Last updated on March 22nd, 2023 at 07:29 am
Crypto Games or GameFi are taking over the internet nowadays. With the scope to earn cryptocurrencies and valuable NFTs, these games are attracting more players worldwide.
The rise of cryptocurrency made the way for the adoption of blockchain technology across several sectors. One of such sectors was the gaming industry. As the crypto market became a trillion-dollar market, game developers found a new way to revolutionize their industry.
The explosion of NFT in 2021 also pushed forward the crypto gaming industry. Young people are crazy about collecting valuable NFTs. So, these games offer them the opportunity to play the game and earn NFTs as rewards.
Game developers started to build games over blockchain technology. It gave rise to a new form of games where users had complete ownership of their creations. Moreover, they could sell and buy their creations and rewards across multiple gaming platforms. These games came to be known as crypto gaming platforms. You can recognize these games as blockchain games or play-to-earn games.
Some of the most popular crypto games are Axie Infinity, Star Atlas, Alien Worlds, Illuvium, Sandbox, Decentraland, etc.
Additionally, the emergence of metaverse also transformed these conventional gaming platforms. It changed the games into highly immersive metaverse gaming platforms.
Let us now have a look at what are crypto gaming platforms. We will also understand how it is different from its conventional form.
What is Crypto gaming?
Crypto Games or crypto gaming platforms are online video games. These online games are built on the blockchain network.
Powered by a blockchain network, the entire framework of the games changes. Blockchain, metaverse, and NFTs have changed the gaming industry forever.
These technologies have made the games decentralized. It means that the power has been shifted into the hands of the players themselves from the developers.
How Crypto Games Are Different from Conventional Games?
Before blockchain games, the players had no authority over their creations. All their characters, rewards, points, and in-game items were the property of the developers.
However, with crypto gaming, the scenario has changed. Now the players have full control over their avatars, rewards, gaming tokens, and all in-game items. They can even sell and buy the in-game items and gaming tokens beyond the gaming platform.
Being decentralized, no third party controls the cryptocurrency gaming platforms. It is the users and the community that have the power. Most importantly, it has made games more transparent and regulated alongside enhancing the gaming experience.
Moreover, these technologies have monetized the gaming industry. Now even the gamers can have a decent income with cryptocurrency gaming. You can easily cash out your in-game items, NFTs, and gaming tokens into crypto or fiat currencies.
During the pandemic, the whole world was under lockdown. People were losing their jobs and business. It is when crypto gaming came to their rescue. Several play-to-earn games became popular during the pandemic.
One of such successful crypto gaming was Axie Infinity. The game has amassed over $4 billion in NFT Sales. It broke all the records to become the most popular game with 1 million daily active players.
40% of the Axie Infinity players are from the Philippines. The income through Axie Infinity was so immense that the Philippines government decided to put taxes on it. You can imagine the money people might be earning from the game.
Crypto gaming platforms like Alien World, Illuvium, Star Atlas, Sandbox, Decentraland, and others have their own virtual worlds. They offer gamers highly engaging and real-world experiences. Thus, they attract new and young gamers worldwide.
Who Plays Crypto Games?
According to survey data, the majority of gamers are millennials. Over 38% of the gamers are between the age group of 21 to 38. Additionally, out of all the millennial investors, 55% of them are gamers.
The crypto gaming industry witnesses the majority of players from the Asia-pacific region. In this region, over 22.6 million crypto gamers hold cryptocurrencies.
Top NFT games like Spinterlands, Axie Infinity, and Alien Worlds add up to over 2 million players worldwide. Thus, from the figures, you can easily determine the craze for crypto gaming in the world right now.
How Does Crypto Gaming Work?
Like video games, every crypto game is different from the other. Each game has its framework, setup, rules, rewards, and missions. Some are about fighting the aliens and mining the NFTs. While others are about raising and breeding pets. Some like SandBox may even extend to buying & developing real estate.
But what every crypto game or blockchain game has in common is that you will have to complete missions to win rewards. As per the game, you will be assigned your daily missions. On successful completion of the mission, you will receive rewards.
These rewards can be rare NFTs, gaming tokens, or other precious in-game items. Gaming tokens are the native currency of the crypto gaming platform. In the game Axie Infinity, the gaming token is AXS which is currently at $21.43. The Alien Worlds, gaming token TLM is presently trading at $0.03.
The best thing is that you can sell in-game items as NFTs on NFT marketplaces outside of the crypto gaming platform. The gaming tokens can be traded for other crypto or fiat currencies on crypto exchange platforms. Thus, you can easily convert your game rewards into cash.
For example, CropBytes is a homemade crypto game. Players can expand their asset portfolios in this farm simulation game by deploying NFTs and cryptos in their farms. This crypto game, which has more than 80,000 CropBytes users, allows users to use the power of crypto to generate money while playing.
Where to Buy Gaming tokens, Coins, and Assets for Crypto Games?
As mentioned above, you can sell in-game items and gaming tokens on outside platforms. Similarly, you can also buy these items to complete missions or pass the levels.
You can buy more coins, game avatars, weapons, and other accessories to assist you in playing the game.
Here are some of the most popular platforms to buy in-game assets for crypto games.
KuCoin
The website allows you to buy and sell approximately 703 different digital assets, all of which are available for a modest charge. This covers well-known gaming coins like the Sandbox, Decentraland, and others.
KuCoin offers bank transfers and debit/credit cards as payment methods for bitcoin purchases. Furthermore, if you want to keep your cryptocurrencies for a long time, KuCoin has an in-built wallet.
Huobi
With over 528 cryptocurrencies listed on the exchange, Huobi is certainly one of the most desirable trading exchanges. Therefore, you can buy your Gaming cryptocurrency on Huobi stress-free.
Along with other gaming cryptocurrencies, Huobi supports SandBox, Decentraland & Axie Infinity
Crypto.com
Crypto.com is one of the greatest platforms for buying digital assets for NFT gaming, with over 250 cryptocurrencies on its market. Most of the provider’s services are accessible through its app, which makes it particularly beneficial for mobile users.
Crypto.com offers a wide range of services, including rapid digital asset purchases, credit card services, loans, and more. It also has its own NFT marketplace where you can buy and sell NFT in the genres of art, gaming, sports, music, and cryptocurrency.
It also allows you to buy cryptocurrencies using your credit/debit card. You can even receive them instantly. But be aware that you may be charged a fee of up to 2.99%. Moreover, Crypto.com allows bank transfers and payments in 20 different fiat currencies.
Additionally, Crypto.com also offers crypto interest accounts, allowing you to generate passive money. It is available for 50 different digital assets, including popular gaming currencies.
You also have the option of a fixed or variable lock-in duration. Crypto.com includes a separate non-custodial wallet app that allows you to store over 100 coins.
Most Popular Crypto Games
Have a look at some of the most popular crypto games that you can play and earn.
| Crypto Gaming Platform | Buy Link |
|---|---|
| Alien Worlds | Click Here |
| Illuvium | Click Here |
| Axie Infinity | Click Here |
| Gods Unchained | Click Here |
| Sandbox | Click Here |
| Decentraland | Click Here |
| Space Misfits | Click Here |
| Mobox | Click Here |
| Chain Games | Click Here |
Conclusion
The Crypto gaming industry is still in its developing stage. Indeed it has come a long way. But it is expected to develop and expand further in the coming days.
The talks of Web 3.0 and a more mature metaverse hot in the world. So, we expect to see highly advanced crypto games in the future.
