As we all know that cryptocurrency is currently in trend now. Ever since the bold statement by the owner of Tesla, Elon Musk, that traditional currency will be the future of digital currency, the value of Bitcoin and other cryptocurrencies has highly increased.
Since then, many people have been investing in cryptocurrency and trying to trade or earn cryptocurrency to increase their digital wealth. But not, people are not only making crypto coins through trading or investing; there are online mobile games as well which give crypto coins as prizes.
Ever since the COVID-19 outbreak, the gaming industry has boosted its growth, as people had nothing to do but play games during the lockdown phase. A statement from InvestGame shows that at the beginning of 2020, the gaming industry in the United Kingdom had a fortune of 4.9 billion Euros, which nearly tripled to 17 billion Euros by August 2021.
InvestGames also noticed a rise in blockchain-based gaming. This is a gaming platform where the players can earn a certain amount of money credited to their online wallets, such as Google Pay wallets, or their UPIs by playing games and winning.
Crypto game is a similar thing. The only difference is that instead of getting money, the players get crypto coins to their crypto wallets, such as bitcoins, dogecoins, etc. The gamers either directly get the crypto coins in their wallet or have to exchange the game points (also called XP) for Non-Fungible Tokens (or NFTs).
Exploring Crypto-Based Games: Check Out The List!
From websites like Binance NFT, you can earn crypto coins by playing games like:
- StarSharks Homeland
- Tiny world hero
- Alan walker origins
- Halo official
- Prometheus god, and many more such games.
With these many advantages, crypto gaming is hands down an advantageous way to earn the trending currency from the comforts of your homes and without working very hard. The players are generally aged between 18 to late 40s.
From a report given by Triple A, a payment gateway of cryptocurrency, it is said that out of all the millennials, 38% of the people aged between 21 to 35, and out of all, 55% of the players are established gamers promoting crypto- based gaming. However, such games also come with certain risks and disadvantages. Click here to know more in detail!
4 Disadvantages Crypto-Based Gaming Has Over Traditional Gaming
- There can be specific requirements before you play these games. There might be credit scores or some minimum balance in the crypto wallet. In the game Axie Infinity, for example, a player must buy three axies before being eligible to play the game. The price on the lowest grade of axie is a minimum of 100 US Dollars, which means 8000 Indian Rupee.
- There is a chance of losing your tokens and NFTs. You can even fall victim to crypto scams, similar to the founders of Hedgie and Axie Infinity. The founder of Hedgie had lost 1 million US Dollars in the NFTs in a scam this July. Similarly, Ronin, the blockchain behind Axie Infinity, was hacked and had lost nearly 600 million US Dollars from its net funds.
- There is an even higher risk in crypto games than cryptocurrencies because anyone can play these crypto games. In cryptocurrencies, you must have a broker who will trade the coins for you and a source of income to buy specific amounts of cryptocurrencies. But, in crypto games, these barriers are not present, and there is a higher risk of fraud.
- As several hackers play these games to earn money illegally, there is a high chance of others falling into the traps of these hackers and losing all the tokens and funds. Thus, there are such malicious threats as well because they can transfer certain viruses which may suck out all the coins from your wallet.
These were the details of the new gaming industry, called the crypto gaming industry, along with its advantages and disadvantages. So if you also want to earn cryptocurrencies through these games, make sure to have these tips on your mind.