If you like to play, the notion about cryptocurrency games is on everyone’s lips. These titles based on Web 3.0 (aka DeFi gaming) and blockchain technology attract an increasingly large audience. According to recent research by Mobile Premier League, the Play-to-Earn concept is the fastest growing segment of iGaming, expected to reach $16 billion by 2024.
However, as with any new addition to the world of tech, this type of games come with a lot of abbreviations and things different from traditional gaming. So, we have prepared this guide to present to you all the information you need to get started.
Why is Crypto Gaming so Popular?
One of the main reasons why people choose to play crypto games is to make money. Many of the cryptocurrency games offer rewards in the form of NFT, that is, they make you the token owner. However, there are also types of casino games that are often monetized through the creation of a virtual currency other than the game called tokens/coins, which can be used to bet on results such as card draws, dice rolls, lotteries, you name it.
This category usually will cover the most popular types of blockchain casinos and gaming activities, including bitcoin pokies, blackjack; roulette, poker, prediction markets, and distributed lotteries. Some of these betting activities cover Etherbots, Blockchain Cuties, CryptoKitties and Unchained Gods, among others.
The Components of Cryptographic Games
The best way to understand how cryptographic gaming works is to break it down into smaller pieces. Here are the components and abbreviations that are typically associated with P2E games:
- Blockchain. This technology provides a list of transactions and guarantees that confirming decentralized algorithms define game outcomes.
- Smart contracts. These are blockchain-based programs that are set to run specific actions automatically when predetermined requirements are met.
- Community-driven development. Cryptographic titles usually involve high partnership and co-collaboration between devs and players.
- Digital wallets. These are a crucial part of the entire architecture and a requisite tool for interaction with blockchain-based portals mentioned above.
- Transferrable in-game assets. These are virtual tokens or currencies that are stored on a ledger and can be easily transported or traded. More often than not, NFTs or other digital assets represent these assets.
Top 3 Crypto Games to Play in 2023
As it can’t be otherwise: some cryptographic game projects are more remarkable than others. Below we will show you the three most popular types to opt for this year:
Gods Unchained
In the Gods Unchained game, we face a fantasy online collectible card game, based on turns, free-to-play and play-to-earn (P2E), likewise. It presents NFTs with a real value, this allows users to compete, win and collect cards, which they can then exchange.
The game is created on the Ethereum platform and allows you to bet the native token “GODS” to get rewards. In Dec. 2023, it won two Polkstarer GAM3 awards for Best Card Game and Best Strategy Game.
The Sandbox
A veteran of the blockchain industry, The Sandbox’s metaverse has been around since inception, exhibiting tenacity since its first rollout in the alpha version.
Possessing a virtual property within The Sandbox realm opens up a whole realm of possibilities, such as the capability to construct and monetize games, and engage with other creations. To heighten the fun and potentially garner some rewarding prizes, the The Sandbox team arranges lotteries, challenges, and presents for players to try their luck at.
Splinterlands
Another project that is a great competitor is that of Splinterlands, and that, like Gods Unchained is a fantasy card game. It is based on the HIVE ledger and allows users to face each other in battle, qualify on the leaderboards and collect Dark. The best part of this app, however, is that you can earn money regardless of the price of ETH. As the value of your shares increases over time, you shall be rewarded with handsome dividends. On the flip side, if it instead decreases, they can be exchanged for a larger sum of ETH.
At the end of 2022, Splinterlands developers released an important update that allowed users to redeem previously acquired land claims in exchange for NFT of titles. Another thing that is worth noting is that the game offers Splintershards (SPS) tokens as a payment system.
What’s Next?
Cryptocurrency-based gaming platforms have already surprised their users and currently offer hundreds of titles built on this algorithm. As a result, they offer players multiple opportunities to own their virtual assets and earn real-world cash, as well as additional revenue streams for game devs. Any good project must be attentive to keep its users happy, so that crypto gaming sites do not lag behind their competitors.
In the future, however, chances are that NFT projects will be auxiliary to traditional types rather than replace them fully. Both tiles target different experiences and groups of audiences. That said, cryptocurrencies offer maximum security, so it is logical that more and more practitioners of this form of gaming try at least this form and that there will be more projects of this type in the future.