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What Is Play to Earn and How Does it Relate to NFTs?

The gaming industry is one of the fastest growing industries in the world, and many companies are looking into how to capitalize on this. Some companies are exploring blockchain technology for their gaming platform, which has opened up an entirely new market for nfts (non-fungible tokens). One such game that is utilizing nft’s is Axie Infinity, which rewards players by earning in game tokens such as Axie Infinity Shards(AXS) and Smooth Love Potion(SLP). Since these tokens are on the Ethereum blockchain, they can be traded as any other cryptocurrency built on ETH. This would be an excellent way to introduce nfts because it lets people experience what happens when they use them first hand!

There are many different types of nfts, but they all share one common trait – they are unique. This makes them perfect for gaming platforms because it allows players to own their in-game assets. For example, if you earn a sword in a game, that sword is yours and no one else can have it. This creates an entirely new gaming experience because players now have a vested interest in the game. In Axie Infiinity, you can trade for different digital pets (Axies) which based on their level of experience could be worth a significant amount of money.

There are also games such as Kart Racing League, which is built on the Polygon network, which is a “Super Mario Kart” type game which allows you to earn their in game token (KRL) when you win a race. You are also able to upgrade your vehicle and driver and sell your old ones. In the past, with traditional gaming, you would be stuck with your old, lesser powered items with no recourse but to let them sit unused, now you can recoup some expenses by selling these to other players.

People often refer to the movie “Ready Player One” when trying to describe how nfts, the metaverse, and gaming will become more immersive and a larger part of some peoples’ lives. While it is a very dystopian movie, it does serve as a good example of how games will be played in the future and also introduces the idea of earning credits to use for real world value.

The whole idea of “play to earn” goes well beyond just gaming and the examples above are just the tip of the iceberg when it comes to what is possible with this type of mechanic. Imagine how you can use “play to earn” within your own business, and the possibility of rewarding loyal customers and clients with nfts or possibly tokens. Perhaps you you could have a rewards system where you earn tokens just for being a client or referrals, similar to the hole-punch cards you get at your favorite bagel shop.

The sky is the limit when it comes to possibilities with “play to earn”!

This is just the beginning for nfts and gaming, and we can expect to see more incredible things in the future. Stay tuned for more information and how it will revolutionize the gaming industry!