Everything You Need to Know About Play To Earn Games

Do you know you can make lots of money while playing video games? Yes, it is an absolute fact. As a matter of fact, If you haven’t heard about the moneymaking opportunities in play to earn games, you are missing out on a big deal. 

Play to earn games are designed to serve players’ purpose emotional and financial needs. How do I mean? It enables players to monetize their habit of playing video games. Hence, games are no longer for pleasure alone. Some people are already playing play to earn games to generate income to pay their daily bills and make reasonable investments. 

Of course, you might be familiar with real-life making money while playing videos games through betting. Still, this new play to earn games model comes with a different twist. It doesn’t involve exchanging cash by players. Instead, each player will have to compete in the game and make as much money as they can winning competitions. This initiative is a brilliant achievement for the NFT market in the metaverse.   

No doubt, play to earn games are the future of video games because no one would prefer playing video games just for fun while others are making money with their playing time.  

Everything You Need to Know About Play-To-Earn NFT Games

What Are Play-To-Earn NFT games?

Play-to-earn NFT games are the newest gaming development that allows players to complete some tasks and earn in-game tokens in different types of cryptocurrencies. The development of these games has contributed immensely to the economy of the crypto world. Some of the games come with a bounty of Non-Fungible Tokens (NFTs) for participants, making many players shift from playing for pleasure to playing for treasure. 

Play-to-earn gaming community records many participants, which soars day by day. that is not far from the fact that players can earn a fortune if they master the skills required to win the various competitions they come across. Not only that, but they can also trade some of these rewards with other players or sell their crypto when the value rises.

The introduction of play to earn games into the gaming world contribute to the sudden rise of NFT. NFT gets more acceptability and credibility as the hype and participation surge in the value chain. This will undoubtedly create a bright future for gamers who are ready to invest their time and money into the moving train to get huge profits.

The Rise of The Play To Earn Model in The Gaming Industry 

The whole story started in 1958 when Willam Higinbotham, a physicist, created the first-ever video game. It was a simple tennis game but gained significant acceptance from people of different age categories. After then, a few other video games came out with the same aura to snatch public acceptance, and then the gaming industry began to experience a boom. That led to the advent of mobile phones and computerized games that allow players to exercise some real-life moves in games. 

Meanwhile, the developers of the games mentioned above created them for fun. Video games became great time stealers as young folks get stocked in them for hours without being productive. People began to look for ways to make money out of their playing times which led to betting. From that initiative, some video game developers began to create newer versions of video games that can allow players to make real-life money while playing games. Then, metaverse came to life and boom! play to earn games began to rise.

Examples of foremost moneymaking NFT

SANDBOX is one of the foremost examples of money making games. As of the time of launching, it was the best and hottest virtual gaming world where people could build a gaming platform to own, earn and monetize their time in the virtual game. SANDBOX is fair enough to beginners to get a free NFT upon creating an account. It presents an affordable platform for people to easily invest and earn lots of money.

LAND is another metaverse platform where people can access digital content that will monetize their SANDBOX metaverse. SAND is the acceptable token people can use to purchase land and other valuable items in the metaverse.

Everything You Need to Know About Play-To-Earn NFT Games

How does the ownership of the moneymaking games work?

Most moneymaking games allow players to complete different complex tasks and earn in-game rewards in the form of Non-fungible Tokens (NFTs), which players can later convert to real-life cash at the bank or in hand. These moneymaking games operate on blockchain technology, which allows players to exchange whatever they earn in the game as NFTs to get money in a dedicated marketplace. That process is called staking.

The Future of Play-To-Earn NFT Games

The advent of the Non-fungible Token (NFT) play-to-earn gaming platform could be a massive success in the future. Suppose you have not been participating in this fast-rising gaming movement. In that case, it’s high time you joined and started making money with ease. 

 Conventionally, video games are created for enjoyment and as something to keep people active in idle times. However, the table is turned now as people are currently looking for ways to make money with their precious time regardless of what they do at each moment. Hence, developing a gaming platform where players can earn as they play is a wise initiative.

Launching a gaming platform that allows players to have fun and earn money is a massive addition to the virtual world. In reality, it has a great impact in this IT age. The unemployment rate is increasing in many developing countries, and machines gradually reduce employment rates in developed countries.

