How play to earn games are different

With over 400 million players, India boasts the world’s largest mobile gaming population. Desktop computers and gaming consoles such as PlayStations and Xboxes are also popular platforms. Until now, the most popular and successful play to earn games, such as Call of Duty, Among Us, and Grand Theft Auto, have all employed a centralized method, in which the game’s designer controls it via administrators and keeps all game data on a single server.

With the rise of blockchain technology, decentralized gaming is gaining traction throughout the globe, with blockchain-based play to earn games like Axie Infinity (AXS), The Sandbox (SAND), and Decentraland (MANA) leading the way.

In a blockchain-based game, players have complete control over their digital identities, accounts, and assets. Individuals also have total discretion over how they interact with the game’s inherent micro-economies, exchanging and encashing assets whenever they like. Learn more how play to earn games evolved.

A centralized game, on the other hand, stores all player items, collectibles, and currency in the game maker’s database, and so is owned and managed by a single business.

Furthermore, centralized game servers are vulnerable to failure, infiltration, shutdown, and manipulation by developers/admins, and they don’t provide users access to game mechanisms.

Why blockchain-based play to earn games are unique.

In a blockchain game, players have genuine ownership of in-game assets. Non-fungible tokens (NFTs) are often used to represent these assets, and they act as proof of ownership for participants.

In-game equipment, wearables, character skins, and cards are all examples of assets that may be linked to NFTs and stored on a blockchain-based game’s distributed network.

Micro-economies or decentralized marketplaces emerge inside the game as a result of players’ capacity to freely possess and trade their in-game assets.

Furthermore, since blockchains are decentralized, the protocol eliminates the requirement for player-trader trust and/or a mediator or third party to regulate markets. Furthermore, blockchains facilitate value transfer and payment between users through cryptocurrencies, which is true for micro-economies in blockchain-based play to earn games.

Through NFTs (for digital assets) and crypto, blockchain technology may potentially allow players to move and use assets across other play to earn games to make money or exchange them on other gaming markets (for value transfer).

Players may be able to vote for or against game updates or alterations, depending on how the game is implemented.

Furthermore, since distributed networks lack a single point of failure, the distributed nature of blockchain prevents hackers from interfering with/attacking the game. A blockchain-based game may also continue to run even if its designers quit or move.

While these features favour blockchain-based earning play to earn games over their centralised counterparts, distributed ledger technology does have certain disadvantages.

In terms of network speed and scalability, blockchains are slower than centralised networks, which has an impact on in-game transactions. Furthermore, since blockchain technology is still in its infancy, play to earn games based on it are still primitive, low-budget, and unpopular.

How play to earn games are different

A prominent blockchain-based game is Axie Infinity (AXS)

Sky Mavis built Axie Infinity as a fun approach to teach the gaming community about cryptocurrencies. It’s a game where players assemble, battle, and use Axies to earn tokens that are paid out at regular times.

The Ethereum-based currency AXS (Axie Infinity Shards) and SLP are used in the game (Smooth Love Potion). NFTs and crypto allow users to gain property rights on its network.

Axie Infinity also has a vibrant community and scholarship program in place to support and educate new players. In October 2021, Sky Mavis received $152 million from Andreessen Horowitz, Mark Cuban, and others to expand Axie Infinity.

Sandbox (SAND)

Players are given the means to construct their own nonlinear experience in the Sandbox, a virtual world game. The Sandbox, which was created by Pixowl and acquired by Animoca Brands, uses SAND to power its in-game economy.

Players may use programs to construct digital avatars and produce in-game assets, convert them to NFTs, and trade/sell them. As a result, The Sandbox is an earn-to-play game. The Sandbox also enables landowners to sell virtual property inside the game, allowing them to build digital experiences on the platform.

In November 2021, the game raised $93 million in a Series B funding round led by SoftBank’s Vision Two Fund and a few other investors.

