvest crops and develop their farms while competing against other farmers (and fighting them if necessary).

As they farm, they also have the chance to grow and earn NFTs.

Plant vs Undead

The tower defense genre is a staple in the gaming world, and Plant vs Undead has transferred that over to the blockchain. Essentially, players use seeds to grow plants, and then there are some zombies thrown in—players must use their plants to prevent a zombie attack.

None of this is particularly new, but Plant vs Undead has stuck to the motto “if it ain’t broke, don’t fix it.” The crypto aspect is that users earn in-game tokens (the cryptocurrency PVU) over time and use them to buy the most powerful plants.

Earn NFTs with MyConstant

If you don’t quite think you have the skills or patience needed to achieve success in the crypto gaming world, you’ll be pleased to know there’s an alternative. 

At MyConstant, we’ve launched our own NFT offering. We’re also giving out NFTs and guiding how you can score NFTs as rewards when you reach certain milestones.

We also have a range of cryptocurrency and USD products that help you take your crypto further and earn interest on crypto up to 12% APY,  or you can deposit your crypto in our multi-cryptocurrency wallet (and even earn interest on stablecoins).

Other benefits of our platform include:

  • 24/7 customer service.
  • Rates as low as 6%.
  • Early repayments for lower rates.
  • Instant matching.
  • Store and borrow against over 70+ different cryptocurrencies.

Sound good? Sign up today.

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George Schooling

George Schooling

Buy MCT token with ease and enjoy the staking rate of up to 12% APR

Tags: crypto gaming new crypto games

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