NFT games are becoming significant trends all over the world. In some places like the Philippines, young and old folks invest in different play-to-earn games to either create a side hustle or dedicate their entire time to playing games. An average player presently makes more than $400 a day based on statistics and records. In the future, it could turn into millions of dollars in a month as the gaming community continue to increase in huge numbers.

Final Words 

Play-to-earn NFT games are the future of video gaming. You can turn the advantage to your side if you dare to develop a game or invest in a developer’s project to have a cut that bears your name. Meanwhile, it is not too expensive to own a moneymaking game. You only need to partner with software professionals to create a venture that fetches you millions of dollars.

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Everything You Need To Know About Axie Infinity Play-To-Earn Scholarship

Suppose you are passionate about playing Axie Infinity but don’t have the financial capacity to purchase the stater team of three Axies. In that case, you don’t have to fret. The good news is that several guilds out there are looking for aspiring players to enroll for best play to earn games scholarships. 

One of the best play-to-earn scholarships you can get in the present crypto-based gaming universe is the Axie Infinity scholarship. Ever since the boom of Axie Infinity, anyone interested in gaming (or investing) who has learned about the potential of best play to earn games wants in. After all, who doesn’t want to play games while earning a decent amount of money while at it? I know I do!

But the game’s current state doesn’t allow just about anyone to play. To be able to play, one has to set up a digital wallet, purchase 3 Axies from the marketplace, then sync their Axies from their digital wallet into the game. Quite a process just to play a game, no? But that is not even the major roadblock for most players.

Everything You Need To Know About Axie Infinity Play-To-Earn Scholarship

The lowest price of a single Axie (as of the time of writing this article) is roughly 0.1 ETH or 288.08 USD. While that price can be off-putting for a regular game, Axie Infinity is not a typical game. Players are willing to pay the price of 3 Axies to start playing simply because of the assurance that their investments will be paid back in full within a month and can provide exponential returns over a few months or years. Read this article to an overview of how the play-to-earn mechanic works in Axie.

But what if an interested player could not afford a single Axie, let alone a team of 3? That’s what brought about play to earn games scholarships. Axie Infinity has put a system wherein players are limited to 1 account. Suppose Axie Infinity catches you using multiple accounts on a device. In that case, those accounts will get banned, and the Axies will be unusable. This is to avoid the exploitation of the play-to-earn mechanic of the game. What players who have multiple teams of Axies can do to earn more SLP is to create Scholarships.

What is an Axie Play To Earn Scholarship?

A scholarship is when a manager (a player who has more than enough Axies) gets a scholar (a player who can’t afford their own Axie team) to play the game for them using their Axies. The SLP earned by the scholar will then be split between the manager and the scholar, depending on their agreement. It can be 50-50, 60-40, or however their conversation will go. The most plat-to-earn scholarship program offers 70% for scholars and 30% for managers.

Everything You Need To Know About Axie Infinity Play-To-Earn Scholarship

Scholars do not have access to the SLP that they earned in-game. It will be the manager that will process the withdrawal of the SLP. The scholar can opt to receive either hard cash of their chosen currency (USD, PHP, etc.) or cryptocurrency (AXS, ETH, etc.). Payment schemes should be discussed beforehand, given that withdrawals can only be made once every 2 weeks. Both scholars and managers should also consider the timing of withdrawals because of the fluctuating nature of SLP and crypto in general; what is $100 in SLP today may be worth $150 tomorrow or less, etc.

How do I get an Axie Play To Earn Scholarship?

Getting an Axie Scholarship involves a lot of trusts. The risks involved (such as getting the account banned) in a scholarship lie mainly on the manager. It is the manager’s Axies, after all. There is almost no risk in being a scholar. There are no laws protecting the manager’s assets, and most scholar-manager relationships are remote. If you are a scholar, please take care of your manager’s Axies.

There are several ways to get an Axie Scholarship. However, the most effective way is still personally knowing an Axie manager and asking to be their scholar. Because of the saturation of players wanting to play without being able to afford their own teams, there is an unlimited supply of potential scholars. Most of which come from 3rd world countries such as the Philippines.

