Best of the Week
Most Popular
1. TESLA! Cathy Wood ARK Funds Bubble BURSTS! - 12th May 21
2.Stock Market Entering Early Summer Correction Trend Forecast - 10th May 21
3.GOLD GDX, HUI Stocks - Will Paradise Turn into a Dystopia? - 11th May 21
4.Crypto Bubble Bursts! Nicehash Suspends Coinbase Withdrawals, Bitcoin, Ethereum Bear Market Begins - 16th May 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.Cathy Wood Ark Invest Funds Bubble BURSTS! ARKK, ARKG, Tesla Entering Severe Bear Market - 13th May 21
7.Stock Market - Should You Be In Cash Right Now? - 17th May 21
8.Gold to Benefit from Mounting US Debt Pile - 14th May 21
9.Coronavius Covid-19 in Italy in August 2019! - 13th May 21
10.How to Invest in HIGH RISK Tech Stocks for 2021 and Beyond - Part 2 of 2 - 18th May 21
Last 7 days
Stock Market FOMO Hits September CRASH Brick Wall - Dow Trend Forecast 2021 Review - 20th Sep 21
Two Huge, Overlooked Drains on Global Silver Supplies - 20th Sep 21
Gold gets hammered but Copper fails to seize the moment - 20th Sep 21
New arms race and nuclear risks could spell End to the Asian Century - 20th Sep 21
Stock Market FOMO Hits September Brick Wall - Dow Trend Forecast 2021 Review - 19th Sep 21
Dow Forecasting Neural Nets, Crossing the Rubicon With Three High Risk Chinese Tech Stocks - 18th Sep 21
If Post-1971 Monetary System Is Bad, Why Isn’t Gold Higher? - 18th Sep 21
Stock Market Shaking Off the Taper Blues - 18th Sep 21
So... This Happened! One Crypto Goes From "Little-Known" -to- "Top 10" in 6 Weeks - 18th Sep 21
Why a Financial Markets "Panic" May Be Just Around the Corner - 18th Sep 21
An Update on the End of College… and a New Way to Profit - 16th Sep 21
What Kind of Support and Services Can Your Accountant Provide? Your Main Questions Answered - 16th Sep 21
Consistent performance makes waste a good place to buy stocks - 16th Sep 21
Dow Stock Market Trend Forecasting Neural Nets Pattern Recognition - 15th Sep 21
Eurozone Impact on Gold: The ECB and the Phantom Taper - 15th Sep 21
Fed To Taper into Weakening Economy - 15th Sep 21
Gold Miners: Last of the Summer Wine - 15th Sep 21
How does product development affect a company’s market value? - 15th Sep 21
Types of Investment Property to Become Familiar with - 15th Sep 21
Is This the "Kiss of Death" for the Stocks Bull Market? - 14th Sep 21
Where Are the Stock Market Fireworks? - 14th Sep 21
Play-To-Earn Cryptocurrency Games Gain More and Is Set to Expand - 14th Sep 21
The CashFX TAP Platform - Catering to Bull Investors and Bear Investors Alike - 14th Sep 21
Why every serious investor should be focused on blockchain technology - 13th Sep 21
SPX Base Projection Reached – End of the Line? - 13th Sep 21
There are diverse ways to finance the purchase of a car - 13th Sep 21
6 Tips For Wise Investment - 13th Sep 21 - Mark_Adan
Gold Price Back Below $1,800! - 10th Sep 21
The Inflation/Deflation debate wears on… - 10th Sep 21
Silver Price seen tracking Copper prices higher - 10th Sep 21
The Pitfalls of Not Using a Solicitor for Your Divorce - 10th Sep 21
Investing in a Bubble Mania Stock Market Trending Towards Financial Crisis 2.0 CRASH! - 9th Sep 21
This Boom-Bust Cycle in US Home Ownership Should Give Home Shoppers Pause - 9th Sep 21
Stock Market September Smackdown Coming Next? - 9th Sep 21 - Monica_Kingsley
Crazy Crypto Markets How to Buy Bitcoin, Litecoin for Half Market Price and Sell for TRIPLE! - 8th Sep 21
Sun Sea and Sand UK Holidays 2021, Scarborough in VR 180 3D! - 8th Sep 21
Bitcoin BTC Price Detailed Trend Forecast Into End 2021 - 8th Sep 21
Hyper Growth Stocks - This billionaire is now using one of our top strategies - 8th Sep 21
6 common trading mistakes to avoid at all costs - 8th Sep 21
US Dollar Upswing, S&P 500 and Nasdaq Outlook - 7th Sep 21
Dovish Assassins of the USD Index - 7th Sep 21
Weak August Payrolls: Why We Should Care - 7th Sep 21
A Mixed Stock Market - Still - 6th Sep 21
Energy Metals Build Momentum; Silver & Platinum May Follow - 6th Sep 21
What‘s Not to Love About Crypto Market Fireworks - 6th Sep 21
Surging US Home Prices and Gold – What’s the Link? - 6th Sep 21

