Is crypto gaming worth it?

Did you know you can play decentralized games on blockchains? During the COVID-19 pandemic, the gaming industry has experienced massive growth, with many people turning to video games as a way to entertain themselves while being stuck at home. And according to research, it was more than just a fad, as public offerings increased considerably in 2021. But another trend was noticed: the rise of crypto games, which gained a lot of media attention and public interest. Cryptocurrency evolved substantially in a relatively short time, changing how people use their money. Game developers took advantage of crypto’s popularity and developed blockchain-based games, which give gamers freedom they can’t achieve in the traditional gaming space. Read on to learn more about crypto gaming and its future.

Blockchain technology: what is it, and why is everyone talking about it?

Before we move on to crypto games, we should first discuss some aspects of blockchain. Firstly, this technology powers popular cryptos like Ethereum and Bitcoin. As the first crypto, Bitcoin has played a role in crypto’s popularity, and many have made a lot of money from investing in it. If you’re interested in this asset, google ‘what is the price of bitcoin’ to evaluate the current opportunities in the market. It’s worth noting that without blockchain, there would be no Bitcoin, and investors wouldn’t be able to benefit from this valuable asset.

Blockchain is a database distributed across a network of computers. Together, these computers make a reliable system that is difficult to cheat, due to its solid security features, thus protecting the data from bad actors. Blockchain has multiple use cases in several industries, such as healthcare, voting, real estate, and entertainment. Games are also built on this decentralized ledger, enabling crypto-enthusiasts to make money while playing.

How does crypto gaming work?

In traditional games, it’s not possible to use the gained items and experience in other games. However, blockchain technology has changed that, allowing players to use rewards in different crypto-gaming projects. By playing a blockchain-based game, you can earn money in different ways. Let’s take Axie Infinity as an example. In this popular game, you can buy characters named Axies and level them up so you can later sell them at an increased price. Originating in Asia, Axie Infinity is the second most popular crypto game, while Alien Worlds is at the top. Splinterlands comes third, with more than 604,000 playing the game monthly.

What made crypto gaming so popular is the marketplace dynamic that allows players to take ownership of their in-game items. Whether an Axie character with green thorns or a Splinterlands card, players can either trade or sell the items. Earning money while playing is also enticing. In previous years, games based on a pay-to-play model have received criticism because they required players to invest money in order to enjoy the game to its fullest. But crypto gaming has changed that through its play-to-earn model; now, instead of putting their money into the game, players can make profits through gaming coins. In the Philippines, this shift has led to great opportunities, allowing players to earn an income.

Tips and tricks to embark on your crypto gaming adventure

If you want to get into crypto gaming but don’t know where to start, we’re here to walk you through all the steps. Obviously, what you have to do first is create an account on a gaming platform. This usually involves providing your name, password, and email address. Once you have an account, it’s time to fund it either by buying tokens from the game platforms or transferring funds from your crypto wallet. After completing this step, you’re ready to start your crypto gaming adventure! You can choose from different games, like Pegaxy, Axie Infinity, The Sandbox, Thetan Arena, etc. Before playing a crypto game, remember to read the terms and conditions. Also, gambling with real cash comes with many risks, and it’s imperative to be aware of them. Lastly, don’t forget to enjoy the game!

Now that you’ve learned the ABCs of crypto gaming, here are some tips to help you win big:

• Play as many free demos as you can to understand how the game works before putting real money at risk;
• Watch tutorials, playthroughs and live streams to learn the ins and outs of the game;
• Reduce initial costs required to access the game by joining crypto gaming guilds.

Crypto gaming is not risk-free

Crypto gaming is fun, but it comes with its drawbacks, and it’s essential to be aware of the risks before getting into it. For instance, access barriers affect some games. In Axie Infinity, players are required to have at least three Axies, which are worth $300. This is a considerable investment that the average player may not be willing to make, considering that traditional games cost around $100. But there is also the risk of losing your crypto due to a scam, as happened with Ronin – the blockchain that powers Axie Infinity- which faced losses of more than $600 million after being hacked. Lastly, players can lose money due to the market’s volatility. Crypto game tokens experience price fluctuations, but some games include limits on how often players can withdraw. Because of that, players can’t limit their losses in case a crypto gaming coin falls.

What does the future of crypto gaming look like?

As crypto gaming demand is on the rise, more investors have started putting their funds into it. Blockchain companies want to become a part of it too, and Solana has invested in games whose systems are based on DeFi. The industry’s future is promising, considering that many investors are investing in crypto gaming platforms. In fact, this is already noticeable, as in the first quarter of this year, 128 crypto gaming businesses received investments of $1.2bn. Blockchain is valuable in the gaming sector due to its ability to build a micro-economy in the game, enabling players to own their assets. As crypto gaming keeps evolving, attracting more players to the genre, it won’t be surprising if blockchain soon becomes the future of gaming.

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