Play-to-earn gaming is the trend word for 2021 and 2022. But what is Play-to-earn games?
Play-to-earn (P2E) means that players who spend hours in a game for achievements and in-game properties, don’t have to just walk away from what they built. They can sell them as NFTs to other players within the game, to earn cryptocurrency.
Play2Earn (play-to-earn) games refer to the concept of gaming in which a platform provides its players with a chance to earn any form of in-game assets that can be transferred to the real world as a valuable resource.
Play-to-earn games rely on blockchain technology, including in the form of non fungible tokens (or NFTs), as the foundation for value creation. An NFT is a digitally secured claim of ownership for a unique, non interchangeable digital asset.
Tokenisation describes how the blockchain gives value to an item by representing it with a cryptocurrency. By introducing blockchain to games, any item that is considered valuable in the gaming environment can be tokenised as an NFT and traded for real money.
Play-to-earn is a whole new paradigm, based on creating real-world value out of in-game items and other forms of digital goods using non-fungible tokens, cryptocurrency and other blockchain technologies.
Play-to-earn games allow users to farm or collect crypto and NFTs that can be sold on the market. By playing the game regularly, each player can earn more items or tokens to sell and generate an income. Some players have even begun to supplement or replace their salaries playing these blockchain games. However, such activity involves risk, as you typically need to put up an initial investment to purchase characters and items to play the game.
Blockchain helps guarantee the collectibility of these items and create working digital economies. Blockchain technology and NFTs allowed for the creation of digital items that are impossible to duplicate. This created the concept of digital scarcity.
To cash out, you’ll need to deposit your NFTs or crypto to an NFT marketplace or exchange like Binance. It’s unlikely you’ll be able to convert straight into fiat, so selling for a stablecoin first is a good idea.
Once you’ve sold your NFT or tokens, you can then convert the stablecoin into the fiat of your choice and withdraw using the available channels in your country. Another option is to use the stablecoin with a crypto card like the Binance Visa Card.