In fact, there is so much demand for a Play-To-Earn Scholarship that people who want one are writing resumes and are constantly posting in Axie Manager groups with why they should be chosen. Suppose you are looking for an Axie Scholarship. In that case, I suggest that you start in the Axie Infinity discord group or just go to Twitter and scroll through posts with #AxieInfinity on them.

Everything You Need To Know About Axie Infinity Play-To-Earn Scholarship

What to look out for in a Play to earn a scholarship?

Rules vary from scholarship to scholarship. Some of the rules you may need to follow might look like this. 

1. Multi-Accounting or Botting is strictly forbidden. As a scholar, you will only play on the account provided to you during your scholarship. Please never share your account password or QR code with anyone. You can NOT play more than ONE account. You cannot share a device with another player in your household to play Axie. It’s one account per device.

2. If you are banned for any reason (botting, multi-account earning, violating Axie Infinity Terms of service, etc.), all SLP will be lost

3. You must understand the Axie Infinity terms of use 

4. Be respectful when you post on the Official Axie Infinity discord server. No wen this, wen that. Fix this, nerf that. Use the Ask-A-Manager channel if you have any questions first.

5. If you would like to search for another scholarship while a scholar here, you must inform a manager first. Do not apply if you already have a scholarship.

Other things you should watch out for are:

  • Track record and who is behind the scholarship. Are they well-known or anonymous?
  • What is the SLP payout – Ie? Is it 70 for you and 30 for the manager? Make sure you get a good payout!
  • What is the SLP minimum – High SLP minimums may be impossible to get to and stressful!
  • What sort of axies are you getting (floor axies are tough to grind anything on)
  • How active are the managers, and what is their reputation?

Final Words 

Axie Infinity plays to earn scholarship program is an excellent way to ride on the investment capacity of people that has enough Axies in their account to play the game and earn huge profits. Scholars and managers are expected to first negotiate the percentage at which they would share their earnings before agreeing.

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An expert’s view on NFT games and tax

Playing NFT games may be a lot of fun, and the fact that you can earn some money while doing so is an incredible bonus. It is possible to make real money by playing NFT play to earn gaming and using the crypto tokens provided by NFT. When it comes to games that enable you to make money, there has been tremendous development. This provides a plethora of advantages not just for game developers and artists, but also for players looking to earn some money. Axie Infinity players earn between $300 and $400 per month just by play to earn gaming. It’s an enticing bonus, and there are several games that provide it.

In a couple of months, the NFT games industry grew to be a multibillion-dollar business by merging two things that people already enjoyed: play to earn gaming and making money with cryptocurrency. However, it turns out that the play-to-earn paradigm has the very unpleasant side consequence of taxing even modest activities made in a video game.

Are you planning to sell your adorable digital creature on Axie Infinity? That is considered a taxable event. Did you sell it within a year of purchasing it? (With the timing of the play-to-earn boom, the answer is probably definitely “yes.”) Then it is a capital gain on a short-term basis. If you changed your NFT to a cryptocurrency prior to cashing out, this constitutes two distinct investment transactions. Even apparently little in-game item transfers might result in tax consequences.

To compound issues, NFT games often do not record all of your transactions for tax paperwork reasons. Thus, although there are several services geared to aid with crypto tax filings, obtaining the raw data used to power such products may be challenging. In comparison, prominent cryptocurrency trading platforms such as Coinbase prepare client transaction data for tax purposes using CSV files or direct software interfaces.

“Taxes may be a secondary consideration for many investors,” Jen Kim, head of product at NFT Bank.ai, said. “In fact, we’re receiving more inquiries,” she said. “There are quite a few individuals reaching out, and I believe it is indicative of the overall attitude at the conclusion of the year.”

Kim also emphasized the increased complexity introduced by the “scholarship” approach prevalent in play-to-earn games. While the term implies an altruistic assistance structure, scholarships are entirely focused on financial gain. Thousands of “scholars” in countries such as the Philippines and Venezuela participate in games on behalf of NFT owners (“managers”) in return for a cut of the profits.

As a result, scholarship managers form commercial relationships inside NFT games. This results in company tax obligations rather than capital profits. Additionally, it is likely to have international tax ramifications, since many managers reside in affluent countries and lend to academics in impoverished countries. Around 40% of gamers on Axie Infinity are currently located in the Philippines, according to some estimates.

