Playing money-making games is the catalyst for this market’s bullish period

If you are familiar with the cryptocurrency field and regularly follow what is happening in the ecosystem, then you will be in Bitcoin (Bitcoin) It rebounded to US$63,000 in mid-April. This excitement is currently caused by the current bullish sentiment among cryptocurrency enthusiasts and stakeholders. This bullish sentiment is the result of the gaming niche.

Many people say this is the season of decentralized finance (DeFi), and I can’t even argue with them because the facts are obvious to all. Based on DeFi Irreplaceable tokens (NFT) Games are soaring to record highs, and they continue to be adopted and played by many people. This makes one wonder why gamers and cryptocurrency enthusiasts flock to and spend a few hours a day playing these games. What are the motivating factors.

The answer is actually very simple. Because these people not only have fun while playing, but also get rewards when playing games. More importantly, these are not just results in the game. These rewards can be exchanged for legal tender and can be used in real life. The video game industry is currently going through a huge growth phase.Today, this industry is attach great importance to About 170 billion U.S. dollars, it is expected that the world will surge to 268 billion U.S. dollars in the next five years.

related: Play-and-earn is the secret adopted by mainstream NFT games

Game money phenomenon

I think that game developers have found the best point of playing games to make money. First of all, what is it about? Play-to-earn just allows game players and game lovers to control and own in-game assets, and further allow these game players to actively play games to increase the value of these assets. Players in this business model create value for game developers and other players by participating in the in-game economy. As a reward for their participation, they will receive in-game assets. These assets include in-game resources such as game tools, weapons, or cryptocurrencies, as well as other in-game assets that can be tokenized on the blockchain or even sold as NFTs. This is why the game earning business model has been successful when used with blockchain games. Play and win the game Axie Infinity’s Total revenue is close to 120 million U.S. dollars In July.At the time of writing, the rest of the top ten applications in the token terminal list total The total is about 41 million U.S. dollars, and Axie Infinity’s revenue exceeds 215 million U.S. dollars.

When players play Axie Infinity games, they will get the native token Small Love Potions (SLP). Players need these tokens to cultivate a new Axie, which will be collected by Axie. Axie also charges a 4.25% fee for buying and selling Axie on the platform. If players decide to cash out these tokens, they can also decide to sell SLP tokens to other players on the open market.

Playing games and developing countries

This sounds shocking and may even be interesting, but this is the reality: an average player Earn about 4,500 SLP per month, About 1,200 US dollars. Therefore, people in countries such as the Philippines and Vietnam are quitting their daily jobs to concentrate on playing Axie. The game is time-consuming and strategic. Players not only need to carefully nurture their Axies to develop specific skills, but also need to gain energy so that they can further play the game by completing tasks. However, it is worth noting that workers in these countries regard it as a side job rather than a daily job.

Axie state There are more than 350,000 active players on the platform every day. This may sound absurd to some people, especially non-gamers, but the beauty of it is that it has helped many people through the financial difficulties caused by the ongoing global COVID-19 pandemic.

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Blockchain games were originally a small family-style industry where individuals sold online products, but it has quickly transformed into a mature industry that provides employment opportunities for people in developing countries. According to reports, for financial stability and regular salary, Venezuelans have turned to planting gold in various games on the blockchain. They sell digital assets to Western gamers, which is usually their main source of income.

In his comments on the recent upsurge in the game-playing mode, especially published by Axie Infinity, the managing partner of Master Ventures Orion Depp Say: “At first, many people did not believe that they could get rewards that would affect their real life financial situation until they tried it. It just continues to show how life-changing and revolutionary cryptocurrency will continue in a fun and enjoyable way. exist.”

I totally agree with Orion. People put time and energy into the game while having fun during the game, so they actually paid off. It sounds simple, but this is a game mode that is working and is changing many lives. Some other examples of game earning models that are as successful as Axie Infinity are Splinterlands, GamyFi, Step Hero, and CryptoBlades.

More examples

Splinterlands is a card trading game built on the blockchain. Players can continue to compete for a limited number of Splinterlands native token Dark Energy Crystal (DEC) and rare NFT. The game created in 2020 has successfully established a very strong following. Set in a fantasy world composed of six powerful kingdoms, fighting for control of Splinterland, “Game of Thrones” fans will find this game easy to fall in love with. Just like the Game of Thrones, there is a prophecy predicting the arrival of a common, stronger enemy, forcing the six kingdoms to unite and fight for their survival.

Splinterlands’ use of in-game collectibles and NFTs makes it very unique, and because it is built with algorithms on the blockchain, it can prevent the outcome of the battle from being tampered with (even game creators cannot touch it), It is considered one of the best money making games at the moment.

