With all the attention turned towards Bitcoin it’s easy to miss a new platform- GameFi. The question is, what is crypto gaming and how do you play?
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What are Crypto Games?
Gaming has recently enjoyed a surge in terms of popularity. It has gained a new addition, notably GameFi, which are games that utilize the cryptocurrency network and distributed ledger architecture to entertain players and allow them ownership in virtual products within the game.
We know how people could make money playing games- some sell their digital items, while others stream them and provide tips on YouTube, Twitch and similar platforms. In cryptocurrency games, users can own a piece of digital asset found within, which has a value outside it.
The items, pets and assets can be sold to those who are interested in exchange for fiat currency. It serves as an alternative to other money-making ways, such as trading Bitcoin through algo affiliates to turn in a profit.
How to Start Crypto Gaming
Most crypto games have a price of entry, which means they’re not free to play.
It’s somewhat akin to investing and exchanging a certain amount of fiat currency into that games’ native currency. After registration and signing in, you can use those to buy items, energy and other digital tokens depending on the nature of the GameFi.
Crypto gaming will require a compatible device and a stable internet connection for the best experience. However, most are fairly simple to play and only need a browser for it to work.
What’s worthy to note is that the crypto game’s token will have a value in the real world and may rise and fall as time goes by. In order to make money you’ll need to keep an eye on the token’s value before exchanging it for fiat currency.
Popular Crypto Games
Crypto games have captured the world’s attention simply because it allows people to earn while playing. The industry is relatively new, and there are only a handful of crypto games right now.
A quick Google search will reveal the most popular cryptocurrency games. By nature, the objective and genre is different- some will have a pet-type gameplay, while others focus on combat and action. The one thing they share is that each has its own unique NFT, or non fungible token which serves as the asset you own when you want to play.
The value of the cryptocurrency will depend on news and events that happen in the real world and game world. As more and more people get into the game and exchange their money for crypto, the economy grows and so does the price of the token.
The concept of earn to play is more or less the same as trading Bitcoin. You must invest with a significant amount of capital, then play the game to earn more tokens. By reading news and events, as well as doing an analysis you can wait until the value of the crypto is high enough to justify making a trade.