Decentraland as well as (MANA)

Decentraland is a virtual environment where individuals may own property, host virtual events, produce and share information, and engage in a wide range of social activities.

Decentraland uses blockchain technology to allow players to own their digital identities and in-game assets, similar to Axie Infinity, The Sandbox, and other blockchain-based play to earn games.

How play to earn games are different

Decentraland is a pioneer in the field of blockchain-based play to earn games, and its economy is built on MANA, an Ethereum standard token. Because of LAND, the game’s virtual real estate NFT, the game’s popularity has grown.

Decentraland raised $26 million in an ICO in 2017 and seems to have received further financing from Digital Currency Group, Kenetic Capital, FBG Capital, CoinFund, and Hashed in undefined amounts.

Gaming and the Metaverse

Other significant ventures in the area include the virtual reality game Bloktopia, the NFT platform Enjin, the role-playing game Ilivium, and the gaming platform Gala, in addition to Axie Infinity, The Sandbox, and Decentraland.

The top gaming crypto tokens have a market value of $21 billion, which is a drop in the bucket compared to the top crypto currencies like Bitcoin (almost $1 trillion) and Ethereum ($536 billion).

With the rising popularity of the Metaverse concept – a shared, gamified, three-dimensional virtual world in which people can interact – the blockchain-based play to earn model of play to earn games may play a big role in motivating Metaverse platform adoption.

Decentralized, blockchain-based platforms, as well as centralised digital behemoths like Meta (formerly Facebook), Microsoft, and others exploring in the space, are enthusiastic about the notion. In addition, play to earn games like Fortnite and Roblox that need concentrated play to generate money have been producing the most metaverse-like experiences.

Conclusion

Esports players may make money by participating in NFTs. It’s astonishing because, while you’re enjoying the thrill of the game, you’re also hoping for a profit when you lose interest in the game items and wish to replace them with something more appealing.

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How play to earn games evolved

Trading cryptocurrencies has become a popular option for many people to make money these days, particularly with the advent of play to earn games. On CoinGecko, a cryptocurrency review site, you’ll find a list of 9,900 digital tokens, the bulk of which were created in the previous five years. Cryptocurrency trading has helped a lot of people.

However, since the trend is accelerating, trading is no longer the only way to profit from cryptocurrencies. Playing mobile play to earn games is another way to gain money. The more you play, the better you get and, perhaps, the more money you earn.

As seen by the cost of its digital tokens, Axie Infinity (Axie) is now one of the most popular play to earn games in town. A quick scan of the internet shows that Axie Infinity Shards (AXS), the game developer’s token used to raise funds to create Axie, had risen 176 percent to US$138 as of Oct 5 from about US$50 two weeks ago.

Because it allows holders to vote on significant changes made to the game by the designer, AXS is frequently referred to as the project token. Its worth rises in direct proportion to its popularity and potential in the future. Click here to get everything you need to know about play to earn games.

Smooth Love Potion (SLP), the in-game token obtained by Axie players by killing monsters and battling other players, has been on a wild ride since April. It jumped 929 percent to 36 cents per token in May, up from 3.5 cents only two weeks earlier. On October 5, after a series of wild swings, the dust settled at 8.9 US cents per token.

ASX and SLP may be traded on the market via unregulated decentralised exchanges that use smart contracts to match and execute trades automatically online.

Ee Wui Yang, a crypto entrepreneur and Axie veteran, estimates that playing Axie for two hours a day may make between RM1,000 and RM2,000 per month.

“It used to be a ‘grindy’ game” (involving a lot of repetitive actions to level up or earn cryptocurrency). A gamer must spend six to seven hours every day to earn a thousand or two [ringgit]. However, now that the developer has improved the game, players just need to play for around two hours per day, comparable to other play to earn games,” he says.