The company recently Completed a private token sale This brought in approximately 3.6 million U.S. dollars, and leading industry participants contributed to the SPS token-centric token raising. For example, some of the cryptocurrency funds and participants that contributed include Enjin, Polygon, Gate.io, Alpha Sigma Capital, and Blockchain Founders Fund.

GamyFi is built on the Elrond blockchain and is an e-sports gaming platform that inspires sports fans, gamers and crypto enthusiasts to use their skills and knowledge on the platform. These game players will receive exciting NFTs and in-game assets as rewards. The GamyFi platform uses blockchain technology to maintain a fair platform while being fast and secure. The platform uses GFX tokens as its game currency, through which users can obtain rewards and conduct transactions.

GamyFi currently has five applications running on it.

  • Fantasy sports: Users can create their own fantasy sports team, and players can earn points through real-time performance. Fantasy sports on GamyFi include football, baseball, cricket, and football, to name a few.
  • Lottery: Users can use GFX to buy lottery tickets and join other participants’ pools to win huge prizes.
  • NFT market and games: Here, GamyFi users collect, play, buy or sell NFTs and games.
  • PVP multiplayer game: Using this option, GamyFi users can synchronize with real-time multiplayer games and custom rooms that can be created. Users can play with their friends or play against other GamyFi users.
  • Prediction market: Here, GamyFi users can predict the results of events, sports games and elections. If their prediction is correct, they can share the winner’s prize pool.

Step Hero is the first NFT fantasy-themed RPG game on the Polygon network-it has extremely low fees and instant transactions-making it a perfect combination of DeFi and NFT games. This ecosystem allows users to make profits while playing games. The story takes place after the apocalyptic war between the brave led by the archangel Gabriel and the Shadow Legion led by the demon King Lucifer. Players play the role of heroes. Their tasks include fighting with villains in battle, while building their own energy by collecting in-game assets, earning money called STEP coins and upgrading their characters.

The entire Step Hero ecosystem consists of Step Hero RPG games, NFT market and Heroes Farming. Step Hero also transcends the boundaries of the game through a strong community, helping players on the platform invest in activities that encourage them to make money from the game.

Game players can generate income in the following ways:

  • They can sell in-game assets on the market, such as homemade weapons, healing potions, and power pulse potions in exchange for money.
  • Once they win a player-to-player (PvP) battle, they can get prizes.
  • They can upgrade their roles and trade later. Here, the more unique and powerful their roles are, the more profits they make.

CryptoBlades is a game that makes money from games, in which players can play roles to fight monsters, participate in raids, make unique weapons, and trade their game assets on any open market they wish. CryptoBlades players will receive SKILL token rewards, depending on their skill level and consistency. CryptoBlades was created by the game development company Riveted Games and is beautifully designed to prevent robots. High and low-grade weapons are listed on the market. The higher the value of the weapon, the more SKILL tokens users will get when they claim victory. As of the time of writing, CryptoBlades has more than 300,000 active users and has generated more than 100 million transactions on the Binance Smart Chain in less than two months after its launch — resulting in the blockchain protocol being used at an unprecedented level. Mass adoption.

Although the digital game knows no borders, it has really taken off in the Philippines, which has been hit hard by the global COVID-19 pandemic, and GDP reduce The decline in 2020 was 9.6%, which was the largest annual decline on record since data collection began in 1946. Games on the blockchain allow people to make money while locked in their homes.

The game has been supported by well-known brands such as Binance, IGN and Steam, and has become the recipient of Binance’s most valuable Builder II program. In addition, the Cryptoblades team has a fully decentralized system, with more than 50 developers and a GitHub open for players to participate, and holds huge bounties for finding bugs and improving the game.

Play money and the future of blockchain games

Playing money-making games is the latest innovation in the blockchain game industry. It will completely change the way people interact economically with their favorite games. It ensures and accepts the concept of an open economy, ensuring that players who bring value to the game world receive financial returns. In turn, this has a domino effect on the crypto market, as many people flock to these games (no matter how game-oriented they are) to play and make money for themselves.

The market is on an upward trajectory because these games are receiving investment from large institutions and retail investors. This is indeed the DeFi season, and I hope it will continue for a while, because more and more games will continue to gain recognition and traffic. This will lead to more investment, which ultimately depends on the market. The near future is green, you’d better participate in these money-making games.

This article does not contain investment advice or recommendations. Every investment and trading action involves risks, and readers should research on their own when making a decision.

The views, thoughts, and opinions expressed here are only those of the author, and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Evan Lusla He is 30 technology entrepreneurs and blockchain experts under the age of 30 and holds an honorary doctorate degree. In decentralized and distributed systems. His companies StartupStudio and Iyoko invested in and helped build the company of the future. Evan is a guest speaker at many universities and conferences around the world.