Online gaming and cryptocurrency: Why they’re an amazing combo!
Cryptocurrency is changing various industries, and online gaming is next. It could apply much-needed improvements and include features never thought possible. For example, this combo now lets people earn money while playing!
We will start by discussing the basics of bitcoin and other cryptocurrencies. Then, we’ll go through the benefits of applying cryptos to online gaming. Later, you’ll see why it’s a good idea to invest in cryptos right now.
As it turns out, the mix between cryptocurrency and online gaming is an amazing combo. It provides video games with unique features, allowing players to become earners! Later, you’ll see why it’s a great idea to invest in this digital currency.
What is cryptocurrency?
You might have noticed just how popular cryptos are right now. Perhaps you’ve seen social media posts excited about the latest coins. Maybe you have friends investing in them too!
Have you ever asked how cryptocurrency works? Most people know it as “internet money.” How is it any different from the money in your Venmo or Paypal?
Bitcoin is the first-ever crypto. Someone with the name Satoshi Nakamoto released it in 2009. It was designed to create a financial system without central banks and other financial institutions.
It runs using a blockchain or crypto network. It’s made of numerous computers around the world that verify cryptocurrency transactions. What’s more, they’re owned by regular folks like you!
These people are called miners in crypto speak. Each time someone buys or sells with bitcoin, the exchange is protected by encryption. Only a certain code will confirm the transaction.
It’s up to the miners and their kit to figure it out. If they get the solution first, they earn Proof-of-Work. This lets them add a block to the network, hence the name “blockchain.”
A distributed ledger lists all transfers. Anyone can view it, but the details are limited. It has far more uses, though!
Crypto + online gaming?
Case in point, we’ve seen video games and crypto mix lately. These are pieces of digital media with ownership recorded in a blockchain. It’s made possible by non-fungible tokens or NFTs.
This lets a person own a special copy despite numerous free copies online. NFTs are common in the Ethereum network. Other cryptos allow this feature too.
Nowadays, the characters and items in some video games are NFTs. This lets players do interesting things. Here are some ways NFT games work differently:
- Earn it, own it – Certain in-game items or characters that players earn are theirs. This means they get unique ones that nobody else can have.
- NFT items work in different games – Back then, video game items only worked for a specific game. Let’s say you’re playing an NFT puzzle game. With NFTs, you may earn items that could work in their action games.
- Games could work with each other – You may have to do things in one game that affect another. Imagine using materials in Minecraft to craft items in Fortnite!
To (Axie) Infinity and beyond!
Here’s one of the most interesting NFT game features: play-to-earn! Gamers can earn money while playing. It’s made possible with the power of non-fungible tokens!
People own the stuff they get in NFT games, right? Well, those are worth in-game cryptocurrency. And players can sell those for their native currency!
Axie Infinity is one of the most popular NFT games right now. It now has 60,000 players since its 2018 release. Many of them are in the Philippines!
Like the rest of the world, the country closed its economy in response to the pandemic. This left many Filipinos with no means to earn a living. Fortunately, they found one in Axie Infinity.
According to a CoinDesk article, Filipino players can earn as much as ₱10,000 every month. That’s around $200 at the time of writing. While not much, it helps cover necessities.
For example, an elderly couple loved how helpful the game was. A mother of three noted how it allowed her to buy food and pay bills. How does AX offer such benefits?
@AxieInfinity has become such an important social phenomenon in the #Philippines. In the country where @YieldGuild started, there are now local solutions for buyers and sellers to exchange $SLP without @Uniswap.
Great mention for our mates at @bloomxorg and @binance! https://t.co/zWlk7HI2po
— Emfarsis (@emfarsis) March 28, 2021
It’s a Pokémon-like game where people raise three in-game critters called Axies. They’re available from the Axie Marketplace. Each creature costs Ethereum (ETH).
Those who can’t afford their first team can apply for a scholarship. Gamers earn Small Love Potions (SLP) and Axie Infinity Shards (AXS) as they play.
People earn money by trading SLP in the crypto market. One Filipino bought his first home using this method! At the time of writing, the SLP price was around $0.244.
Outside the Axie space
With crypto, people can do so much more from playing video games! Yet, Axie Infinity isn’t the only NFT game on the block(chain). There are others like:
- Decentraland – It’s like the massively multiplayer online games (MMOs) of old. People may create in-game items as NFTs then sell them to other players. Those folks may purchase those using MANA coins, Decentraland’s crypto.
- Enjin – This doesn’t have a specific game. Instead, the Enjin network allows other people to make NFT games. Just like Axie, people may buy and sell NFT items. It even teamed up with Microsoft for the Azure Heroes project.
They have features you won’t find in Axie too. Decentraland lets you create the in-game items. You may breed more Axie pets, but you can’t design the other items in the game.
Enjin takes a step further by letting people make NFT games. As we said, the items in those games are useful in other Enjin-powered titles!
Invest now to open the future
Online gaming is just a small sample of cryptocurrency’s benefits. It has far more uses outside this field. Here are other examples:
- Share the world with everyone – Crypto lets people buy and sell stuff worldwide much easier. It could open a global customer base for small businesses too.
- Help Asia grow – This side of the world is embracing bitcoin and other cryptos. These could help their economies grow faster and wider too.
- Hedge against inflation – Some investors now see crypto as a way to secure their purchasing power. Prices are going up at an alarming rate, reducing the value of regular money.
- Cryptocurrency against poverty – Charities are using cryptos to deliver much-needed aid to those who need it.
What’s more, it’s easy to start an investment in cryptocurrency. First, look for a good crypto exchange. Binance and Coinbase are the best ones right now. Then, follow these steps:
- Create an account.
- Wait a bit for the confirmation email.
- Once you have it, follow its steps to confirm your account.
- Link your credit card, debit card, or bank account.
- Choose your first coin and your desired amount. The platform will show you the latest price.
- Confirm the purchase.
- You’ll see your coins appear in your account.
These steps only take a few minutes. The site shows the real-time price movements of your coins. See them grow in value every day! The platforms also have investment apps.
If you want to play NFT games, you may need another cryptocurrency wallet. Download them on your mobile device after making an account. These let you check your coins wherever you go.
For example, you need a Ronin Wallet to play Axie Infinity. You will get a username, password, and private key for the wallet. Make sure nobody else knows those personal details!
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Final Thoughts
Cryptos allow people to earn money from free games. You may find other games we didn’t list. You may find more NFT games on the internet. Read them carefully before playing.
The same is true for the cryptocurrency market. It offers hundreds of coins that have interesting uses too. They might even bring huge returns on investment!
Learn all you can before trying any of these tips. You may get tips from articles like this one. Still, check them yourself. You may find ways that are more suitable for your needs.
Learn more about online gaming and cryptocurrency
Is cryptocurrency the future of online gaming?
Online gaming is certainly going towards crypto adoption. Many games are exploring what can be done with these digital coins. Axie Infinity is one example.
Can I earn crypto by playing games?
You can earn certain cryptos by playing video games. For example, you may earn SLP and AXS coins from Axie Infinity. You may exchange these for regular money.
Which cryptocurrency is used in gaming?
There are many cryptos used for gaming. AXS, SLP, MANA, and ENJ are just some examples. Each has unique features too!
