Making money with P2E games is not just about playing them. Here are some ways most Web3 gamers make money playing blockchain games.
Since the release of Web3 games, people of all ages have been curious to know exactly how blockchain gamers can earn money playing an online game. It’s not so easy to push a few buttons. Some games require complex strategy or detailed knowledge of game mechanics.
How to make money playing web3 games?
Here are 5 common ways gamers make money in blockchain games.
1. Return NFTs
Most blockchain games are only playable with an NFT character, which usually takes the form of imaginative creatures or characters. They gave away characters through a coin sale.
NFT Mints are propagated with NFT Flippers. During the Mint phase of a project, they tend to be the hottest. The further the sale goes, the more players want to participate in the hype.
This tactic allows you to make money by entering the mint stage before it sells out (you have to be very early for that!), buying multiple NFTs and reselling them on the open market for a big profit. This is a risky investment strategy, but it can work for some players.
2. NFT Breeding
Some crypto games offer the ability to farm NFTs. Axie Infinity, for example, allows users to replicate Axie NFTs to create new NFTs. Using blockchain technology, the newly created creature cannot be replicated or copied. She is totally unique.
NFTs that players farm often have lower in-game utility or power, making them less valuable, but you can still sell them on the open market. However, in most games this will not be the main source of income.
3. Sell in-game currency
The reality with most games on the market is that “winning” might not be the right word. So it is very important for the users to get the maximum profit possible.
A very popular game often appears in P2E markets, many fans of which praise the currency and claim that it will fly to the moon. However, once the hype wears off, many investors regret not selling sooner.
Currently, most P2E games consist of players equipping their playable characters with NFTs, engaging them in passive turn-based battles that last a certain amount of time, and then receiving a certain amount of in-game currency as a result. reward.
This is basically the use of P2E. Players earn tokens as rewards for using their digital NFTs and this is at the heart of most gambling games to win.
4. Staking liquidity pools
Liquidity pool staking in blockchain games generally works as follows:
- You win the game coin
- You bundle the coin with another coin, usually $SOL or $ETH
- You use your pooled coins in the game (like depositing money in the bank)
- In exchange for making this liquidity available to other users, you get more in-game coins as a reward (just like you get interest from the bank).
DeFi Kingdoms, for example, is mostly a series of liquidity pools where you passively stake game coins at different interest rates.
The percentage returns of some of these liquidity pools can be exceptionally high. However, the problem is that as the coins in the game decrease, the value of your pooled coins decreases.
When this happens, an incredibly high APR cannot compensate for the drop in value. And these percentages are not fixed: as more and more people join the pool, the APR decreases.
5. Buy digital land
Some open-world metaverses offer players the ability to buy and build on virtual land.
For example, Decentraland is an open metaverse where players can buy virtual land and build shops where they sell digital goods like clothes for their in-game avatars. Users build their own mini-games on the digital land, earning $MANA, the game token.
This is the main way investors can make money in the open metaverse.
Read how to buy land on Decentraland here.
There is no doubt that one of the main factors behind the massive growth of P2E was that users wanted to win. They did, but in return some also lost money in a bet they didn’t quite understand.
It is important to take notes and do thorough research before investing all your savings in the next big P2E project. Although GameFi has been vastly improved overall, don’t let the visually appealing graphics fool you – playing to win can and will cost you money if you let it.
Edmond is a passionate writer of video games, GameFi and Web3. He has worked for major GameFi companies and gaming/crypto news websites.