In recent years, play-to-earn Crypto games have become increasingly popular. Some say crypto games will revolutionize modern gambling, while others are more skeptical. Don't have a real opinion yet? Do you feel that you don't quite understand play-to-earn games yet? Then you've come to the right place. In this article, you'll learn all about sweepstakes and blockchain gaming.

How do play-to-earn games work? 

With their mix of gaming and finance, sweepstakes fall into the GameFi category. Each game offers financial incentives to play and progress. As mentioned earlier, there is usually a grinding aspect, that is, the repetition of certain actions that allow users to earn income in two ways:

1. By earning cryptocurrencies in the game. An example is Axie Infinity's Smooth Love Potion (SLP), earned by completing daily quests or fighting monsters and players.

2. Earning or trading NFTs in the game. Each NFT can represent an in-game item, character, or other collectibles. Depending on the game, these items can be purely cosmetic or have a use or purpose in the game.

There is a third way to earn something from games: betting money. In some NFT games, users can hold NFTs or cryptocurrencies in smart contracts, generating rewards. For example, those who wager MBOX tokens are rewarded with MOMO NFT Mystery Boxes. Each box contains a random NFT of varying rarity, which can then be sold on the secondary market. However, a very large initial deposit is required to receive high stakes.

Is Blockchain Technology Safe For Play-to-Earn Games?

There is nothing new about play-to-earn. In many online games, gold farmers run fiat-based auction houses or secondary markets. In games with cryptocurrencies, the key difference is that these currencies and items exist on blockchains. A blockchain has several properties that facilitate proof of ownership, legitimacy, and rarity.

You can consider a blockchain network as an immutable database. It is managed by a distributed network of computers (users), each of which owns a copy of the blockchain data. It is virtually impossible to change, duplicate, or delete blockchain data.

Therefore, blockchain games can be designed to prevent fraud or corruption, such as item duplication, gold hacks, and other exploitation common in traditional games. An important part of the value of a game item is its rarity. With the blockchain, there is no copy and paste. If an asset is unique, there is no way to replicate it. It helps to create real value for game items.

How Much Money Do People Make From Games?

Understanding how regular gamers can make money from a blockchain game can be difficult. Games are not usually known for being financially rewarding for the average user. Many people make living playing crypto games like Hyper League, especially in developing countries.

Farming can be a constant source of income, with earnings proportional to skills and playing time. Depending on the market price and playing time, players can earn between $200 and $1,000 (USD) per month farming SLP. Farming benefits are usually less than the alternative of trading NFT creatures and items, but they are much safer for those who need a steady income. This farming method has proven successful in the Philippines, where Axie Infinity has even become an alternative to unemployment benefits.

In games like Axie Infinity, you can use your NFTs (Axies) to breed new ones. However, you can't accurately predict the value of a newly grown Axie. In October 2021, the most expensive Axie (Angel) sold for $131,970 on November 7, 2020, and is now listed for 3,000 ETH. While these numbers sound enticing, predicting an average income for someone selling NFTs from play-to-earn games is difficult due to their random nature.

How Can You Make Money From Play-to-Earn Games? 

With NFT games, as mentioned earlier, there are two main ways to make money: By finding NFTs to sell or by playing regularly to get a stream of in-game cryptocurrencies.

These actions will offer you NFTs, tokens, or both that you can trade on the secondary market. Binance may allow you to sell your NFTs and tokens depending on what cryptocurrencies and items you own. You can easily add BNB Smart Chain (BSC) and Ethereum to the Binance NFT marketplace, but you will need to verify that the non-fungible tokens you want to sell are listed on Binance in your region. The KYC process will also require you to verify your account.

Final Considerations

Play-to-earn games are a new development in making money with cryptocurrencies. With most new projects and ideas, you usually have to be first in line to take advantage of them. However, Play-to-Earn has made it possible for players to earn money. However, you should always be careful, as many games can be risky, unsustainable due to poor tokenomics, or even scams.

To learn more about GameFi and Play-to-Earn, visit the Binance NFT page. NFT mystery boxes from companies like MOBOX and My Neighbor Alice are regularly featured there, all of which contain viable NFTs for the gaming world to help you get started.