A comprehensive guide on how to make money with Web3 crypto games. The gaming industry using blockchain technology is growing rapidly due to large investments. In 2024, blockchain gaming experienced a significant increase, with Q2 revenue reaching $1.1 billion, a 314% increase from the previous quarter and a 17% increase from the same period last year.
Major investors, including venture capital firms and large technology companies, are increasingly investing in blockchain gaming because they see it as the future of the gaming industry. The integration of Web3 and blockchain technology has transformed gaming assets into tangible investments, creating a new intersection between entertainment and finance.
Predictions for the market suggest that the global blockchain gaming industry will grow to $90 billion by 2030, primarily due to the popularity of mobile gaming and the increasing use of decentralized applications (dApps). The ability for games, platforms, and blockchains to work together seamlessly will make these games more attractive to users, who will have full ownership of their in-game assets. The use of blockchain technology to verify the rarity and authenticity of non-fungible tokens (NFTs) will further enhance the value of digital assets in the gaming sector.
As interest in gaming increases among both players and investors, upcoming advancements will prioritize enhancing gameplay to be more engaging and immersive while also offering financial rewards. Web3 technology will transform how games are played by motivating players with both virtual achievements and tangible financial incentives, aligning the goals of developers and players. The appeal of blockchain gaming will be strongest among younger individuals who are comfortable with digital ownership and decentralized financial systems.
Opportunities to Make Money with Cryptocurrency Games
Investing in blockchain gaming startups can be a lucrative opportunity for those who have faith in the industry's future growth. Those who invest early may see significant returns if these platforms become widely adopted. Many startups in this field are exploring play-to-earn models where users can earn cryptocurrency and NFTs.
Even though blockchain gaming is still new and unpredictable, investing in it carries risks. Conducting thorough research on the project's technology, team, and plans can help reduce some of these risks and lead to smarter investment choices. Venture capital firms such as Andreessen Horowitz and Galaxy Interactive are already putting money into this sector, confirming the growing popularity of blockchain gaming.
Blockchain games often have their own unique cryptocurrency or tokens that drive their system. By purchasing these gaming coins, such as AXS from Axie Infinity, SAND from The Sandbox, or MANA from Decentraland, you can participate in the growth of that particular game. These tokens are necessary for purchasing in-game items, land, and NFTs, making them integral to the economy of each game.
The prices of tokens have the potential to increase in value over time as the game becomes more popular, creating opportunities for investors. Prior to purchasing tokens, it is important for potential buyers to examine factors such as tokenomics, the roadmap for development, and how the token is used within the game, as these factors will influence the token's value in the marketplace.
Acquire In-Game Items
A straightforward method to earn rewards in cryptocurrency games is by obtaining in-game items. Play-to-earn games enable players to earn valuable items such as unique weapons, character appearances, or in-game money by successfully completing tasks or reaching high scores. Once obtained, these items can be traded on online platforms for either cryptocurrency or traditional currency.
Axie Infinity is a game that introduced the Play-to-Earn (P2E) model, in which players can breed, train, and battle virtual characters called Axies to earn in-game currency that can be exchanged for real money. Many players are motivated by the opportunity to make money from their gaming abilities, but achieving success in P2E games requires commitment and strategic thinking.
Engage in NFT trading, which involves owning unique digital items such as characters, weapons, or virtual real estate that can be exchanged on blockchain platforms. NFT trading in blockchain gaming has the potential for significant earnings, especially for individuals who are able to acquire rare or elusive items at an early stage.
Non-fungible tokens (NFTs) are bought and sold on websites such as OpenSea and Rarible, where users can either set a fixed price or put their items up for auction. Understanding the uniqueness, usefulness, and popularity of certain NFTs can be beneficial in maximizing profits from trading. However, it's important to note that the NFT market can be unpredictable and influenced by current trends.
Get involved in Tournaments and Quests
Numerous blockchain games host frequent tournaments and quests where players can win cryptocurrencies or NFTs for their performance. Skilled players who can demonstrate their in-game abilities and tactics have the opportunity to earn substantial rewards by taking part in these events. Games such as Splinterlands and Gods Unchained are well-known for organizing competitive tournaments with attractive prize pools.
In addition to prizes, tournaments promote interaction within the gaming community by allowing players to create partnerships, enhance their gaming abilities, and gain acknowledgment from fellow gamers. The amount of money that can be earned differs depending on the game and specific competition, but competitive gaming offers an enjoyable opportunity to make some extra cash.
Leasing NFTs is a fresh approach for individuals who own assets to make passive income rather than actively trading them. Platforms such as Yield Guild Games (YGG) offer the opportunity for NFT holders to loan their assets to players who may not have the funds to purchase them outright.
Renting out NFTs is advantageous for both parties involved: those renting get to temporarily use in-game benefits or items, while those lending out their NFTs receive a portion of the rewards generated by these assets. This concept is particularly popular for assets such as land or characters that players need to progress in games. With the blockchain gaming sector expanding, the NFT rental market is expected to grow, providing more opportunities for NFT holders to earn passive income.
In summary, blockchain gaming is revolutionizing how gamers and investors engage with digital entertainment by merging gaming with financial prospects. There are various avenues to make money in this field, such as investing in gaming startups and cryptocurrencies, competing in tournaments, or generating passive income through NFT rentals.
Note from the editor: This article was created with the help of artificial intelligence and then reviewed and verified by Owen Skelton.
Writer
Owen Skelton is a skilled writer and editor who is dedicated to producing informative and captivating content. In his role as Editor-in-Chief, he guides a group of talented writers and editors to craft interesting narratives that educate and motivate.
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