Crypto Mufasa
Advertise
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
  • Login
  • Register
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
Crypto Mufasa
No Result
View All Result

Home » What Is Play-To-Earn And How To Cash Out

What Is Play-To-Earn And How To Cash Out

Hania by Hania
June 7, 2022
in Beginner Guides, General News
Reading Time: 5 mins read
A A
0
What is play-to-earn and how to cash out
Share on FacebookShare on Twitter
ADVERTISEMENT

Table Of Content:

Toggle
  • Introduction to Blockchain
  • Play-to-earn Games and Blockchain
  • Rewards in play-to-earn games
  • How to cash out from play-to-earn games?

Play-to-earn games have risen a lot in popularity, especially this year 2022. And, with the fame of cryptocurrencies and blockchain technology, it was expected that everyone would talk about it.

Play-to-earn games are a type of online games that give users rewards for completing certain tasks. These rewards could be cryptocurrencies or NFTs from the game itself. The foundation of the play-to-earn gaming economy is based on blockchain technology.

We will now show you more about play-to-earn games, but first, it is essential to understand blockchain technology.

Introduction to Blockchain

Blockchain is a technology-based on a chain of decentralized and public operations blocks. This technology generates a shared database to which its participants have access, who can track each transaction they have made.

You May AlsoLike

Polymarket Bets

March 2025 Polymarket Bets Boom for Bitcoin, XRP, ETH, AI, and DOGE – The Future of Cryptocurrency Trading!

March 1, 2025
Ethereum’s Pectra Upgrade

3 Essential Insights from Recent Developer Call on Ethereum’s Pectra Upgrade

March 1, 2025

It is like a large, unchangeable, and shared ledger that is written by a large number of computers simultaneously.

Every time a member of the network performs a digital transaction, said transaction generates associated data that will be stored in one of the blocks. When that block is full of information, the block is coupled to the already existing blockchain.

The information that is stored on the said network will depend on the purpose for which it was created.

It can be a network that stores payment data (cryptographic currency or cryptocurrencies), medical information, logistics or food traceability data, and even electoral data count.

In the case of play-to-earn games, the blockchain is used to create items that no one else can steal or duplicate, creating an economy around it.

The distinction between a blockchain and a centralized network (a regular server that stores data) is that the blockchain network is spread globally and not in a single location.

As a result, the blockchain network offers a number of benefits, including anonymity, decentralization (i.e., not relying on a centralized executor), and security.

When a new user enters a play-to-earn game, it is as if they are creating one of these nodes. The blockchain network will create this server data protection system, creating a secure economic network.

Play-to-earn Games and Blockchain

As we explained before, the blockchain is used in play-to-earn games for various aspects. Some games only use blockchain technology for their assets. And some games run their entire world on the blockchain.

Now we will explain the different levels that exist for these two types of games

Play-to-earn games and blockchain

Blockchain-Based Economy

When a game uses blockchain technology for its assets, it means that users can generate assets in the blockchain economy. This means that if a user finds or spawns an item, it will automatically be added to the player’s wallet.

When this item is added to the wallet, it is not converted to the in-game cryptocurrency, but remains as an item. This will allow users to collect high-value items, and trade these items with other users. These trades would be done on the game’s blockchain.

This type of games could be run on a centralized server. And the decentralized blockchain technology would only take care of the in-game economy.

All games that are play-to-earn, and use cryptocurrencies as assets, use this methodology.

Blockchain-Based World

Unlike the previous one, which could be based on a centralized server, this type of game is based on the decentralized network of the blockchain. This means that there is total decentralized governance.

This means that all users are the node of the blockchain network, and they are the ones that verify every action that other users do in the game. This is partly risky for creators because they lose more control. But it is beneficial for players as the risk of cheating is nil.

Some of these games can be run on existing blockchains. But, there are also play-to-earn games that create their own blockchain networks, which are used only by the users of that game.

Examples of play-to-earn games

There are already a variety of types of play-to-earn games out there right now: fighting, strategy, role-playing, and item trading.

An example is Alien Worlds, in which the user is a space explorer who must choose planets to mine; Based on your choices, you gain items and skills.

Another example is Splinterlands, which follows the typical collectible card-based gameplay and has become very popular recently.

Each of the cards represents power or ability; the player has to build a balanced deck and use it wisely in battles to earn rewards.

Rewards in play-to-earn games

The rewards that could be obtained in traditional video games, such as weapons or spells, now have a representation through a ‘token’, which is an NFT.

These NFTs are unique digital objects that have value and can be exchanged for real money. Armor can be represented by an NFT. And you could take it out of the video game environment and trade with it.

Starting to play is not always within everyone’s reach. To compete in Axie Infinity you need to spend at least $700 to buy a full team of creatures, called ‘axies’.

The reward for winning a fight can be around the equivalent of about 60 cents. At these prices, on average a beginner with basic axies could earn between 5 and 15 dollars a day.

