For a very long time gamers used video games as amusement and a way to release stress after an exhausting day (or a week) at work or school, and viewed this just as a fun hobby, enjoying storytelling, feeling of excitement that winning a match gives them, and simply finding art and graphics pleasant to the eye and relaxing. Even after cyber sports proliferated and became a huge deal several years ago, showing the whole world that you can actually make decent money and become famous if you are really good at what you are doing, making IRL money out of gaming remained something that only “the chosen ones” could achieve. People dove into playing League of Legends, Dota 2, CS: GO, and even Rocket League and Super Smash Bros for hours and hours, mastering their skills, buying in-game items, and doing everything to build a bigger and stronger character that would become their golden ticket to fame. But at the end of the day, the only people who actually gained big money out of the crowd’s craze were the big bosses of developer companies, who successfully lured people into the “trap” of a Pay-to-Play model, selling virtual privileges and benefits for real money.

But what if we told you that those days are over and now you can actually make money while gaming and play to earn instead?

As the video game market keeps growing, gaming and cryptocurrencies, two things that used to be very niche, intertwined together, making turning virtual coins into real money possible for gamers. The “Play-to-Earn” model relies on blockchain technology and allows players to enrich themselves by rewarding them with digital tokens or crypto coins for achievements they have in the games, so gamers can actually profit from their gaming skills and enthusiasm. Additionally, players can earn money by getting (and then selling for crypto) in-game items such as weapons, skins, and characters.

What are crypto games?

Crypto games represent the decentralized version of traditional video games we all know and love, where players can earn cryptocurrencies and NFTs (aka non-fungible tokens) by finishing various game tasks. The usage of crypto technologies for gaming completely shifts the paradigm in the video gaming industry. The digital assets earned by the players don’t just stay within a separate game, they can actually be transferred between games and traded for cryptocurrencies of fiat money.

What is NFT in crypto gaming?

In simple words, NFT are digital assets that are stored on the blockchain. They are unique crypto tokens that are used to reflect someone’s ownership over in-game items, such as weapons, resources, skins, or plots of land. Opposed to traditional games, in which all of the in-game items are stored in companies’ isolated data networks and belong to the developer, NFT in crypto games reflects the player’s ownership over a unique digital asset, that can be transferred in-between games or be a subject of trading between players. They can be viewed as collectible pieces, and similar to any collection there are some rare specimens that can be sold for good money. And since NFT is a blockchain-driven technology, such trades are decentralized and do not involve banks, so they can be performed regardless of the player’s physical location. Using crypto for gaming you can not only sell NFTs, but also buy them if you are interested in them, and add them to your collection.

How to earn money from crypto gaming?

Some crypto games are more passive, and the other ones require active engagement from players.

The easiest way to profit from Play-to-Earn games and using crypto for gaming is by investing in tokens early on and waiting for more players to join the game later, selling them your assets for profit as the game becomes more popular. History tends to repeat itself, and as our experience with cryptocurrencies shows, early investors are often rewarded handsomely for the risk. You can also sell in-game items for profit, as mentioned earlier in this article, or cash out in-game currency for cryptocurrency. Another way to earn — getting small payments for completing in-game requirements and completing quests: for example, eliminating your enemies, or helping a local farm to deliver goods.

Another way to make a profit out of crypto games is minting, or in other words, creating your own unique items that can be used by other players. Every time the item, created by you, is sold, you get royalties (typically 1%-15% per secondary sale)

Pros, cons, and risks of using crypto technology for gaming

Of course, the main advantage is earning while you are having fun playing, and having an opportunity to make money “out of thin air”. It’s an easy way to have passive income while killing time at home, waiting in a long line in a supermarket, or having a long subway ride.

But at the same time, there is one major risk associated with using crypto gaming as there is no guarantee that the game you invested in blows up or even remains popular and no guarantee that your assets will remain valuable over a long period of time. There are always chances of loss, but you know what they say: A faint heart never won… a lot of money!

How do I invest in crypto gaming?

If you have some spare coins sitting in your web3 wallet, you can use your crypto for gaming to buy gaming tokens through cryptocurrency exchanges, or to purchase NFTs and start playing. The most popular crypto games to play are Axie Infinity, The Sandbox and Decentraland, however, they might have a high entry threshold.

On a final note

If you are feeling intrigued by the new possibility to earn money while playing, but don’t want to make a risky investment, you can use platforms like Dexsport that allow you to not only place the best bet with cryptocurrency on sports but also play to earn and collect NFTs.