Crypto, NFTs, and blockchain are all the rage these days and have made their way into a number of industries, including the multi-billion dollar gaming industry. And if you’ve read the latest crypto gaming news, you must have come across news of people making a substantial amount by playing crypto games. And there’s a reason for that.
There’s a lot going on around crypto games. They not only offer a unique experience, but they also provide players a chance to make money and even give certain games a chance to stand out from the traditional games in the market. But what is crypto gaming really? And how do you get started? Here’s everything you need to know.
What is Crypto Gaming?
If you’ve ever played video games, regardless of the console you’ve played them on, you know that each game comes with the option of buying in-game items for real money. These items can be a number of different things, like a premium pack of cards in a card-based game, a collectible, a unique skin for your character, or a highly effective weapon in MOBA games.
Crypto games are not too different. These are built on blockchain and allow you to level up, buy items, and get access to premium things by using cryptocurrency. Some games involve NFTs too.
However, some things put crypto games ahead of traditional games. To understand that, you first need to understand the issues with traditional games.
First, if a traditional game developer shuts down its servers, you will end up losing all the things you ever bought. And even though you paid for the premium items you own, they’re never truly yours; they’re still the property of the developers.
Second, any amount that you invest in the money doesn’t really have any value outside the game. On the contrary, crypto games follow a play-to-earn model, which is where you, well, play to earn NFTs or cryptocurrencies.
Some games even allow you to earn rare items that you can sell outside the game in exchange for crypto or NFTs, like a unique player in a basketball game.
What’s great about NFTs is that they function as assets with real value that don’t just involve bragging rights like with an in-game accomplishment in traditional games. Plus, you can use these NFTs on other platforms of your choice.
What’s so Good About Crypto Gaming?
The biggest and most attractive thing about crypto games is that they give users a chance to earn NFTs and cryptocurrency. And you don’t need to be a very skilled player to earn something.
Even beginners can do it. Players then have the option to sell the crypto they earn for fiat money or just store them in a crypto wallet. Other benefits of crypto games include:
You Can Own and Transfer Assets
Players now have the option to own whatever they’ve earned in a game. Previously, players did earn digital rewards, but they always belonged to the publisher. Plus, whatever you earn, whether that’s NFTs or crypto, is transferable.
This means that you can’t use them just in the game you’ve earned them in; you can use them on other platforms of your choice, too.
For gamers, this means that the time they invest in gaming just got a lot more valuable. Plus, it opens up a lot of opportunities and completely changes the way people play games.
Ideal for Casual Gamers
Earning some bucks via gaming isn’t anything new. A lot of people have been doing so for a while now by going professional or by streaming. However, crypto games give casual gamers a chance to earn real money while relaxing after a tiring day at work.
Presents a Whole New Avenue for Gaming Studios
One of the most exciting things about crypto games is what they mean for the future of the gaming industry. While there are plenty of big gaming studios making traditional games, new indie studios have popped up that focus on crypto games. However, big studios (like Ubisoft) and AAA companies have also started to turn their attention to crypto games.
Risks & Disadvantages of Crypto Games
Despite the attractive play-to-earn model and the unique opportunities that crypto games present, there are some risks we cannot overlook.
For instance, you need to invest a good amount of money to get started in some games. Some of the most popular games have access barriers, and you must have some game-specific cryptocurrency to be able to play.
In addition to that, attaching currency to the gameplay also affects the game’s health. For instance, you might remember when gold farming in some traditional games was replaced by companies selling gold. In terms of crypto games, there’s a high chance that competitive titles can end up becoming pay-to-win games, taking away the fun of gaming.
There’s also the risk of scams, especially since crypto games are not as regulated as traditional games. These games involve NFTs and cryptocurrency with high monetary value, and even a small scam can cost a lot of people their money.
And finally, crypto is volatile, which means that its value keeps fluctuating. This means that the cryptocurrency or NFTs you own can quickly devalue. And it doesn’t take long – take Terra LUNA, for example, which crashed all of a sudden.
Getting Started With Crypto Games
To get started with crypto games, you first need to find a game you’re interested in. New games are released all the time; you just need to find one whose gameplay you like.
Once you decide on a game, find out the crypto wallet that it accepts. After all, you need a place to store the coins you earn from the game. Keep in mind that not all wallets work for all games, so make sure you research thoroughly.
Next, put the right currency in it. Some games involve unique coins while others don’t. Once again, you will have to do your research about the kind of coins the game requires.
Finally, make sure you fulfill all other prerequisites. This can be anything ranging from making an account to having a minimum number of coins. Once you fulfill all these steps, you’re all set to start playing!