This video game, born in 2018, generates sales of 84.9 million dollars per month, with 350 thousand active users per day.

How to cash out from play-to-earn games?

We have already explained how the economy of these games works, through the purchases and sales of NFTs from the game itself. But there also has to be a way to collect the money you’ve already generated by playing.

Depending on the game, there are a few different ways to cash it out. You have the option of receiving your rewards in the form of cryptocurrencies or selling your earned NFTs for cash.

Collect rewards in cryptocurrencies

If you want to cash out your rewards directly in the form of cryptocurrencies, here’s how to do it:

  1. For this example, we will use the Axie Infinity coin, AXS. First, you will need to deposit the cryptocurrency into your wallet account. To carry out this process you will need to copy the deposit address so that the money is directed to your wallet.
  2. Choose a suitable AXS trading pair for the wallet you are using.
  3. The next step is to sell the cryptocurrency, remember to choose a currency that can be converted to fiat. At this time one AXS is equivalent to 21.43 dollars.
  4. Next, you are going to convert your cryptocurrency to your preferred fiat currency, and then follow the process to withdraw it. This process can vary from wallet to wallet.

Sell ​​the obtained NFTs

Another way to collect money is through the game’s own NFT.

As we already mentioned, the items obtained in the game will go directly to the wallet that the user connected or created to his account. And these are considered as NFTs of the game.

Well, one way to charge for these items is to sell them in the form of NFTs. Here we will show you how to do it:

  1. First, you will have to log into your account where the item or NFT is, and then search for it in your inventory.
  2. Then look for the option in your wallet to post it as for sale.
  3. After this, choose the fixed or auction price, and specify the duration of the auction.
  4. Then, you will have to wait sometime for the wallet team to approve your sale or auction.
  5. Then, when your sale has been approved and you already have a buyer, you can receive the money for the sale of the NFT.
  6. To withdraw it, you will have to follow the same process mentioned above, and that’s it!
Tags: blockchain TechnologyCryptocurrenciesP2E
Share76Tweet47
ADVERTISEMENT
Previous Post

How Does GameFi Work?

Next Post

What Is Harmony Blockchain?

Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

Related Posts

Polymarket Bets
General News

March 2025 Polymarket Bets Boom for Bitcoin, XRP, ETH, AI, and DOGE – The Future of Cryptocurrency Trading!

March 1, 2025
Ethereum’s Pectra Upgrade
General News

3 Essential Insights from Recent Developer Call on Ethereum’s Pectra Upgrade

March 1, 2025
Cramer Suggests Saylor Should Plan for a Strategic Bitcoin Reserve
General News

Cramer Suggests Saylor Should Plan for a Strategic Bitcoin Reserve

February 28, 2025
MetaMask Ethereum Wallet Expands Support for Both Bitcoin and Solana
Crypto Wallets

MetaMask Ethereum Wallet Expands Support for Both Bitcoin and Solana

February 28, 2025
Bitcoin Bull Run Could Continue, says CryptoQuant CEO - Unless This Critical Threshold Is Breached
General News

Bitcoin Bull Run Could Continue, says CryptoQuant CEO – Unless This Critical Threshold Is Breached

February 28, 2025
Solana Futures Launch at CME Boosts Price Amid High Demand
General News

Solana Futures Launch at CME Boosts Price Amid High Demand

February 28, 2025
Next Post
The American cryptocurrency company Harmony was the victim of a theft of $100 million.

What Is Harmony Blockchain?

Discussion about this post

Live Prices

You have not selected any currency to display

Stay Connected

You May Also Like

  • Bitcoin Halving Update: Bitwise CEO's $100k Price Projection Sparks Excitement

    Why the Bitcoin Halving Is Happening Sooner Than Anticipated

    239 shares
    Share 96 Tweet 60
  • MetaMask Ethereum Wallet Expands Support for Both Bitcoin and Solana

    197 shares
    Share 79 Tweet 49
  • March 2025 Polymarket Bets Boom for Bitcoin, XRP, ETH, AI, and DOGE – The Future of Cryptocurrency Trading!

    196 shares
    Share 78 Tweet 49
  • OKB Price Prediction 2023 – 2030: Will OKB reach $200?

    201 shares
    Share 80 Tweet 50
  • November’s Bitcoin Price Forecast: A Bullish Odyssey

    196 shares
    Share 78 Tweet 49
  • About Us
  • Contact Us
  • Work With Us
  • Privacy Policy
  • Terms Of Service

© 2022-2024 CryptoMufasa - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

*By registering into our website, you agree to the Terms Of Services and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Price Predictions
  • Google News

© 2022-2024 CryptoMufasa - All Rights Reserved!

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Don’t Miss Out on the Best in Crypto!

Stay ahead with a weekly digest of the top news and insights—no spam, no ads, just the essential updates delivered straight to your inbox. Subscribe now for valuable content you can trust!

johnsmith@example.com
subscribe to email

Never see this message again.