There are several ways to earn Crypto today. There are platforms where you can earn crypto by playing games. This would have been impossible to believe 10 years ago, but thanks to Blockchain technology, it is a reality today.
This article will help explain the concepts of Play to Earn (P2E) and Move to Earn (M2E). These are the two latest developments in the Web 3.0 ecosystem.
Blockchain in Fitness and Gaming
Metaverse, Smart Contracts, and De-Fi are some of the fields where Blockchain technology has excelled. It continues to expand its use cases by helping developers build applications in the fitness and gaming industries.
Since the advent of Metaverse, the trend of reward-based engagement has grown immensely. The use cases of Blockchain technology have expanded the creator economy considerably.
The evolution of the gaming industry has been so extensive since the days of the Nintendo consoles. In the early days, most of us would have played games on separate devices. Ultimately, players were engaged in battle royale games on the internet. Players could project themselves in the gaming world through these battle royale games.
Gamers can now monetize their gameplay for entertainment purposes. The gaming universe has expanded rapidly through the extensive use of Twitch and YouTube. P2E is the latest evolution in the gaming ecosystem. It rewards players for their achievements in the gaming world.
Play to Earn Crypto
The concepts of blockchain combined with gaming are seen in Play to Earn (P2E) ecosystems. Users are rewarded with in-game tokens for their progress in Play to Earn games. These in-game tokens can be exchanged with crypto assets. Play to earn crypto assets that have real-world applications beyond the gaming world. Player achievements in the game are directly related to the rewards.
Some of the significant names in the P2E gaming industry include Sandbox and Axie Infinity. Other Plays to Earn games have also picked up pace since 2021.
Sandbox:
Sandbox transitioned to a blockchain ecosystem in 2018. It started its journey as a mobile-based game. NFTs are presented as rewards for players building in-game ecosystems. It allows players to be more creative than usual, as there are fewer rules to be followed.
An in-game marketplace is used to sell and create digital assets. Players can trade assets in the decentralized marketplace within the game. Players can also build games using Sandbox’s Game-maker. SAND is the token currently used in the Sandbox ecosystem.
Axie Infinity
Axie Infinity runs on the Ethereum blockchain network and is the market leader in the Play to Earn gaming space. NFTs called Axie’s can be bought or rented by gamers. They use these NFTs during gameplay. In-game tokens called Smooth Love Potions (SLPs) are used as rewards for players and can be swapped for fiat money.
There has been recent controversy about the game due to a security hack. As per reports, the Axie Infinity team is working hard to bring back the game’s lost glory. The game has managed to sell close to 3500 ETH worth of Axie’s even during the ongoing crypto winter. It shows that the game still has a lot of active engagement.
Move to Earn Crypto
Move to Earn applications reward users for adopting a healthy lifestyle. They are primarily fitness-oriented applications. Move to Earn applications reward users based on the number of steps taken. It does so by tracking the geolocation of users.
STEPN:
STEPN is a leading platform in the “Move to Earn” space. It has helped to put the spotlight on M2E applications. Everyday activities such as playing, running, and walking are incentivized in STEPN. Users receive rewards in the form of in-app NFTs, which are collectibles. Some common collectibles are gems, badges, and sneakers. Users can also earn Green Satoshi Tokens from their daily activities. They have the option of cashing it out for a profit or using it within the application.
STEPN generated a massive $122 million in profits in Q2 of this year. They plan to reinvest the profits to increase the team size and also improve some of the existing features of the application.
Play to Earn VS Move to Earn
Final Thoughts
The Play to Earn and Move to Earn applications have great potential to succeed. Use cases for both applications have steadily increased by the day. These are exciting testing times for both applications. The Play to Earn and Move to Earn platforms will certainly be tested by the Crypto winter. The platform that survives these tough times will leave a mark and set trends in the future.
