What is crypto gaming and how to make real money from it?

With the advancement of technology, cryptocurrency is gaining a lot of attention. With the advancement in blockchain networks, game developers have also started making games based on crypto technology. Crypto gaming is probably one of the most revolutionary concepts around blockchain. One that combines entertainment and money and that’s why it is growing so fast. If you want to know what is crypto gaming in detail… read on!

What is crypto gaming?

Crypto gaming is one step ahead of traditional games. It allows everyone associated with the game to own a part of that game including XP, weapons, and skins. In other words; players will be able to withdraw or transfer the rewards earned from the game either to their bank accounts or to other games.

In a crypto game, the players own the items that are acquired during the entire progress in a game. This means they have a full right to use, trade, sell or move these assets to another game seamlessly. This opens up many opportunities for the users and all this was possible only with the use of blockchain.

What is Blockchain?

What is crypto gaming based on blockchain
Source: Venture Beat

In order to understand crypto games, it is important to know a little about blockchain technology. Blockchain is the heart of crypto gaming. It is a database shared across a network of computers that record information. Once a record is added to the chain, it is nearly impossible to alter or hack that data.

Computers connected to the network; constantly check to ensure all copies of the database are the same. Crypto games are built on this blockchain technology.

Games Built on Blockchain

There are two ways by which crypto games use blockchain technology. One is the basis of an entire game while the other one is only for its in-game economy.

Case1: When an entire game is built on a blockchain
In this case; every interaction within the game is stored and verifiable as new blocks.

Case2: In-game Economy
Such games use Non-fungible tokens( NFTs could be an in-game currency that can’t be replaced with something else.) Thus it allows players to buy, trade, and sell skins, weapons, pets, and more for real money.

How to make money from crypto gaming?

What is crypto gaming and How to make money from crypto gaming?
Source: Scholarly

All this while, it was only the developers of the game or the games studios that benefited from all the virtual assets sold to the gamers. This was so as the game studios solely owned these assets. This meant that almost everything you could buy in a game (e.g., skin, armor, upgrades, etc.) was only restricted to the game and could not be used to buy anything in the outside world.

But with the emergence of crypto games, the tables have turned upside down. Now crypto gaming is bringing a valuable advantage to regular games apart from entertainment i.e., earning real money while playing these games.

What this means for the players is that every time they buy anything in the game, they indirectly increase the value of the game economy. Axie Infinity, CropBytes, and Gods Unchained are a few of the most popular crypto games that allow players to earn money by using virtual assets.

How To Get Started Playing Blockchain Games

In order to get started with playing blockchain games. You will have to follow these steps:

  • Buy Ether, since most of these games are built on the Ethereum blockchains
  • Convert your real money into cryptocurrency through a crypto exchange platform.
  • Store cryptocurrency in wallets in order to keep it safe. Like crypto exchanges, there are many different types of wallets for storing cryptocurrency.
  • Choose the game you want to play.
  • Earn game items by playing the game.
  • Sell these items for cryptocurrency and convert it back into real money.

Crypto games are a secure and simple way that allows players to collect and trade virtual assets that can be exchanged and traded anywhere in the world, thus are growing in popularity at an exponential pace. Crypto gaming is here to stay and has the power to transform gaming to yet another level.

Gaming has always been a big industry and with more and more people warming up to cryptocurrencies, there’s no doubt that crypto gaming is all set to become an industry of its own. Crypto games are indeed the most interesting thing happening in the gaming industry. If you are into gaming then do check out our Games Section.

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