Play-To-Earn: Can It Replace Your Day Job?
Can you imagine relaxing on the couch on metaverse playing games to make enough money for a living?
Can you remember when Grimes was considered a type of “radical decentralized ubi” achievable through gaming and crypto,” and so people were really annoyed? Now, people are making cash via staking and holding cryptos, and others even more via day trading. However, the truth is that the process of trading the entire day and running endless analyses might be boring and stressful too.
So, is there another fun and reliable method of making money that is fun and enjoyable? Well, we might have just landed into that. Play-to-earn games are making every gamer’s dream career a reality, and they are booming!
What is a Play-to-Earn Game?
Before looking at how you can earn through play-to-earn, let’s start by establishing what it is. Well, play-to-earn is simply as it sounds. You play a game online, and if you are good at it, winning battles and completing tasks on time, the reward is given in cryptos.
You might say that this is too good to be true, but it is actually happening. So, let’s start by checking the games that are available.
One of the commonest games is Axie Infinity. You might have heard about Infinity from the crypto coin AXS. This coin is among the top performers, raking big returns in 2021. It was launched in 2020 and achieved huge growth in 2021, up to 7,554.06% by February 2022.
So, Axie Infinity is a game that also has its own blockchain-based marketplace and the non-fungible tokens (NFT) economy. Other play-to-earn games are available in The Sandbox and Decentraland, all metaverse projects with games as part of their features.
How Exactly Does Axie Infinity Play-to-Earn Game Work?
The game was developed by Sky Mavis, a revered studio for blockchain games that was started in 2018. As said by Romain Chiaramonte, Axie Infinity is pretty like Pokemon because you need to have characters as NFTs that pit you against the opponent NFTs.
Further, Romain Chiaramonte indicates that when you win, the coins can help you unlock more power and upgrades to increase the chances of more victories.
Again, they can also gain value just like Ethereum or Bitcoin, and if you like, cash out the earnings in fiat.
A closer look at Axie Infinity reveals that it works pretty much like crypto mining. You have to fight to get the anticipated reward. You can also race the Axies or breed them and start selling to other players. When you breed a rare Axie, it fetches even more cryptos. Note that breeding Axies requires you to have Smooth Love Potion (SLP), which can be swapped on Binance and Uniswap.
Rare Axies: What Makes them Rarer Compared to Others?
There are nine types of Axies, plant, reptile, aquatic, dusk, bird, beast, mech, bug, and swan. Every creature comes with three additional variables that borrow genes from basic biological ideas, including recessive, dominant, and minor recessive traits.
In addition to the pros and cons of fighting in the battle, the traits can help your Axie to be developed in the same way but with slightly different features. Some Axie traits combinations are rarer, just like Apes in the forest differ depending on their genes and appearance.
There are more than 140,000 Axies out there, with some going for a few dollars only and others, millions. One of the most valuable rare Axie was sold for over USD 1 million.
How Do I Get Started Right Away?
When people hear of a million dollars made from selling Axies, the next question is, « how do I get started?” Romain Chiaramonte says that it is pretty straightforward. He explains that you only need to get a crypto wallet and purchase the relevant cryptos, some AXS and Smooth Love Potion (SLP), and Axie NFTs.
The coins are expected to increase value as the game becomes more popular.
According to Maia Puyat, a revered writer at CNN, Axie Infinity only allows players three Axies at a time. However, she explains that you can own up to 20. This means that you can sell some and even lend others to players (scholars), and a portion of what they earn will go into your wallet.
Because the entire Axie Infinity ecosystem revolves around cryptos, there is a lot of price volatility. This volatility means that you should be on the lookout to avoid cashing out too soon. There is also a small risk of hacks for your wallet, but it is less likely because of blockchain technology.
To answer the big question posed in the title of this post, it is true that play-to-earn games can be a viable method of making impressive returns. However, it is not a good idea to quit your job yet.