You know about earning cryptocurrencies and following the new trends in the market. Where trading bitcoins is the quickest and smoothest way, there’s so much more in this market that is yet to explore and adopt, like how healthcare and sports adopted cryptocurrency.
We all know about investors explaining some tips and tricks to trade cryptocurrency, gaining increased profits through investments, and facing risks and combating them. What many of us don’t know is that there is a very cool side associated with the cryptocurrency market – it’s the gaming trend! Yes, you heard it right.
You can now play games and earn cryptocurrency. In this industry, GameFi is an amazing new trend that combines NFTs (non-fungible tokens) and DeFi (decentralized finance) with games that are available online and based on blockchain technology.
Different from other traditional games that we see online and those that operate on a model where you have to pay to play a game and win, technology has revolutionized this model as well. In traditional games, you also have to buy certain upgrades to unlock new levels, move forward with the game, and gain competition over other players.
Amidst this chaos, GameFi has introduced a model that allows you to play and earn. This concept gives players various financial incentives so that they can play and grow through games. Although, in a few cases, this model is very interesting and has let gamers earn income by playing full-time.
Also check: How has bitcoin affected the economy of Germany?
How Does it Work?
The objects present in such games are identified as NFTs. These are digital tokens that prove intangible items’ ownership. It includes things like costumes, avatars, gold bars, plots of land, and weapons.
When players search for and acquire such items through gameplay, a lot have the choice of trading these items with other players for various NFTs in the digital marketplace. They also have the option of selling these items by exchanging cryptocurrency in return.
Users can also give a boost to their earning potential based on the game they play. They have to dedicate their time to increasing their levels and upgrading their characters. They have to build monetized structures on whatever land they choose that the rest of the gamers pay to compete against other players in tournaments or use for their own reasons.
How Can You Play?
There are a few things you need to do if you have to take part in play-to-earn games. They are listed below:
- Create Your Cryptocurrency Wallet
If you want to store the NFTs and digital currencies and make transactions while being in the game, you have to create your crypto wallet. If you have trouble deciding the wallet that’s suitable for you, you have to check the blockchain on which your game was built.
- Buy Starter Items
One of the best things about GameFi is that to download their games, you don’t have to pay any fee. Instead, they are free. However, a lot of these games require players to buy their characters first, so that they can start the game.
- Pre-Fund Your Wallet
If you want to buy any starter item and proceed with the game, you will have to pre-fund the cryptocurrency wallet. For example, Cryptoblades ask for users to purchase (BNB) Binance coin by downloading MetaMask and then exchanging it so that they get the native cryptocurrency of the game called SKILL.
What Play-to earn Cryptocurrency Game Should You Play?
Where there are many crypto games you can play, there is one that is undoubtedly the best game you play. It is known as CHW, Coin Hunt World. It is similar to the game we all have heard of and played, Pokémon go. However, there is one difference that rather than collecting Squirtles and Charmanders, you hunt for Ethereum (ETH) and Bitcoin (BTC).
There is no doubt that we get to discover new things in the world but all have their own sets of pros and cons. We have to see how we deal with them and make sure they don’t hurt our present or our future.
To stay in the right direction, we can always rely on the positive advice we get from people and relevant field-related experts. In today’s world, we can learn from the internet about crypto and talk to experts. We can not only invest here but also play games and earn how we want to.