Don't you just wish you could go back to your elementary school principal
and let him know that, yes, in fact, you can make money playing video games?
Well, with play-to-earn, this is all possible.
Now, throw in the metaverse,
and the sky is the limit.
Absolutely.
Now, on today's episode,
we're going to dig into the top three ways that you can play to earn here in the metaverse.
Now, if you are looking to get in the game early
and replace your current paycheck with play-to-earn gaming,
come join us.
It's time for Meta Money!
Play-to-earn allows players to generate income by playing a game.
Now, obviously, games can differ,
but the rewards typically come from three places---
earning the in-game's native currency,
staking,
and generating tradable NFTs,
which are like in-game items.
Nice!
The play-to-earn concept is not new.
- It's actually been around for a while - Yeah.
but with several major flaws.
Blockchain technology has completely changed the name of the game,
and it's paving the way for newly created in-game economies and business models
where players can work for an income.
Blockchain games can be developed in a way that prevents cheating
such as item duplication or exploits that are common in most of your traditional games.
Alright, man.
- Before we get into all of this, - Yeah?
where do we even begin?
Alright. So here's the kind of the top things that you're going to need, right?
You're going to need a crypto wallet, first of all, so learn how to do that.
If you haven't already.
We recommend MetaMask if you're just getting started.
Next, keep in mind, most of the current games are requiring initial investment.
However, we are seeing the more free-to-play games popping up really quickly here.
Now, an example of this is Spider Tanks on Gala Games.
Currently, it's in beta, so it costs money.
You have to have an NFT to be able to play it.
But here in the future,
you'll be able to play with zero upfront investment
and then still make money.
That's great.
Now, free-to-play-and earn is probably going to be the best way to get new users into the space.
And with that model, it should bring more incentives and growth
- into the whole gaming ecosystem. - Yeah.
So for the first way that you can earn is playing the game
to get the in-game native crypto asset.
For this example, let's talk about Town Star.
Alright. Have you guys heard of Farmville?
I think most people have.
I haven't played it very much.
But it's still a cool game.
Well, this is very similar.
But you'd build your own town.
Town Star is a competitive farming game from one of the co-founders of Zynga,
the company behind Farmville.
Each week, the top players in the leaderboard win big prizes.
And there's actually like little tasks that you complete like every day
in order to own a TOWN coin.
It's T-O-W-N if you want to look it up on CoinMarketCap.
Well, currently, the token comes in about 87¢ at the time of recording.
It has actually seen highs of $2.31.
Now, according to YouTuber The Sorensen Family Channel,
he claims you can earn about $22 a day spending only 5-10 minutes on your town.
Alright. So the next way to earn is with staking.
Now, if you're not familiar with staking,
it's a way that you can basically put your crypto to work
- and earn rewards on it. - Yes.
So staking crypto is a process that involves committing your crypto assets
to support a blockchain network and confirm transactions.
Absolutely.
Now, an example of this one is Splinterlands.
Gamers can stake their SPS tokens on a staking dashboard right on the company's website.
Splinterlands distributes the SPS tokens on a daily basis through the staking platform.
Now, right now, users can expect about a 500% interest
- on their staked token. - Wow!
However, the APR will drop as more players join the staking pool.
Now, this brings up a great point of being an early adopter.
Yeah. I mean, this is huge.
- That's why we're here right now. - Yeah.
We have to be early on this.
Because the people that are playing these games right now
are going to be the ones that benefit the most from it early on.
Absolutely.
Alright. So for the third and final example in this video,
it's generating tradable NFTs.
So if you have been living under a rock,
NFTs are non-fungible tokens.
A non-fungible token is a unique and non-interchangeable unit of data
stored on a digital ledger.
Whew!
Okay.
Yes!
Besides items in games,
NFTs can be associated with easily reproducible items
such as photos, videos, 3D models, audio
and other types of digital files as unique items.
NFTs use blockchain technology to provide a public proof of ownership.
- Wow! That was a mouthful. - Yeah.
Well, anyway, so for the example of this one,
we're going to talk Spider Tanks coming from, yep, you guessed it,
Gala Games.
In this one, we touched on the concept earlier,
but eventually this completely free to play game,
you will be able to earn NFTs
which you would be able to sell or trade on a marketplace
for either a currency or another in-game asset.
So, basically, how this works is you're going to play this free game, right?
And you're going to be in the game, and every time you complete tasks,
or you level up your tanks, or you get to new levels,
you're going to unlock NFTs.
Now, those NFTs, you can either keep for yourself and use it in the game,
or you can sell it on a third party marketplace like OpenSea.
And the price is like an auction,
so you could--
sometimes you make a lot of money,
sometimes you'll make less,
depending on what the supply and demand is for that item.
Alright, man. So you've earned these in-game tokens.
- Yes. - Or these NFTs.
- And you want to turn it into money. - Yeah.
How do you do that?
Alright. So, basically, you're going to have to learn how to use exchanges a little bit, right?
So if you're in the crypto space, you might already know that.
If not, it's going to be a little bit of a learning curve.
- And we may go deeper into that in the future. - Absolutely.
But basically, what you're going to do is take these tokens,
like, for example, TOWN, like we talked about earlier in the video,
and you're going to transfer them to an exchange,
and you're going to exchange them for dollars,
and then you can withdraw those dollars to your bank.
Yeah. And it's always wise, in our opinion, I mean,
obviously, Bitcoin is the king of the crypto,
so if you can exchange these tokens for Bitcoin, do that,
Ethereum,
any one of the top 10 or top 100,
whatever coins you like,
and if you're just getting started,
find some other videos and learn what coins work best for you.
And it may be a noteworthy thing to keep these coins early on.
- So you might-- - Hmmm.
because they might go up in value.
So if a TOWN coin right now is worth 87¢,
it might go back up to $2.
So maybe wait before you sell it.
But that is also risky.
If we look at mining for example, it could be similar,
where you want to sell your assets right away for cash
so that way, you at least know you're earning.
But there's a lot of people making speculative plays right now
for good games that they think are going to boom.
- You never know which one's going to be the next SHIB. - Yeah. So figure it out.
Alright, guys.
Well, that is our top three ways that you can play to earn right now.
We hope that you learned something.
Now, if you want to learn more,
make sure to pop on over to the New Money Gang channel
where we're always showing you how to turn your passion into profit.
And also check us out next week on the BitBoy channel at 11AM
where we dive more into the metaverse and everything it has to offer.
See you then.