What is Crypto Gaming?
The $200+ billion gaming industry has recently found a new avenue of expansion and it’s called crypto gaming. If you are interested in cryptocurrencies, cryptomining, NFTs, and video games, then you should really start getting to know more about crypto games. Crypto games bring all that together into one entertaining bundle.
Photo source: https://cybercity.game/
What is a Crypto Game?
A crypto game (P2E) allows players to earn cryptocurrencies (play to earn) and collect non fungible tokens (NFTs) for making progress, fulfilling objectives, reaching milestones, getting achievements, completing stages/missions, etc. For example, the crypto Cyber City game itself is a NFT and a P2E game with tokenized assets and NFT characters. Set in the dystopian cyberpunk future, players farm, forge, develop, upgrade, and fight for in-game resources and crypto in this turn-based PVP.
How are they Different from Regular Video Games?
In terms of gameplay, crypto games are not that different from regular video games. For example, if you are playing a turn-based-strategy (TBS) crypto game, it will still play out in much the same way as any regular TBS would. However, unlike the in-game only currencies that players either buy with real money or earn by completing achievements in a regular video game, players earn real life cryptocurrencies for their progress in crypto games.
In fact, even regular games are starting to incorporate elements of crypto gaming in them, although they are not exactly P2E. Regular games with some elements of crypto games focus on selling NFTs, more than giving their players a chance to earn real cryptocurrencies.
How Do People Earn Money through Crypto Gaming?
There are two main modes of earning money with crypto gaming:
- Buying and selling exclusive, in-game NFTs.
- Playing, progressing, and completing incentivized objectives and achievements set within the crypto game.
How are Crypto Games Different in their Business Model from IAP?
There are several similarities between games that rely on in-app purchases (IAP) to earn revenues and play to earn crypto games. For example, both IAP games and crypto games have in-game monetization aspects built into them. However, there are some very clear distinctions between the two. Just check the points next to know what separates the two.
- Most IAP games only allow players to buy in-game items with real money, but they cannot sell them back for real money.
- Crypto games and the NFTs players buy can not only be resold, but they may even be able to sell them at a profit.
- IAP games might allow players to earn rewards for making progress in the game, but the rewards are not useable anywhere outside the game.
- Crypto games allow players to pay in and earn real cryptocurrencies that can be used even outside the game.
Note that some crypto games only allow players to earn currencies that are exclusively useable within the game itself. Those are not P2E games, although they may claim to be so. In order for a game to be called a crypto game or a P2E game, it must have built-in elements for the players to earn actual crypto.Follow us on social media