Play-to-earn gaming is a space that has been astronomically growing in the past few months. After the announcement of Facebook’s new product called Meta, the whole blockchain gaming space has received a massive boost of attention. Because of this, people are left with a lot of unanswered questions. Let’s dive into it.
What is a “play to earn” game?
A “play to earn” game is a mobile or computer-based game where you earn money in some form of cryptocurrency by playing the game. These games are deployed on blockchain networks. You are able to play these games by having a decentralized wallet like Trust Wallet or MetaMask.
Can you earn bitcoin by playing games?
No, not really. Play-to-earn games are smart contracts deployed on decentralized blockchains, for example, Ethereum, Solana, Avalanche, and Binance Smart Chain. These games have their own ecosystem, and you will be compensated by their in-game tokens. You can always swap your earned tokens for Bitcoin by using a decentralized exchange on the blockchain network where the game is deployed. There might be some games out there that do pay in Bitcoin, but these are not true “play-to-earn” ecosystem-based games.
Final words about the P2E Ecosystem
There are a lot of ways to earn money online by playing games. If we go by the definition of play-to-earn games in the crypto space, we do talk about games that run on decentralized blockchain ecosystems that have the option to deploy smart contracts. We cannot deploy smart contracts on the bitcoin blockchain. This means that it’s not possible for game development teams to run their games on the bitcoin blockchain. Instead, they have to use blockchains, where they are able to use smart contracts. Because of this, they are able to create their own token and create their own ecosystem specifically for their specific game.
