The gaming business is expected to generate around $175 billion in revenue by 2021. Players are reaping the benefits of their efforts as blockchain technology becomes more ubiquitous in games, with some earning up to $2,000 USD every hour on crypto games such as Axie Infinity as a result of their efforts.
As their popularity increased, so did the value of their tokens. When the Sandbox's coin climbed more than 800 percent in a month, it captured the attention of both retail and institutional investors.
What happened to gaming Industry Recently
According to recent research, the gaming industry, notably the play-to-earn model (P2E), will increase by more than 20% by 2022, with blockchain and cryptocurrency technology and in-game money being the most suitable technologies and in-game money to support the business. While AXE and SAND have aroused the curiosity of investors, here is a list of the most promising and upcoming blockchain gaming startups to keep an eye on.
JEDSTAR (JED) is the newest newcomer to the Blockchain gaming arena, and it is storming through the crypto market and competing with the top players. JEDSTAR (JED) has experienced a recent growth of about 100,000 percent in the preceding 90 days. While $JED is a DeFi token in the JEDSTAR DECO (Decentralized Ecosystem), the firm will soon launch its GameFi token, $KRED, which will be used in the JEDSTAR DECO.
The company has linked up with other game creators and studios to offer its cryptocurrency as a service in over 100 games that will use $KRED as an in-game money. It will not only develop in-house games and an NFT marketplace, but it will also build strategic blockchain and non-blockchain alliances as a result of this ambitious project.
Decentraland (MANA) is yet another cryptocurrency that is based on the Ethereum blockchain. The game encourages players to build 3D in-game things to sell, similar to the popular game Second Life. In addition to being used to sell digital LAND, the Decentraland money MANA may also be used to trade 3D goods. The game is up and running, and it demonstrates the potential of cryptocurrency gaming.
It is possible that partnerships with Atari (ATRI) and Decentral Games (DG) will result in the establishment of an in-world casino in Decentraland. You may begin playing the game right away if you so wish!
GALA is an Ethereum-based token designed by Eric Schiermeyer, co-founder of mobile gaming business Zyn and developer of games such as Mafia Wars and Farmville. Schiermeyer is also the creator of the GALA coin. Users will have more control over their tournaments, according to the company's goal.
There are 1.3 million people that utilize the platform on a regular basis. Owners of NFTs on the platform have the ability to vote on new games and have an impact on gameplay. The GALA token is used to purchase NFTs as well as in-game items. In the meanwhile, although additional games are in the works, Town Star, a virtual town builder in the vein of Sim City, is already accessible.
Therefore, cryptocurrency gaming is becoming increasingly popular. Current games will be phased out as a result of the introduction of Play-to-Earn games. Because genuine ownership is a thrilling experience. Particularly relevant is the gaming industry, where individuals may now make substantial sums of money for their work while still participating in entertaining games.
How to earn crypto from these games?
In the case of Axie Infinity, which is currently the most popular platform for "play-to-earn" gaming, users can accumulate a collection of "Axies" that they can use across the company's whole universe of games. Following that, the company will leverage Blockchain technology to reward its players for participating.
It is important to note, however, that play-to-earn gaming is not strictly "free" – at least not at the outset. Axie Infinity is a game in which you must initially purchase three Axies in order to get started, and these Axies are purchased with cold, hard cash. According to the Marketplace Dashboard of the game, you may have to spend $1,000 USD or more in order to achieve this stipulation, so plan accordingly.
It is possible to gain money through selling SLPs (smooth love potions), breeding rare Axies, and staking AXS from that point on. You may also earn cryptocurrency just by participating in the different games that the platform provides.
It's worth noting that each Axie is an NFT, or non-fungible token, that is ultimately issued on the Ethereum blockchain, which is rather interesting. That is why Axies are expensive, and it is also why you may sell them for a profit.
However, you should be aware that you are not required to sell your digital game assets through the site itself. If you possess or breed any in-game assets, you can sell or trade them on third-party marketplaces outside of the game's realm of existence. If you decide to stop playing the game, you can also sell your Axies in an attempt to recoup some of your money.
The Influence of Earn-As-You-Play Gaming
The fact that Axie Infinity has garnered such a large fanbase, according to Steven Walters, CEO and founder of Gallant Token, comes as no surprise. Having the opportunity to gain real-world value while participating in a blockchain game is attracting individuals into the market, according to him, for the simple reason that value can be generated while having fun. Furthermore, he points out that, by incorporating NFTs into your business, you are not only earning money for your time, but you are also "gaining an asset."
According to him, "These NFTs can be gained in a variety of ways," including by purchasing them, gaining them through work, or receiving them as presents. Player can level up their NFTs and resell them in the marketplace, according to the developers.
Walters also believes that traditional gaming may become extinct as a result of the play-to-earn gaming model, which he calls "a dinosaur-like phenomenon." Indeed, there are chances for parents to set up an account for their children or teenagers to use in the future, which would allow them to do things they would not otherwise be able to do after playing an Xbox console. They may, for example, earn money to spend on real-world things, save for college, or put money down for a rainy day fund.