By abhinay | Uncategorized | July 28th, 2022

How to Monetize Blockchain Games?

The gaming industry is gaining immense popularity as evidenced by the growing size of the gaming pie: a 300 billion dollar industry spread globally. Today, playing game titles you adore the most has evolved from being a mere pastime to a phenomenon to be reckoned with. As the new trend of play-to-earn gaming catches on and spreads like a wildfire, more enthusiasts are jumping on this bandwagon and earning higher revenues from what was once seen as a mere hobby.

These play-to-earn games combine blockchain dynamics with cryptocurrency offering incredible opportunities for ordinary individuals to create income by just playing games. This opportunity for some doubles as another stream to earn cash. But there exist multiple ways to earn. The opportunities offered by blockchain games are innumerable. Given below are ten methods through which one can earn extra money or adopt a new career through play-to-earn games.

 

1. Start Playing

It’s simple: play your favorite blockchain games & earn all of the in-game crypto tokens while you’re at it! The goal is to have a good time. The cash that is earned in the process is to be seen as a gain. You stand to learn without pressure and can advance to better earning opportunities.

 

2. Start Entering Tournaments

If you understand what you’re doing and have a good degree of competence in a particular game, you may begin searching for competitions & tournaments that provide rewards in addition to tokens. Try events that are informal as well as tournaments conducted at the international level.

 

3. Create or Develop More Compelling Character Designs

It’s possible to earn more money in a game if you spend more time playing & developing your character (usually an NFT/Non-Fungible Token). Fortunately, a shortcut has been discovered. Game development companies make the interpretation in which you borrow precious NFTs from the other users in exchange for a share of the revenue you get from utilizing them. (This facility is available through LaborX.)

 

4. Lend NFTs

For those who have built an NFT to a point where it is worth lending out, you get the opportunity of becoming a scholarship giver and getting a steady supply of passive income. Regarding games you no longer enjoy, this is an excellent method to recoup some of the time and money you’ve already invested.

 

5. Start Selling NFTs

It’s also possible to sell valuable characters or NFTs on the marketplace if that’s more your style. Play-to-earn games often come with built-in marketplaces where players can exchange NFTs, making it simple to turn non-essential assets into cash, which can then be used to purchase NFTs you do need or held as crypto and withdrawn to pay your expenses.

 

6. Streaming Video

In the event that you already have a presence on Twitch and other comparable platforms, there are other ways to make money while playing games. Creating an audience base is a hard task. But one can leverage the existing base of fans to add one more  income stream. This will enable others to get to know about the finest play-to-earn games as well.

 

7. Become a Guild Member

Crypto Gaming is a project that allows players to pool their resources, study, and discover the best games. All this will happen while earning native console tokens for assisting others. When everyone’s earning potential increases, the community benefits as a whole; it’s a win-win situation.

 

8. Write Guides & Teach Others

Mentoring other players is one of the best ways to contribute to society. Whether you’re doing it on your own or in a group like CGU or Crypto Gaming United. You must have a particular amount of experience and expertise and understanding of various games, processes, or technology in order to do this.

 

9. Become a Part of the Development Process

A new, intriguing game is something that most of us look forward to with a mixture of excitement and fear. As a matter of fact, this is a fantastic opportunity. In the days and weeks leading up to a game’s release, developers frequently rely on player input and playtesting to fine-tune their creations.

 

10. Farming

Having fun isn’t enough in play-to-earn games. Some of the integrated Defi/Decentralized Finance yielding farming systems feature options for you to put your money to work. It’s an excellent method to learn about yield farming while also making some extra money from your cryptocurrency holdings.

The play-to-earn space is constantly evolving and bringing new options to the table, so here are just a few of the most common ways to make money through blockchain games. Using market research and a player screening process, CGU is able to match the greatest game with the right players, maximizing revenue potential.

So, How Exactly do these Developers make Money? Let’s Have a Look!

1. Fees for Transactions

In order to buy digital money in-game, a player must pay a handling fee while signing up for a game on a crypto game console. Game creators primarily make money in this manner. The native token’s value rises as more players buy it, which benefits both players and developers.

 

2. Assets of the Games

Players of video games such as Fortnite can purchase “skins” or “outfits” in the form of in-game currency. This aids in the immersion of players into the game’s setting. Experts have claimed that a game firm doesn’t have to be the only one selling skins right now to make money with the arrival of blockchain gaming. Instead, things can get easier for people to transact in the skins market through the use of blockchain technology.

NFTs are the most common method of sale for these assets. NFTs will be used in at least half of the games being developed, according to a recent study of video game creators. The ability to trade NFTs and profit from them provides gamers a greater sense of value in the real world.

 

3. The Flip Side

It’s not as easy as it sounds to make money with cryptocurrency games. Play-to-earn is not a wonder drug that will make any game profitable for players, but it provides a precedent as well as a canvas for this value-distributing game.

Blockchain gaming is only going to get more lucrative for game developers as time goes on. As the market grows, it’s possible that developers will begin trading the NFTs on some other gaming platforms in the coming years. Developers would be able to reach a wider audience and generate more income by incorporating inter-game connections.

Conclusion

The most effective approach to monetizing blockchain games is to follow a combination involving all of the methods mentioned above. To make money, you have to be flexible and always on the lookout for ways to gain an advantage over your competition. To read more developments about Blockchain Games, check out Juego Studios. They are a leading blockchain game development company. Go to the NFT game development portfolio of Juego Studios to gain more insights.