- Gaming on decentralized finance platforms is attracting the interest of crypto enthusiasts
- These games run on distributed platform such as the Ethereum blockchain
- Axie Infinity’s native tokens AXS and SLP can be earned by engaging in quests within the game
- Nearly every DeFi game can be downloaded for free
Gaming was always a beloved pastime of many. Lately, crypto assets like Bitcoin and Dogecoin have also become a mainstream investment prospect. What if there is something that combines these two forces to let you earn cryptos while gaming?
DeFi gaming or gaming on decentralized finance platforms is gaining traction. A few platforms have over hundreds of thousands of monthly active users. Simultaneously, DeFi gaming is also facilitating adoption of DeFi platforms like Ethereum.
What are DeFi games?
Decentralized finance (DeFi) games are enabling a shift towards play-to-earn model. Such games represent objects as non-fungible tokens (NFTs). From ammunition to costumes, things inside the game’s universe can be traded as NFTs. In some situations, the earned rewards can be sold to collect a crypto asset.
The other distinction of decentralised protocol gaming is use of public blockchain for storing data. Users’ rewards and collectibles are stored in the distributed ledger for establishing a proof of ownership.
Also read: Which crypto to buy now in Canada?
The rewards earned by gamers are still available even when the gaming platform is down due to technical snags. Games can also have native crypto tokens. Such tokens can be moved without any intermediary or centralized authority. Staking is an option that enables gamers to earn interest on their holdings or use the crypto token to make in-game purchases.
Nearly every DeFi game can be downloaded for free. Post downloading, the user may need to buy initial avatars and costumes using the native crypto. The gamer needs a crypto wallet to secure a reward. For example, a DeFi game that runs on the Ethereum’s blockchain is likely to work best with MetaMask wallet.
3 popular DeFi games to play and earn cryptocurrencies
Axie has become a formidable player in the DeFi gaming industry. It uses Ethereum’s blockchain.
AXS and SLP are the two native tokens of Axie Infinity. The users must purchase three ‘Axie’ monsters to get started. As the game progresses, SLP tokens can be collected by winning missions.
The Axie gaming platform has over 300,000 monthly users. The platform also has its own sidechain, with the ability to scale operations according to demand.
Players in this game mine trillium (TLM), the native crypto token of Alien Worlds. It takes gamers into a universe with multiple planets. Rewards can also be earned by leasing out the earned ‘land’.
The game is said to be the first DeFi game to have crossed 100,000-user milestone. According to reports, it is played by over 2.5 million players today. It uses not just the Ethereum’s blockchain but also Binance Smart Chain and WAX.
WAX is the native blockchain of Alien Worlds, and mining requires purchase of NFT game cards.
User base of popular DeFi Games
CryptoBlades lets gamers earn the native SKILL token. Players can also build their own weapons to fight in quests. These can later be traded in the distributed marketplace.
The game uses the Binance Smart Chain blockchain, and over 500,000 users play it on a monthly basis. In order to begin, the gamer needs to purchase nearly 0.2 Binance Coins. These BNB can be used to pay fee.
DeFi games are gaining popularity for their fun and crypto earning features. Many believe they can bring more users to the world of decentralized finance. They provide a substitute to crypto enthusiasts to trade cryptos by earning them while playing and not by purchasing them over an exchange.