Just a few short years ago, the concept of earning cryptocurrency by playing games did not exist. Today, however, cryptocurrency websites are full of news on so-called “play to earn crypto” apps and how they’re removing the landscape of the gaming.
It seems like an amazing concept, but just like Bitcoin itself, it’s more complicated than it initially appears. And similar to all things crypto, it’s best to approach play-to-earn apps with a bit of caution and due diligence.
What is play to earn crypto?
At their core, play-to-earn crypto apps are pretty simple. They’re games that allow you to earn cryptocurrency as you play online games. The actual process of earning crypto varies from app to app, but it typically involves completing in-game tasks or reaching certain milestones.
Some play-to-earn games are stand-alone apps, while others are integrated into existing platforms like Steam. The latter is the case with Hyperspeed, a popular play-to-earn app that allows you to earn in-game credits that can be used to purchase items in the Steam marketplace.
Some of the most popular play-to-earn crypto games today are:
- CryptoKitties: A digital collectibles game that allows you to breed, buy, and sell virtual cats.
- Spells of Genesis: A mobile strategy game that combines elements of trading card games and arcade games.
- Decentraland: A virtual world where you can buy, sell, or trade virtual property and goods.
The list goes on and on, but these are just a few examples of the growing number of play-to-earn games that are out there.
Are they legit?
The short answer is yes, play-to-earn apps are legit. That being said, there is a bit of a caveat.
While the games themselves are legitimate, cryptocurrency websites have flagged a number of scams associated with play-to-earn apps. For example, some apps will promise huge rewards for playing but will then make it nearly impossible to actually cash out those earnings.
Other apps will simply disappear, taking your hard-earned crypto with them. This is why it’s important to do your research before you start playing any play-to-earn crypto game.
Can you get rich from play to earn crypto?
Theoretically, yes. If you’re lucky enough to find a popular play-to-earn game with a big community and a thriving in-game economy, it’s possible to make a decent amount of money from playing the game.
However, it’s important to keep in mind that most play-to-earn games are still in their infancy. As such, there is a lot of uncertainty surrounding the long-term viability of these games.
Benefits and Risks of Play to Earn Crypto Apps
As with anything related to cryptocurrency, there are both risks and rewards associated with play-to-earn crypto apps. Let’s take a closer look at some of the pros and cons:
Benefits:
- You can earn cryptocurrency without investing any money.
- Play-to-earn games are a fun way to learn about cryptocurrency and blockchain technology.
- There is a growing number of play-to-earn games to choose from, so you’re sure to find one that suits your interests.
Risks:
- There is no guarantee that you will actually earn any cryptocurrency from playing.
- The value of the cryptocurrency you do earn may fluctuate wildly, so you could end up losing money in the long run.
- Many play-to-earn games are still in their early stages, so they may not be around for long.
The Bottom Line
Play-to-earn apps are a new and exciting way to earn cryptocurrency. However, they come with a certain amount of risk, and we don’t recommend investing more money than you’re willing to lose.
In addition, it’s best to combine these apps with trusted ways to invest in cryptocurrency if you’re serious about making money in the space.
Not sure how to get started? Our asset managers at Key Coin Assets can help you create a smart and profitable investment strategy – contact us NOW or call us at 843-886-9547 to learn more. We also offer other services such as digital marketing for blockchain companies, so we encourage you to inquire about them during our conversation.