Play-To-Earn Gaming Is Driving NFT And Crypto Growth – Forbes

Play-To-Earn Gaming Is Driving NFT And Crypto Growth – Forbes

Play-to-earn gaming has taken the crypto world by storm, and it’s easy to see why. With this unique gaming model, which is geared to adults, participants are rewarded with cryptocurrency or NFTs just for playing games they would probably play for free. Axie Infinity, the most popular platform for play-to-earn gaming at the moment, allows users to build up a collection of “Axies” they can use across the company’s universe of games. From there, the company uses Blockchain to reward its players for taking part.

However, it’s worth noting that play-to-earn gaming isn’t technically “free” — at least not at first. With Axie Infinity, you need three Axies to get started in the first place, and these Axies cost cold, hard cash. To meet this requirement, you may have to fork over $1,000 USD or more, as you can see by looking at the game’s Marketplace Dashboard.

From there, you can make money by selling SLPs (smooth love potions), breeding rare Axies, and through AXS staking. You also earn crypto just for playing various games the platform offers. 

Interestingly, each Axie in itself is an NFT, or non-fungible token, that is ultimately minted on the Ethereum blockchain. That’s why Axies cost money, and why you can sell them for a profit. 

But note that you don’t have to sell your digital game assets through the platform itself. Any in-game assets you own or breed are yours, so they can be traded on platforms outside the game’s universe. You can also sell your Axies in an effort to get your money back if you stop playing the game.

LOS ANGELES, CA – JUNE 13: Gamers compete in PC gaming at the ‘Nvidia’ booth during the Electronic … [+] Entertainment Expo E3 at the Los Angeles Convention Center on June 13, 2017 in Los Angeles, California. (Photo by Christian Petersen/Getty Images)

Getty Images

The Power Of Play-To-Earn Gaming

According to Steven Walters, CEO and founder at Gallant Token, it’s no wonder Axie Infinity has such a huge following. The ability to earn real-world value by playing a blockchain game is luring people into the market for the simple reason that value can be earned by having fun, he says. He also adds that, with the addition of NFTs, you are not only earning money for your time, “but you are also gaining an asset.” 

“These NFTs can be obtained by purchasing them, earning them, or receiving them as a gift,” he says. “In some ways, players can level up their NFTs and resell them in a marketplace.”

Walters also says that regular gaming could go the way of the dinosaur due to the play-to-earn gaming model. After all, there are opportunities for parents to create a wallet and allow their children or teenagers to play these games in the future, which would give them the opportunity to do things they couldn’t do after playing an Xbox. For example, they could earn money to spend on real-world items, save for college, or save for the future.

“Mass adoption is underway, and major players in …….