arning money through online gaming is nothing new, with gamers earning millions from tournaments every single year. However, what many people don't realise is that traditional video gaming competitions are just the beginning of earning money through playing games. The introduction of DeFi and blockchain has made way for a whole new world of gaming through which earning potential is huge.
In this article, we will walk through what blockchain gaming is and how it can be used to earn rewards.
What is blockchain gaming?
Blockchain gaming, also known as play-to-earn gaming, is a new way to make money by playing video games. Rather than simply winning cash prizes from tournaments or in-game microtransactions, blockchain gamers can earn rewards in the form of cryptocurrency. These rewards are given out based on in-game achievements and can be used to trade for other cryptocurrencies or redeemed for real-world fiat currency.
One of the first and most popular blockchain games is Cryptokitties, which allows players to purchase, breed, and trade digital cats. While the game may not seem like much at face value, it quickly amassed a community of over one million players and became one of the most successful blockchain applications ever created. The game also saw the birth of numerous NFTs (non-fungible tokens), which are blockchain-based assets that can be bought, sold, or traded.
The benefits of blockchain gaming
So why should gamers care about blockchain gaming?
For starters, blockchain games offer a level of transparency and security that traditional video games cannot match. When you play a blockchain game, you own your in-game items and data. This means that you can take your hard-earned rewards with you if you decide to switch games. It also protects you from scams and fraud, as all transactions are stored on the blockchain and cannot be tampered with.
Another big benefit of blockchain gaming is that it gives rise to what's known as the play-to-earn economy. In traditional video games, gamers can only earn money by winning tournaments or selling in-game items. However, in blockchain games, there are many ways to make money. For example, you could breed digital cats and sell them for a profit, or you could stake your rewards in a DeFi protocol and earn interest on them. The possibilities are endless, and the earning potential is much higher than in traditional video games.
If you're a gamer who's looking for new ways to make money, blockchain gaming is definitely something you should check out. With its vast earning potential and growing list of benefits, it's quickly becoming the go-to way for gamers to make some extra cash.
How does blockchain gaming work?
Now that we've covered what blockchain gaming is and some of the benefits it offers, let's take a look at how it works.
As we mentioned earlier, blockchain gaming is based on the blockchain technology. The blockchain is a distributed database that stores all transaction data in a secure and transparent manner. This means that when you play a blockchain game, your in-game data and items are stored on the blockchain.
Blockchain games also use smart contracts to automate transactions and rewards. A smart contract is a piece of code that is stored on the blockchain and can be used to execute transactions automatically. In the case of blockchain gaming, smart contracts are used to give out rewards based on in-game achievements.
Finally, blockchain games use tokens to represent in-game assets and rewards. There are two types of tokens that are commonly used in blockchain games:
-Fungible tokens (FTs): These are tokens that can be interchangeable with other FTs. The most common type of FT is cryptocurrency, which can be traded for other cryptocurrencies or fiat currency.
-Non-fungible tokens (NFTs): These are tokens that represent unique assets and cannot be interchangeable with other NFTs. The most popular type of NFT is an in-game item, such as a digital cat in Cryptokitties.
How to start earning through blockchain gaming
Now that you know what blockchain gaming is and how it works, you're probably wondering how you can start earning through this new and exciting industry. Here's a step-by-step guide on how to get started:
1. Choose a blockchain game: The first step is to choose a blockchain game that you want to play. There are many different blockchain games out there, so take your time and choose one that suits your interests.
2. Get some cryptocurrency: You'll need to own some cryptocurrency in order to play most blockchain games. If you don't already own any crypto, you can purchase it on a reputable exchange such as SokuSwap.
3. Start playing and earning: Once you've got your cryptocurrency, you can start playing the blockchain game of your choice and earning rewards. Remember to withdraw your earnings regularly and store them in a secure wallet.
Frequently asked questions
Can you earn from blockchain games?
Yes, you can definitely earn from blockchain games! In fact, one of the main benefits of blockchain gaming is that it offers gamers new ways to make money. For example, you could breed digital cats and sell them for a profit, or you could stake your rewards in a DeFi protocol and earn interest on them. The possibilities are endless, and the earning potential is much higher than in traditional video games.
What is the best blockchain game?
There are many great blockchain games out there, so it really depends on your personal preferences. Some popular blockchain games include Decentraland, Cryptokitties, Gods Unchained and Axie Infinity.
Do I need to own cryptocurrency to play blockchain games?
In most cases, yes. blockchain games typically use cryptocurrency as in-game currency, so you'll need to own some crypto in order to play.
How do blockchain games make money?
There are a few different ways that blockchain games make money. The most common method is through in-game purchases, whereby gamers can spend real money to buy in-game items or currency. Another way blockchain games make money is through advertising, and some games also offer premium memberships that offer additional benefits. Finally, many blockchain games generate revenue by selling NFTs (non-fungible tokens) such as digital art or in-game items.