The gaming industry is witnessing the most significant revolution of its lifetime thanks to the emergence of a new genre called Play-to-Earn games. Play-to-Earn games in the Philippines, also known as NFT games, make use of blockchain technology to give players a real sense of ownership over in-game items and collectibles. Most of the time, these items can be traded with other players for cryptocurrency or cash, making them a great source of income.
What are Blockchain and NFT?
Simply put, an NFT is usually a media file (image, GIF, video etc) that is unique and owned by a specific entity. Blockchains make sure to keep track of these owners and allow them to be traded and exchanged between users. Developers of Play-to-Earn games in the Philippines and elsewhere create a limited number of NFTs representing in-game items that can be later earned by players. This scarcity increases the demand for NFTs which can sometimes be priced at more than a million dollars.
Making Money with Play-to-Earn Games
The idea of making money from video games is not entirely new. For a long time, gamers across numerous platforms came together at unofficial marketplaces to sell their in-game items. The challenge with this approach is that it has become an infringement of many games’ policies, and it is also often filled with scammers.
With Play-to-Warn games, the sales situation is different. Official marketplaces exist for NFT trades. Smart contracts – another blockchain innovation – are used to ensure the authenticity and efficiency of trades. This makes Play-to-Earn games in the Philippines a safe and effective strategy for those making income from the Play-to-Earn industry.
Another way traditional gamers made money was by becoming streamers on major streaming platforms like YouTube or Twitch. This required them to be professionals in the game and build a significant following on these platforms to make a decent amount of money. Play-to-Earn games in the Philippines are generally speaking less difficult to master and give everyone an opportunity at making money.
Certain games like Axie Infinity have even developed their own in-game tokens (called smooth love potion or ‘SLP’) that can be earned along with ownership of their NFTs. This means that players aren’t limited to buying and selling of their NFTs but can simply play the game and earn cryptocurrency directly to their wallets. For those players who’s barrier to entry is the purchase price of the NFTs also still have an opportunity to earn by being selected as a scholar in a Play-to-Earn gaming guild. One of the largest guilds in Play-to-Earn in the Philippines is Crypto Gaming United (CGU). Guilds like CGU provide their ‘scholars’ with the NFT assets required to start playing and earning immediately in exchange for a percentage of the in-game tokens earned.
Play-to-Earn Games are the Future
Although Play-to-Earn games is still a new industry, news of how lucrative the earnings can be is spreading fast within gaming communities. This is unsurprising considering the wide range of opportunities that they offer and the innovative experience that they bring. The nature of NFTs means that in-game assets are no longer tethered to only one game. This means that players can now share their progress across multiple games that choose to collaborate, creating something of a common universe between them. Indeed, this has never been seen before and raises curiosity as to what is actually possible in the world of cryptocurrency, NFTs and Play-to-Earn in the Philippines.