The game’s monthly revenues are determined by factors such as the price of the SLP and the exchange rate of a fiat currency against the US dollar. This is due to the fact that an Axie player would need to swap his SLP for stablecoins such as Tether (USDT), which are commonly backed by the US dollar, before converting them to fiat currency.

“For example, since one US dollar is more valuable in the Philippines than in Malaysia, players in the Philippines would play similarly to play to earn games more enticing than Malaysians.” Singaporeans would undoubtedly find it less enticing,” he claims.

How play to earn games evolved

What’s the best way to start the game?

It’s vital to understand non-fungible tokens before getting into Axie and other similar play to earn games (NFTs).

Simply said, an NFT is a non-transferable digital token with its own identity. As a result, an NFT may be used to represent a range of different products, such as artwork, with ownership traceable via a blockchain record.

The July sale of the Doge to the Moon NFT for 36.3 Ether in an online auction is a well-known local application (equivalent to RM325,000 then). The artwork was created by Red Hong Yi, a Malaysian contemporary artist best known for her work on the cover of TIME magazine’s April issue.

A player must purchase three NFTs from the Axie Marketplace before starting the game. Each token represents an in-game monster with its own state and abilities that a player may use to win battles.

The Axie NFT is priced in Ether, which means that in order to buy monsters online, a user must first buy Ether on an exchange and then store it in the Ronin Wallet, an unique cryptocurrency wallet.

Naturally, the game’s entry barriers raise as demand for Axie NFTs (or monsters) grows and the price of Ether rises. On the Axie Marketplace, a monster costs at least 0.04 Ether (about US$140, RM585) as of October 6. There are now approximately 335,000 monsters for sale on the marketplace.

How play to earn games evolved

Axie players may make money by selling their monsters at a profit when demand is high, in addition to earning SLP from in-game battle.

According to Jason Kwong, CEO of NFT art business Imperium Universe, Axie players may also generate money by breeding new monsters in the game. “Each monster you buy is divided into one of nine different clusters, each with its own set of attributes. “By coupling two animals from different clusters, a player may construct a new monster with unique traits,” he says.

In the realms of traditional and non-traditional gaming, this is not a new concept. For example, there are currently horse-racing play to earn games where players may buy an NFT representing a certain kind of horse and enter it in a race.

“You may also buy an NFT for a certain breed of horse and couple it with another horse of a different breed.” Some players may even pay you for breeding with your horse. In Axie, it’s the same. Additional NFT play to earn games of this kind, I believe, will be published,” Kwong says.

Axie has started allowing players to buy land that may be used as a base of operations for their monsters as well as a tactical edge in battle. A 4.25 percent charge is applied to each NFT sold in the game.

The ultimate objective is to create a metaverse, which is a virtual environment inside an online game where individuals may earn, spend, and live in cryptocurrency. Kwong continues, “It’s almost like a parallel reality to the one we live in.”

Blockchain and non-volatile memory are at the heart of this project.

Axie, a game created by Sky Mavis in Vietnam, used to be a game that could be played by nearly anybody and allowed them to earn cryptocurrency. It was usually assumed that it was a part-time employment meant to augment one’s income.

“In certain areas in the Philippines, there were even film footage showing groups of people playing it collaboratively,” Kwong adds.

Since Axie’s debut in May, a slew of new players has rushed to the game, pushing up the price of Axie NFTs and decreasing the barrier to entrance. There are also more professional players in the game with higher knowledge and talents. In summary, making money as an Axie player in the present day has become considerably more difficult.

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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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The solution to questions that may cross your mind before investing in NFT games

Have you heard about NFT games? Then, are you willing to partake in it? If yes, you need to sit tight and shun every distraction right now. This article is what you need. It is normal for questions to cross your mind regardless of the source of where the information about NFT games comes from. Have you heard about NFT games from a friend, or have you come across some online information? Whichever way, I assure you that you will get something tangible as your back up here. At first, I also faced some challenges before investing in Axie Infinity. Therefore, please pay attention to what I will reveal to you here because I am writing from experience.

