If you’re here you probably just stumbled across the P2E term or are maybe wondering how someone could earn income just by playing. To quickly break it to you, yes, these opportunities are actually real: there is the possibility to play games to earn some currency, but is it really worth it?
In this article we will examine how this recent phenomenon of P2E games works in simple terms and will try to answer this question.
What does P2E stand for
As we might have already roughly mentioned, P2E stands for Play-To-Earn and it is usually referred to videogames. Usually In those games there is the possibility of gaining a sort of in-game currency to exchange them for a crypto.
The ways you accumulate these currencies may vary based on the played game but the most used are the following methods:
- Earning cryptocurrencies within the game.This is usually done through game mechanics such as completing daily missions or battling players and completing desired tasks.
- Earning or trading NFTs within the game. Each of them can represent an object, character, or other collectible item in the game. Depending on the game, these items can be purely aesthetic or have a specific use or purpose.
- Creating game-assets. Mostly in the case of sandbox games, the content might be created directly from the user and then resell it to others. In some games you might also issue a fee just for others to see the work you have done on an entire scenery.
- Some NFT games also allow users to lock NFTs or cryptocurrencies within smart contracts, which in turn generates rewards. However, to earn great rewards from staking, you will need a very large initial deposit.
The History of P2Es
Thanks mainly to blockchain and NFT technology, these “new” video games actually already have a history behind them. As early as the early 2000s, mainly on the online multiplayer video games of the MMO genres but not exclusively, players used to trade in game items, and some chose to get paid with real money instead of using the in-game currencies.
This system is quite flawed: in fact, the items aren’t really “owned” by the players. If the game makers shut down their servers, then all progress and the assets you paid for are lost. Furthermore those exchanges were not regulated by the game company and were extremely risky and quite subject to scam.
How do P2Es work?
P2E functionalities usually work on top of the blockchain and NFT technologies.
To put it in quick terms the blockchain is a structured database in the form of a chain of blocks, each of which contains a series of information. The ties each block has with the previous and the next are one of the keys that ensure the legitimacy and safety of this database making it practically impossible to hack.
NFTs, briefly, are ownership contracts stored on the blockchain. Game companies which dedicate to P2E mechanics usually have part, if not all, of the game assets converted to NFTs. This makes the trading of them with other users extremely safe and also well regulated.
At the base of the play to earn games experience there is an important concept called “digital scarcity”, that is the limitation of the resources present on the video games that allow the exchangeable objects to acquire value, in order to be bought and sold, sometimes even outside the game.
But how is it possible, exactly, to earn real money by playing video games and cash out? It will be necessary to deposit the NFTs or cryptocurrencies obtained through gameplay on an NFT exchange marketplace or on a cryptocurrency exchange.
How to get started in a P2E
Playing one of the play to earn video games on the market requires a few typical steps to take. In particular:
- Opening an e-wallet: it is necessary to deposit the NFTs and cryptocurrencies earned with play to earn. The type of digital wallet to choose will depend on the type of blockchain technology. underlying the play to earn videogame chosen, you will need to check the game website for this;
- Purchase of “starter pack”: most play to earn video games require the purchase of some NFTs to access the gameplay. For this reason, play to earn games usually require a minimum amount of capital to invest, so it is necessary to weigh the choice.
Are P2E games worth it?
As specified in the previous paragraphs, play to earn games require a minimum capital to be allocated to the platform, so they must be treated like any other investment in which it is possible to lose money too. Therefore, we recommend playing P2E video games with responsibility and caution, carefully weighing the characteristics of each game as well as the amount of money you are willing to invest.
The amount of income earnable is usually determined by these factors:
- How much is the game economy well thought of by the game company. Is there a real scarcity of the objects I will be able to sell? How is the earning curve based on the initial amount invested and the time you will dedicate to the game?
- How good the game is. The money players invest into this game will likely be also because of the fun of the game, if you can earn a lower amount of money than in your job and your job is more fun, you could clearly not even bother yourself with a P2E.
- How popular is the game going to get. As for most of the projects on the blockchain, the P2E will probably run on some specific token or cryptocurrency. The value of them is largely based on how most people value that item.
The possibilities to earn through P2E games are real but those still remain possibilities. If you really want to earn playing you should first have some money you’d like to invest in it, the dedication required to follow the project of your choice and also be sure to be well informed about the P2E game you’re interested in.
Uppeee has in store different P2E games for the future. Right now we’re working on a trivia game, a kart racing game and a shooter game and all people who possess at least one of our NFT will have free access to them. Join our channels to keep updated with all of our news.
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What is Uppeee
Uppeee is a project with an ever expanding pool of utilities, born thanks to a wonderfull community of gamers and art lovers. The Uppeee coins are Ethereum-based token flowing through all the experiences of our Platform.