How To Make Money Through Blockchain Games, NFTs, and DeFi Platforms
- Blockchain and DeFi paved the way to a new and evolved crypto space.
- The year 2021 dubbed as the new era of NFT gaming.
- Play-to-Earn business models slowly gaining popularity.
Blockchain and DeFi have helped evolve the Crypto space, into more than just a digital currency, to now be commonplace in a variety of spaces; whether it’s GameFi, NFTs, science, or technology, blockchain has a plethora of applications.
Holding on to your crypto has become more advantageous than ever with staking. Staking allows users to earn rewards for their holdings without the requirement of any special equipment (unlike crypto mining). While doing so, you’re contributing to the blockchain’s security and efficiency, as well as the bonus of staking being less harmful to the environment than crypto mining due to its lower electricity usage.
With the advent of NFTs, 2021 can be described as a “Welcome to the World of Play To Earn”, as it ushered in a new era of NFT gaming, and with it, a huge amount of positive news in the space all leading to new highs in the crypto market.
Making money in the crypto space has also never been easier. With the barriers to entry lowered, the information available on various social media platforms can help you make informed decisions. The information you receive is often time-sensitive; once you get a hold of it, making decisions may need to be swift, to benefit from it. Doing your research, following the right influencers on Twitter, joining popular crypto Telegram Channels and networks on Discord will give you the latest news and information about various NFTs and currencies, which you can use to your advantage.
Play-to-earn Economies
In the gaming industry, the Play-to-Earn business model is one of the most recent innovations. It’s a business strategy that embraces the idea of an open economy and rewards all players who provide value to the game environment with financial rewards.
As technology has become more accessible to the general public, video game business models have also developed. It’s like playing games on arcade machines in local game centers in the late 1970s and early 1980s. Gamers would contend for the highest score with a pocket full of quarters.
The play-to-earn business model makes use of giving gamers ownership of in-game assets and allowing them to grow their worth by actively playing the game. Players create value for other players and the creators by participating in the in-game economy. They are awarded in-game assets as a result. These digital assets range from cryptocurrency to in-game items that have been tokenized on the blockchain. As a result, the play-to-earn business model pairs well with blockchain games.
What Makes Play2Earn Unique in Crypto 2021?
The Play to Earn approach has been improved thanks to blockchain technology and the benefits of the Crypto market, specifically:
- NFT has been included in the protocol of gaming companies.
- Users’ ownership of in-game assets has improved.
- Players generate value for other players and developers and are rewarded with in-game assets (native tokens/NFTs) in exchange for staking their assets.
Minting NFTs and staking have also never been easier, and the Binance Smart chain has proved to be the most promising launchpad of them all. Amongst that, token swaps have been on the rise, and Pancake Swap is one of the leading Decentralized Exchanges or staking dApps on the Binance Smart chain (BSC).
It was founded in September 2020. With over $3.76 billion in staked assets as of 2021, the platform was the largest automated market maker (AMM) on the BSC network.
Several NFTs and currencies have been fighting for an acclaimed spot on Pancake Swap with its growing popularity. CactiClub, one of the up-and-coming NFTs in the market, is an ecosystem-based on BSC and revolves around the stunning 4K renderings of three-dimensional NFTs. #BornBadGirls and #BornBadBoys are some of the first ones to qualify already and are listed from Phase 2.
And with all that’s been happening, Pancake Swap created its own NFT Marketplace that is now live, originally due to go live on PancakeSwap’s birthday (September 22nd), however only launched eight days later, (September 30th). PancakeSwap’s marketplace is already establishing itself as a strong contender as one of the best NFT markets out there, currently ranked 5th in dAppRadar’s 24hr-trade-volume rating of NFT markets.
What has become clear, is that making money from blockchain doesn’t require any specific skills, as one can simply follow what others are doing, and utilizing what the blockchain offers, and earn money simultaneously. Entering early in NFTs can multiply your returns by 10x or even 100x.
Read more: https://coinquora.com/how-to-make-money-through-blockchain-games-nfts-and-defi-platforms/
Text source: News – CoinQuora – Latest Cryptocurrency and Block