You might be wondering why I used the word “investment” in both the heading of this article and one of the sentences above. Trust me; if one wants to play NFT games successfully, one must look beyond calling it an ordinary game. Personally, for me, it’s an investment. If you see NFT games as an investment, you must stay focused and concentrate for real. There’s one spirit that follows investment. You, as an investor, will do all that is required of you because your aim is to make a profit. The same thing applies to NFT games. If you see it as a game, then one can feel reluctant. That is, there’s a tendency that one might not take it seriously. So, it is expedient for you to see NFT play-to-earn games as a real investment. And it’s indeed an investment. 

Remember, I said earlier that it is normal for you to think twice before agreeing to spend some money on NFT games. Perhaps, some questions are still in your mind, or you’ve thought if you should proceed or not. This article is here to guide you through. You don’t need to start thinking otherwise. I have been in your shoes, so I know some of those questions that may fill your heart. 

Dear reader, all you need to do is pay rapt attention and focus on what you’re reading presently. Thus, below are the solution to questions that may likely be troubling your heart about whether you should invest in NFT games or not;

Is the NFT play-to-earn game real?

No one can boldly say they didn’t think about this question before investing. Generally, we all know that games are formed to give us a better life and catch some fun. At first, no one is sure about the connection between cryptocurrencies and NFT games. So, it is normal for one to think twice before investing. I want to assure you that you will never regret investing in NFT games if you compete or play according to the rules and regulations of the game you choose to play. Either Axie Infinity or Gods Unchained, feel free to invest. You will never regret spending some of your money on this game. Visit http://gameroe.com/reasons-why-nft-gaming-becomes-popular-during-the-pandemic/ to read about Reasons why NFT gaming becomes popular during the Pandemic.

Will I earn a reward at the end of the day? 

Of course, you will earn your reward if you concentrate fully on the game. One good news about your prize is that it can be converted to real money. I have seen some people who invested and took some time to study how the game works, making it for real. No one will take your reward away. Your bonus is safe, and you can use them to buy some valuable things online. Therefore, your role is to be relevant in the game and get your reward. 

Will I overcome some of the challenges while playing?

The above question is a question that comes from fear. It came to me also. But I overcame it by believing in myself. It got to a stage where I had to start speaking positive things to myself. The winning must begin from the mind. In fact, I used to tell people that there’s nothing terrible in declaring yourself as the winner even before playing the game. I’m sharing this fact with you because it has worked for me several times. Therefore, the way to overcome the challenges that you’ll face while playing is to believe in yourself. Encourage yourself and be of good courage. 

How to pick the right play-to-earn?

This question is also common. And it is a good question one must ask oneself. You can fail if you want to play the online NFT game your friend is playing. Some online games require mathematical strength. So, it is advisable for people who know they are not sound in mathematics to seek another game. Then, the question is, how will one know the right and the best one to invest in? The only way out is to carefully spend time understanding the features of the game you’re playing before engaging in it. Please read the instructions carefully learn how it works. One can also go online to learn some tips about what the game one wants to play looks like. I am sure that you will get helpful information on search engines. 

Another step one can take is to ask questions from people familiar with the game. Of course, you can see some gurus online that will explain some facts and techniques about a particular NFT game. So, feel free to talk to people already in this game.

How can I get existing NFT games? 

There are countless NFT games online. I can vividly tell you that all you need is available online. Go to search engines like Google search for NFT games. You will see countless options to explore. Even if you want to know the source of those games, you will see materials online. I was shocked when I saw an article on upcoming NFT games in 2022. 

Final words

Dear reader, I hope you’ve found something unique. With the above-listed solution to some of the questions that may cross your mind, I think you are good to go. Nothing should stop you from investing in NFT games. Finally, I want to assure you that you’re free to ask questions regarding this topic. Please feel free to drop your question in the comment box if you have any. 

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