As more applications of blockchain technology are found around the world, the decentralized gaming market is expanding swiftly. The play-to-earn model, which introduces a user-driven economy designed for gamers and bridges the gap between virtual space and reality, is the most recent trend.
By breeding animals, gaining upgrades, purchasing things, and other common in-game activities, play-to-earn allows players to own their assets and raise their value. Players add value to the in-game economy that benefits both the community and the developers.
Play-to-earn activities have a clear reward structure that includes everything from in-game items like tools and weaponry to money rewards like bitcoin and tokenizable assets that can be traded as non-fungible tokens (NFTs). For additional information on how to use play-to-earn games, keep reading if you're interested.
In the decentralized world, play-to-earn places an emphasis on two ways of creating liquidity: trading in-game NFTs or playing to earn in-game cryptocurrencies. In the first scenario, players build exclusive in-game NFT products that they then trade with other players on a market for cryptocurrency or real money. In the second scenario, gamers receive in-game cryptocurrency rewards that can be redeemed for real money or other virtual currencies.
The fundamental idea underlying the play-to-earn business is the creation, acquisition, and sale of in-game assets as NFTs. The most well-known instance would be NFT-based games that let users trade, buy, and sell NFT treasures like crafted weaponry, cosmetics, and power-up potions on online gaming marketplaces.
An outstanding illustration of an NFT-based online game is the Pokemon-inspired Axie Infinity (AXS), where users can breed or purchase Axies, magical animals, to battle other players and gain rewards. Since each Axie is also a distinct NFT, there can be no two identical Axies, and the ownership of each Axie is recorded independently on the blockchain. Players can also profitably sell their NFT Axies on the market, fostering a user-driven market economy for both players and collectors.
Gaming platforms like Mobox (Mbox) reward its gamers with cryptocurrencies through their free-to-play games in addition to NFT in-game goods. Anyone can take part in the platform's many games, which include blockchain gaming, yield farming, and NFT farming. Users also have the option of using MOMO NFTs or staking in liquidity pools to receive staking rewards paid in the MBOX native currency. Unique MOMO NFT Mystery Boxes can be acquired by staking MBOX tokens, giving users another reason to own and use the platform's native currency to produce passive income.
The Legendary MOMO NFTs from Mobox's most recent mystery box collection, which can be used on the whole MOBOX platform, sold out in a matter of seconds. Every MOMO NFT has a different hashpower that gives them distinct characteristics within the Mobox ecosystem.
Contrarily, players of Axie Infinity can engage in combat in Adventure Mode or the Arena to earn Smooth Love Potions (SLP), an in-game reward that they can use to breed new Axies or exchange for cryptocurrency on exchanges like Binance. Additionally, users should be aware that not all NFT-based games employ a play-to-earn system; rather, many of them are purely entertaining and lack any embedded monetization features.
A fascinating use of NFT technology is play-to-earn games, which give users complete control over their in-game NFT assets. Players can spend their in-game resources to level up, breed new monsters, and gain an advantage in PVP battles, just like in more conventional games. Contrary to traditional gaming, users can sell and trade their in-game items as NFTs on marketplaces as they level up their characters. Their earning potential increases with how distinctive and strong their characters are. For instance, on the MOBOX NFT gaming platform, Legendary MOMO NFTs from MOBOX have been going for up to $70,000 BUSD each.
Play-to-earn games establish an open economy where players who add value are rewarded with in-game items or money in the form of cryptocurrencies. The cost of base NFT in-game characters and assets will rise along with the popularity of NFT-based games, encouraging players to actively participate in the game in exchange for more alluring rewards.
To trade their hard-earned tokens for extra money, players can do so on cryptocurrency exchanges. The Sandbox (SAND), MOBOX (MBOX), My Neighbor Alice (ALICE), and other NFT-based games all have their own native tokens.
NFTs, which are well-known on the BNB Chain and Ethereum, are tokenized collectibles valued for their rarity and uniqueness. Take a closer look at the token on a blockchain explorer because the value of NFTs depends on their veracity and rarity.
A smart contract in the context of cryptocurrencies is a blockchain-based application or program. They often function as a digital contract that is upheld by a certain set of guidelines. All network nodes reproduce and execute computer code that contains these established rules.
The cryptocurrency market is always moving. Altcoins, stablecoins, and other project tokens are only a few examples of the many new types of assets that are continually being created. But every few years, a brand-new class of crypto asset emerges with a bang, driving up prices quickly and inspiring the development of a number of new use cases.
What the world needs now is connection. Linking Artists (Mangaka) and Art Lovers (fans) through NFTs.