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Play-To-Earn Cryptocurrency Games Gain More and Is Set to Expand

Currencies / Gambling Sep 14, 2021 - 10:41 PM GMT

By: Dylan_Moran

Currencies It’s been a dream of many people to be able to play video games and earn money for a living. This hasn’t been an impossible road to take since the start of the internet and especially when game streaming became popular. However, not really everyone who streams the games that they play could really make a living out of it.

Today, however, we can already say that anybody can already start earning money by playing games and this is thanks to cryptocurrency gaming. To many, crypto gaming may just be about playing casino games on the top BTC casinos online but this isn’t just the case anymore. While playing at crypto casinos can still be a decent way to earn extra money, gaming companies are now looking into NFT-based games with the play-to-earn scheme too.




The Rise of NFT Games

One of the biggest sub-sectors of the cryptocurrency market right now is gaming and according to CoinMarketCap, there are now over 160 gaming-related tokens that account for around 13 billion USD of the crypto market. There has been significant growth in this area of the market in the last couple of months has in mid-June, it only accounted for 3.6 billion USD of the market. By the end of July, it jumped to 7.9 billion USD.

Crypto gaming has been around for a while but it seems like it wasn’t until the game Axie Infinity came out that it garnered more attention from both crypto and non-crypto users. This game is developed by Sky Mavis and was released in 2018. Esports.net lists this game on the top of the list and it’s easy to comprehend why.

It’s a simple game similar to games like Pokémon wherein you get to collect, breed, train, and battle out fantasy monsters. These colorful blob-like monsters are then the NFTs of the game which means that players can sell or trade them too.



The game also has other ways for players to earn money as they can also sell certain items on the market. Aside from selling or trading Axies, players also earn Smooth Love Potions or SLP whenever they win battles against the Axies of other players. These SLPs can then be converted to cash, depending on their market value.

Other popular NFT and crypto games right now aside from Axie Infinity are Splinterlands, Cryptokitties, Evolution Land, and Gods Unchained. Generally, the objective of these games is easy yet fun. These games have also somehow built communities that are also said to be the reason why crypto gaming continues to grow.

What People Are Saying

David Elvion, a member of a Zurich-based gaming company called Dacoco that is developing Alien Words, talked about how there’s really more into just being able to earn money while gaming. Elvion said, Being able to earn while playing a game is a big deal but the result of that is that people interact, trade, gift, tip and communicate much more with each other. Basically, what is happening is a connection on many levels, which is a core human need.”

There are also others who suggest that the recent rise of these games has macroeconomic reasons. Joe Zhou, the founder of Dawn Protocol, spoke about this with Cryptonews.com and said, “From a macro point of view, many crypto games' success, especially Axie, in this cycle had greatly benefited from the cyclical narrative shift when the market cools off and an increasing number of participants were seeking returns outside the DeFi/yield farming. Naturally, they look to allocate their cash into riskier assets.

“Blockchain technologies created new opportunities for users, and in 2017/18 -- when NFT gaming was in its earliest form -- pioneer studios such as Axie Infinity or The Sandbox saw the potential for creating a new type of games or platform where the economy is truly owned by its players, meaning that all the content, the economy and even the governance of the game or virtual world could be in the hands of the players, creators, and users who contribute to these games,” he explained further.

Elvion also points out that play-to-earn games will eventually be a permanent genre in the gaming industry. He said, “Play-to-earn will establish itself as a permanent new genre in the gaming industry and I believe other new genres only possible through NFT technology are yet to emerge.”

He also argued that NFTs will be the essence of crypto-gaming because pretty much any game item, area, or character can be programmed as an NFT. He explained, “NFTs are the ‘things’ being used in games, like tangible items in the real world, that can be used to identify and utilize proof-of-ownership for various functions in the game. I don't see this trend going away but rather expanding to bridge virtual and real items much more in the near future.”

By Dylan M.

© 2021 Copyright Dylan M. - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in