There are thousands of different blockchain gaming projects on the market (but watch out for scammers). If you’re ready for a unique Play-to-Earn experience, let’s find out what steps you need to take to get started:
Create a cryptocurrency wallet
To get started, first set up a crypto wallet that is compatible with GameFi projects. Depending on the game you’re playing, you may need to use different wallets or connect to different blockchain networks. Some games even have their own wallets to keep costs down.
Connect your wallet to the game
Make sure you connect your wallet to a legitimate game and not a fraudulent copy. Unlike traditional online games that require you to set up a username and password, most blockchain games use your crypto wallet as your game account, so you’ll likely be asked to sign a message in your wallet before you can connect to the game.
Check the requirements for the game
Most games will require you to purchase their token or NFT before you can start playing. You should always keep in mind all the possible risks involved in the purchase.
Best crypto gaming tokens to purchase
- RobotEra – The best new gaming crypto that combines meta universe, NFT and P2E rewards;
- Calvaria – Crypto gaming with low fees and high bandwidth;
- Tamadoge – popular gaming cryptocurrency to invest in 2023;
- Battle Infinity – Metaverse cryptocurrency with Top GameFi Collection;
- Lucky Block – NFT-based GameFi token;
- Decentraland – GameFi token for virtual real estate;
- Axie Infinity – Metaverse Gaming cryptocurrency with a trading volume of $3.6 billion;
- LOKA – GameFi MMO token;
- Sandbox – GameFi’s top project with several in-game NFTs;
- ApeCoin – a popular token related to BAYC;
- Enjin – GameFi Coin that offers SDKs to developers;
- Illuvium – new GameFi ERC 20 token;
- Gala – blockchain-based gaming protocol.
Advantages and disadvantages of GameFi
Every project has its pros and cons, especially when it comes to financial ones. You should always be aware of all the risks associated with cryptocurrency trading. Here’s a list of GameFi’s good and bad sides:
Benefits:
Earn money by playing
What could be better than making money while enjoying a game? GameFi opens up this fabulous opportunity for many and allows you to earn valuable prizes by completing tasks.
Asset Ownership
NFT integration allows players to truly own in-game items. Publishers are not the sole owners of all items included in games, so even if the game fails, you can still manage the prizes you receive.
Attractive in-game rewards
P2E challenges the P2P model we’ve grown accustomed to. GameFi opens the door to innovation in the gaming industry by introducing innovative technologies such as NFT and Blockchain.
Low cost participation
Most GameFi games are free and accessible to most people, whereas regular games usually require you to pay to gain access or some kind of upgrade.
Control over gameplay
Not only do you have full control over your items when playing P2E games, but you also have a say in product-related decisions.
Disadvantages:
Market conditions that are difficult to predict
Think about how volatile the market is before you invest. In-game changes and the mechanics of buying and selling can affect the price of tokens. This unpredictability scares many people.
High entry fees
Obviously, the main reason to play GameFi games is to make money. On the other hand, you need to spend money before you can start playing the required tokens or NFTs, which are often expensive.
Strict regulatory measures
Some countries have strict laws against anything that uses blockchain technology and harms the GameFi industry.