An expert’s view on NFT games and tax

Each day, hundreds of messages from people seeking scholarships in the form of borrowed Axies flood the Axie Infinity Discord channel. The prospective scholars give information about their age, gender, marital status, internet connection, and geographic location. They promote their readiness to devote full days to earning money for management; it is not uncommon for pupils to volunteer to play up to 12 hours per day.

“I’m OK with any terms or conditions you guys have, as long as it’s not a slave contract,” one Filipino athlete seeking a scholarship wrote. This extending of a helping hand would be very beneficial to me at this time of [the] epidemic.”

Protocol talked with many of the scholarship applicants. They anticipated earning between $3 and $5 from a single day of Axie Infinity play. This is insignificant in compared to early projections that researchers may earn up to $2,000 per hour playing NFT games. Profit rates seem to have decreased as markets matured. One man commented that although a typical full-time job in the Philippines would now pay more, play-to-earn offered an intriguing possibility for those who were jobless.

Tax compliance is not limited to scholarship administrators: According to Rest of World’s reports, the Philippines’ Bureau of Internal Revenue initiated an investigation into digital influencers in September, which some players perceived as targeting high-grossing Axie Infinity players.

However, the great majority of play-to-earn players in the United States will remain unnoticed by the IRS this tax season. And, although paying play-to-earn taxes would be a headache, the reality is that many gamers will opt out and hope for the best.

These folks profit from the anonymity provided by publishers of NFT games. Shehan Chandrasekera, CoinTracker’s director of tax strategy, believes that NFT games will not include tax enforcement measures until regulations change. “Imagine a scenario in which I’m required to scan my driver’s license and complete all [know your customer] requirements just to play a game – that’s a significant point of friction for the game,” he said. “I don’t believe anybody would do it since it would be detrimental to their business strategy.”

Chandrasekera noted that willfully failing to notify the IRS of a taxable occurrence would constitute fraud. While the IRS has not made play-to-earn a priority, gamers may face attention if they pay out in-game gains through standard cryptocurrency exchanges. Additionally, the IRS might retrospectively order game producers to implement more severe reporting requirements, exposing gamers who dodged taxes.

An expert’s view on NFT games and tax

Play-to-earn or earn-to-play?

Investors believe that play-to-earn will be a key part of play to earn gaming’s future. According to Drake Star Partners, around 20% of the entire $9 billion in private gaming investments flowed to NFT-related initiatives in the first nine months of 2021.

Additionally, the sector’s game creators are redefining the traditional norms of success. Sky Mavis, the Vietnam-based company behind Axie Infinity, was valued at $3 billion despite having just 40 full-time devs on staff. This took place just three years after the studio’s inception.

However, not everyone agrees with the premise. Valve, the firm behind the renowned PC play to earn gaming marketplace Steam, said in October that it will stop carrying “blockchain-based apps that issue or facilitate the trading of cryptocurrencies or NFT.”

Epic Titles, which runs a competing PC gaming marketplace, took advantage of the occasion to reiterate its commitment to selling NFT games. This comes only a few weeks after Epic CEO Tim Sweeney tweeted: “We are not addressing NFT since the whole industry is now entangled in an intractable combination of scams, fascinating decentralized technology foundations, and scams.”

However, these battles over digital distribution are mostly about establishing community norms and mitigating future legal liability. A more pressing concern is this: Will anybody want to play NFT games if tax laws are ever completely enforced?

Suspension of belief has always been critical to the enjoyment of video games. It assists gamers in immersing themselves in another universe. Gamers concerned about in-game results because they added to the enjoyment of the game, not because the conclusion would have an effect on their life.

However, creators of play-to-earn games are increasingly requesting that users retain cognitive dissonance while playing: Gamers are expected to immerse themselves in a classic video gaming setting while also being aware of the tax consequences of everything.

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Reasons why NFT gaming becomes popular during the Pandemic

In 2019, there was a total lockdown in the world. The situation was brutal to the extent that people find it so hard to go to their place of work. This dangerous movement started in China, and it began to spread gradually. It was something so severe to the extent that everyone had to stay indoors for months. In fact, some places in the world are still battling with Covid19.

