Cryptocurrency have enjoyed a great deal of popularity in recent times. For better or worse, the average consumer is now aware of tokens, such as Bitcoin, Ethereum, and Litecoin. It has opened up a world of possibilities for entry-level crypto traders as well as those, who instead wish to use such tokens as a means to make online purchases with a greater degree of anonymity.
Another interesting trend worth noting involves cryptocurrency-backed games that allow individuals to earn NFTs simply by playing. Often referred to as play-to-earn platforms, such a concept is certainly attractive. However, can these methods actually provide a reliable side hustle? Let’s examine this question in greater detail.
The Appeal of Play-to-Earn Crypto Games
One of the reasons why some gravitate towards these platforms involves their seemingly transparent nature. They have purchased high-quality domain names that are easily recognizable. The registration process tends to be straightforward and the games themselves can be highly entertaining. The fact that some are free-to-play (FTP) platforms is yet another amenity that should not be overlooked. So, is it possible to turn a profit by earning NFTs?
The Conversion Question
It is a good idea to employ a recent example to better understand the potential of play-to-earn games. Voxie Tactics is a blockchain-based game that allows players to earn VOXEL tokens. These NFTs can then be traded or used to make in-game purchases.
However, it is also possible to exchange VOXEL NFTs for other well-known tokens, such as Bitcoin and even fiat currencies. The only potential issue here involves the value of VOXEL (or any NFT for that matter) in relation to BTC or another benchmark cryptocurrency. In some cases, it might take a massive amount of time to accrue enough NFTs to actually make the gameplay itself worth the currency exchange.
Are “Free” Play-to-Earn Games Truly Free?
This is yet another sticking point that should be addressed and it comes with a slight trade-off. Games that require a small initial investment tend to be more reputable and therefore, they offer a degree of transparency. The issue is that users are often wary about being forced to pay an entry-level fee or leveling up their character with regular transfers.
On the other hand, some other games are indeed free. The problem here is that in many cases, time is money. It may take players hours to earn a profit that is considerably less than minimum wage. In other words, the time required is simply not worth the effort.
The Silver Lining
There are nonetheless several reasons to consider P2E games. One of these involves the “dark horse” nature of NFTs. These tokens can sometimes turn a sizable profit; enabling users to cash in on sudden movements and to get in on the ground floor of a potentially lucrative investment. This strategy will nonetheless require a bit of research in order to appreciate which NFTs show the most upside potential.
Whether played for fun or as a means to earn money, blockchain-based games are highly entertaining. Still, remember that there are no certainties within the world of cryptocurrencies and risk is always a factor to consider.
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