Coins / Gambling
Sep 14, 2021 – 22:41 GMT
It was a dream for many people to be able to play video games and earn money for a living. This hasn’t been an impossible path to take since the internet began and especially when game streaming became popular. However, not everyone who streams the games they play can really make a living from it.
Today, however, we can already say that anyone can already start making money by playing games and that is thanks to cryptocurrency games. For many, crypto games may just be about playing casino games at top BTC casinos online, but that’s not just the case anymore. While playing in crypto casinos can still be a decent way to earn some extra cash, gaming companies are also looking into NFT based games with the gaming system to win.
The rise of NFT games
One of the biggest subsectors of the cryptocurrency market right now is gambling and according to CoinMarketCap there are now over 160 gambling related tokens which represent around $ 13 billion of the crypto market. There has been significant growth in this area of the market over the past two months and by mid-June it was only $ 3.6 billion of the market. At the end of July, it jumped to $ 7.9 billion.
Crypto games have been around for a while, but it seems it wasn’t until the Axie Infinity game came out that it gained more attention from both crypto and non-crypto users. This game is developed by Sky Mavis and released in 2018. Esports.net lists this game at the top of the list and it’s easy to see why.
It is a simple game similar to games like Pokémon in which you have to collect, breed, train and fight fantastic monsters. These colorful, drop-like monsters are then the game’s NFTs, meaning players can sell or trade them as well.
The game also provides players with other ways to earn money as they can sell certain items in the market as well. In addition to selling or trading Axies, players also earn Smooth Love Potions or SLP whenever they win battles against other players’ Axies. These SLPs can then be converted to cash, based on their market value.
Besides Axie Infinity, other popular NFT and crypto games are Splinterlands, Cryptokitties, Evolution Land, and Gods Unchained. Usually the goal of these games is simple but fun. These games have also in a way built communities which are also said to be the reason crypto games continue to thrive.
What people say
David Elvion, a member of a Zurich-based game company called Dacoco that develops Alien Words, explained that there really is more to making money playing. Elvion said: Being able to win by playing a game is a big deal, but the result is that people interact, trade, give, tip and communicate with each other a lot more. Basically what’s going on is a multi-level connection, which is a basic human need. “
Others also suggest that the recent boom in these games has macroeconomic reasons. Joe Zhou, Founder of Dawn Protocol, spoke to Cryptonews.com and said, “From a macro perspective, the success of many crypto games, especially Axie, in this cycle has benefited greatly from the cyclical narrative shift. when the market calmed down and a growing number of participants were looking for returns outside of DeFi / yield agriculture. Naturally, they are looking to allocate their cash to riskier assets.
“Blockchain technologies created new opportunities for users, and in 2017/18 – when NFT gaming was in its first form – pioneering studios such as Axie Infinity or The Sandbox saw the potential to create a new kind. games or platform where the economy genuinely belongs to its players, meaning that all of the content, economy and even governance of the game or virtual world could be in the hands of players, creators and players. users who contribute to these games, ”he explained.
Elvion also points out that winning games will ultimately be a permanent genre in the gaming industry. He said, “Winning gaming will establish itself as a permanent new genre in the gaming industry and I think others will. new genres only possible thanks to NFT technology have not yet emerged. “
He also argued that NFTs will be the essence of the crypto game, as just about any game element, area, or character can be programmed as an NFT. He explained, “NFTs are the ‘things’ used in games, like tangible things in the real world, that can be used to identify and use proof of ownership for various game functions. I don’t see this trend. disappear, but rather expand to bridge the gap between virtual and real objects in the near future.
By Dylan M.
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