Crypto Gaming Guide: What are Crypto Games? How To Earn Money From Crypto Games & More
Know all about Crypto Gaming with the simplest terminologies & explanation| Learn How to Earn Money via Crypto Games & Risks Involved with Blockchain Games
Nowadays, there are tonnes of expensive crash courses in the market to teach you Crypto gaming & the world behind it. Many hold such expensive prices that you haven’t paid for your academics even in the real world! Irony befalls upon the idea, that much before you start earning some pennies from Crypto gaming you spend shit loads on just understanding what is Crypto gaming altogether.
Eventually, people are becoming totally immersed in the realm of video games & Cryptocurrencies. The market of games topped $195 billion in 2021. It is an alarming rate for any industry to grow! Play to earn,” or P2E, games attracted loads of users every day. In short, this is high time you take online Crypto gaming seriously! Gone are the days when adults considered gaming to be a stress-reliever for just office breaks.
Today, it is a full-fledged profession that can earn you instant money with a large bracket difference from any day job. Players get rewarded in the form of cryptocurrencies or digital tokens based on their expertise & skill in Crypto games. If you are looking for a brief & easy understanding of Crypto gaming without any complex jargon terms. You’ve landed at the perfect place bruh! Let’s get started with the most basic query.
Related: Top 5 Play-to-Earn Crypto Games That Can Make You Crypto Pro!
What is Crypto Gaming?
It’s all hidden in the realm of ownership. Traditional video games are centralized. That means all the characters, skins, weapons, and coding of that game…’All of it’ is owned by its developer. It limits its usage in any other game. That’s why you can’t utilize your winning tokens for any other game to buy weapons etc.
But crypto games are decentralized. That means, everyone associated with the game owns a part of the game. Therefore, the characters and other elements can also function in other crypto games too. That’s why you can easily transfer your earned rewards and purchases made in-game to other Crypto games without any hustle.
Crypto gamers win either Non-fungible tokens (NFTs) or cryptocurrencies such as Bitcoin, Ethereum, etc through these games. These digital assets, then become the property of the gamer.
Crypto game players can exchange these in-game digital tokens for stablecoins wherever they want. It can be centralized or decentralized based on the gamer’s choice. There are many online marketplaces for buying or selling these digital assets to directly convert cryptocurrencies into fiat currency.
How does Crypto Gaming work?
One of the major Pro & Con of Crypto gaming is that-
“Here the control over any information is decentralized”
For traditional gaming all the digital assets involving XP, in-game currencies, weapons, skins, characters, cars, etc. all are owned by the developers. But in crypto games, the player is King or Queen of all information. That means all gamers own the items that are acquired during gaming. But to take the full benefit of these crypto games you need to understand the basic mechanics of their processing. That’s why I am here for!
Since these games are developed on blockchain networks, all the connected computers have access to the same amount of information. Where would you find such a platform that serves each gamer like a King or Queen of info huh?
Crypto games utilize blockchain technology for two functions.
- Developers either based the entire game on a blockchain where all the game interactions are verified and stored in the form of new blocks in the blockchain codes.
- Developers utilize the blockchain for in-game currency. Here the non-fungible tokens or NFTs come into play. They are used for in-game digital assets to buy or sell or win further.
How to make money from Crypto Gaming?
Anyone would begin this by saying- “it’s all about skill & knowledge”. But I would say, if you know the right trick, you can make big money eventually! The digital assets, players earn on Crypto games can be traded for cryptocurrency, and further exchanged for real-world money. A decentralized form of gaming where players win unique in-game assets and sell them for real-world money leaves a lot of space & scope for earning while playing Crypto games.
What are the risks in Crypto Gaming?
With large chunks of instant money as rewards obviously, there are certain disadvantages added with crypto gaming as follows:
- One of the major drawbacks of crypto games is their access barrier which affects many gamers. That means you must spend a lot before you can start earning. Though there are various free NFT games that you can play. Still, the high level of gaming does require some form of crypto investment.
- The risk of losing your tokens and NFTs is also a major disadvantage in Blockchain games. It comes into action when you try to send them to a wallet that does not support NFTs or you get trapped in theft or scam.
- Crypto games are decentralized which allows a large space for malicious attacks to occur. A lot of Crypto gamers lose money via volatility. Whereas, Crypto game tokens are easily susceptible to price changes, which directly affects the profits attached to their economy. Some games even limit how often you can withdraw tokens. Therefore, players get stuck with their assets & do not get an ample amount of time cut their losses.
- A new feature called loot boxes is affecting the young millennials involved in NFT or Blockchain games nowadays too. Here, gamers pay a hefty price to open a virtual box filled with random rewards. These are fundamentally akin to gambling according to many reports. Crypto games have been recently embracing loot boxes in various popular games. For instance, Splinterlands have a feature to buy a pack of random cards through direct cash. Health experts suggest these types of Crypto games can make youngsters addicted to gambling gradually.
Hope this crash course on Crypto gaming wasn’t tooooo wordy or complex for you’ll. Still, if there’s any query related to Blockchain games you can directly reach out to us via comments. Believe it or not, we are very touchy about our commenters. Apart from that, there’s a long list of free games to play on Jagran Play that you can explore right away. Till meet you soon in another interesting Blog!