However, people that love to work all day have to think outside the box to figure out something unique that will keep them busy. Generally, gaming is an established platform among younger audiences. So, the urge to search for more games with excellent graphics began to increase since people were idle. Therefore, NFT games come into the picture with full force. Although NFT games have been in vogue even before the Pandemic, they become popular immediately after the lockdown. People began to seek something unique to wipe away time. I came across one of the NFT games during the PandemicPandemic. 

I was hoping to keep myself busy with one online game. I started doing some research, and I found NFT games. However, it took me a lot of time and effort to figure out what it entails. During the study, I saw something catchy. I saw NFT games that are free-to-play and play-to-earn. My eyes were on the free-to-play because something is going on in my head that the NFT games that are play-to-earn are only rewards that can be used within the game. So, I concentrated on playing Axie Infinity (F2P). To cut a long story short, I found something unique online one day. I came across an article about playing games and earning some money. Visit https://bltzr.gg/nft-games to read more about NFT games.

It was then I began to do thorough research about NFT games. Initially, if there were no lockdown, I wouldn’t have taken much time to think about some extraordinary things I could do during the PandemicPandemic. There’s no doubt about the fact that countless people out there also pass through something I was talking about. NFT games like Axie Infinity came into the limelight completely during Covid19. Before we dig deep into why NFT gaming became popular during PandemicPandemic, it would be nice to discuss the meaning of NFT games briefly.

What are NFT games?

NFT means non-fungible token. It is a token that is unique. NFT games are predominantly present on Ethereum and Binance smart chains. NFT games are games that have distinctiveness and exceptionality.

It is a digital, cryptographic token on the blockchain with an exceptional item. The non-fungible token has numerous use cases. NFT could be a digital asset in a game or a collectible piece of crypto art. Additionally, the non-fungible token could be a real-world object such as real estate. Non-Fungible Tokens has provided answers to the time-honored issues of forming decentralized digital collectability and proprietorship in a copy-paste.

Non-fungible Token games have been in vogue for several decades. It’s a game that virtually everyone loves to play because of some benefits and rewards attached to it. Recently, non-fungible games have been ruling the world regarding online games full of fun alongside a great tip. People often concentrate on the fun, and since the fun has been backed up with rewards, NFT games have become what people cannot do without.

Why NFT games during PandemicPandemic?

  1. Fun: During PandemicPandemic, people are locked down in their homes. There’s no chance to do their daily activities. So, people began to search for online games that would keep them busy and focused. The situation of the world then was so pathetic. The death rate was increasing daily. So, people need something that will switch their mood from the bitterness that is going on in the world. Is that not so where you are? Everyone had to look for something full of fun. However, some people resolved to watch comedy on their mobile phones while others had a pleasant time with their friends and family.
  1. On the other hand, some people found something different: NFT games. The fun they had while playing games like Axie Infinity, Gods Unchained, and the likes are beyond expression. I mean, no quality of writing can express the fun they had. With that, people began to inform one another about the uniqueness of playing these NFT games. Before you know it, NFT games become what people are talking about during the PandemicPandemic. Therefore, people’s fun from playing these unique games made it famous. Remember, the popularity is up till date. 
  2. Reward: The reality in the rewards one will get from playing these unique games also made it famous during the PandemicPandemic. When you hear about being rewarded while playing games, one will not take it seriously, which is normal. But the moment you heard about the relationship between these games and cryptocurrencies, you would have to think about it. In 2019, people were indoors making money. 

The spread of NFT games was a massive one during Covid19. In fact, the PandemicPandemic was the one that brought the likes of Axie Infinity and some other NFT games to the limelight. It is no more news that one can make it big via playing these games. All you need to do is to take the necessary steps. Register an account with any NFT games, follow the procedures and start earning.  

Closing thought

Dear reader, I hope you’ve seen the reason behind the popularity of non-fungible token games. Permit me to say that PandemicPandemic was a blessing to the world. This article pointed out the meaning of NFT games and why non-fungible token games became popular during Covid19. I said it because it was during this time people began to see something unique about some online video games. Finally, I want to assure you that I am always open to receiving and answering questions regarding this topic. Therefore, please feel free to drop your question in the comment box.  

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