20 September, 2022
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Play-to-Earn: A New Era of Gaming

20 September, 2022

Fancy getting rewarded for your gaming skills? Play-to-earn is an upcoming gaming style worth taking note of. 

We’ve all played an online game at some point in our lives. Whether it’s Solitaire or World of Warcraft, there’s something out there for everyone. In fact, there’s an estimated 3.24 billion gamers across the globe—close to half the population. 

It comes as no surprise that more and more gamers are looking to expand their horizons and start earning monetary rewards for their efforts. With the adoption of Web3 and digital assets, the market for game finance (GameFi) is making its way into the mainstream. Read on to find out all there is to know about play-to-earn, and how it differs from traditional gaming. 

What is play-to-earn?

Play-to-earn games allow players to receive rewards with real value, often paid in digital cash or non-fungible tokens (NFTs). 

This concept, however, isn’t new. People have been earning money from playing games for years. The Sandbox, a popular play-to-earn game, has been running since 2012, while CryptoKitties was released in 2017.

Methods to earn money through gaming, prior to the adoption of blockchain technology, includes ‘gold farming’ in games like World of Warcraft and Final Fantasy XIV Online. This is the practice of playing a multiplayer online game to acquire in-game currency, later selling it for real-world cash, as well as trading in-game items on unofficial marketplaces. 

With the emergence of blockchain technology and NFTs, play-to-earn gaming is becoming more and more common. 

Play-to-earn or traditional gaming: What’s the difference?

Traditional games, such as console or PC-based, are usually purchased in the form of a disc or digital download. Prices are on the rise, with the latest PS5 and XBOX games, in 2022, costing over $70 dollars—a $10 jump from 2005. According to one twitter poll, 61 percent of people buy fewer games now costs have increased. 

Once players have purchased a game, they can spend hours unlocking prizes and trophies. Despite sinking time into acquiring valuable items, gamers don’t have the right to transfer or sell in-game assets to other users. Gaming companies also have the power to shut down or make changes to the product at any time, causing players to potentially lose hours of work. 

Unlike traditional games, a play-to-earn model gives players financial opportunity—as they can earn in-game assets with real-world value. Users can be rewarded with crypto tokens, virtual land, avatars represented as NFTs, and earn bounties from beating other players. Even better, the decentralized nature of in-game assets means players can transfer their assets outside of the game and earn a profit. 

What are the most popular play-to-earn games? 

Now you know the benefits of a play-to-earn model, let’s discover the most popular games out there and what makes them special. 

Axie Infinity is an NFT-based game that allows players to collect and mint loveable digital pet monsters known as ‘Axies’ through a turn-based card game. The ecosystem uses Ethereum-based cryptocurrencies, and allows players to buy and sell both Axies and land plots represented in the form of NFTs. Right now, Axie has 739,000 daily players. A rare Axie can be worth significant cash, with one bought for 300 ETH—worth approximately 1.1 million dollars at the point of sale.  

Decentraland is a virtual 3D browser-based platform. Users can buy plots of land represented as NFTs using the Ethereum based MANA coin, which is used to trade purely in Decentraland. As of September 2022, MANA trades at $0.809. Gameplay is very similar to traditional sandbox titles, such as Grand Theft Auto or Minecraft, and gives users the freedom to explore. Players can earn real-life assets by buying and selling land, creating and selling virtual clothes, and even working as a freelancer. 

Alien Worlds is an NFT-based metaverse game based on Ethereum, WAX, and BNB Smart Chain. Players compete for resources on a simulated alien planet, looking for NFTs and in-game tokens by mining and buying rented land. The native token, TLM, is used as a reward for playing mini games and is currently worth $0.025

As traditional and modern gaming has intertwined, players are now able to earn TLM on Minecraft, which boasts of over 170 million players worldwide. 

Introducing: MetaLOX

MetaLOX is a decentralized metaverse incorporating NFTs and GameFi. Users can connect with friends across the globe and experience different cultures and lifestyles digitally. There’s also the opportunity to build and create monetized assets and NFTs, earn our native token through gaming, and even start businesses on our hybrid platform.

Stay tuned for all things MetaLOX, including news, updates and launch date. 

Jeremy Rodgers
Content Manager

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