Earn Money with Blockchain Gaming on TradeFighter
The terms cryptocurrency and blockchain are on everyone’s lips these days.
The crypto market has exploded over the past year, not only with the number of users (circa 100 million at last count), but also with the number of new currencies created and the exploding level of innovation within the sector.
DeFi (decentralised finance), for example, has grown so quickly — from $1.8B in value in June 2020, to $16B by the end of 2020, to a current value of $80B — that SEC chairman Gary Gensler is shouting for regulation.
Another sector that has grown massively during the pandemic is gaming. It makes sense — during COVID, with all but essential shops closed and all of us stuck at home with not much else to do, gaming was one of the obvious ways to chill out, have fun and pass the time. It was so popular in fact, that in the second quarter of 2020 US consumers alone spent $11.6B on gaming, and the console sector alone made $45B in the same year.
Traditionally playing video games was all about fun. You’d plug in, play and relax. It’s still about fun, of course, but gaming has developed into so much more, to the point players have even entered the realms of earning real money from gaming.
Play to Earn
The ability to earn actual money from playing video games started on platforms like YouTube and Twitch. Gamers would live-stream or upload videos of gameplay and receive either advertising revenue or ‘donations’ from their viewers, depending on how popular they were.
The potential for real-world gain was so huge that Pewdiepie, one of the biggest youtubers in the world, started his channel streaming gameplay and has been reported to earn upto $7million a year.
With play to earn becoming possible and digital currency growing in popularity, it was only a matter of time before the huge world of gaming would collide with the equally huge world of cryptocurrency, and play to earn has evolved past just streaming and gameplay video uploading.
Enter Blockchain Gaming
As the name suggests, this is the marriage of blockchain and gaming, which gives players the real opportunity to earn money from playing games.
Early frontrunners of the industry have been receiving huge investments for their projects — in the first half of 2021 three blockchain gaming companies raised $349m between them in funding. In addition, blockchain gaming accounted for 9% of the total amount of investment into the gaming industry in 2021.
This shows the level of confidence early investors have in the sector and how much they expect it to grow, but what exactly is blockchain gaming, how can you earn from it and why does it have the potential to be so big?
Going briefly into cryptocurrency 101 (apologies if this is a bit rudimentary — skip past this and the next title if it is), the blockchain is a growing record of transactions linked together by cryptography.
Each block contains a certain number of transactions and has a unique digital fingerprint (called a hash) which is defined by the records in that block. If just one record in a block is changed then the hash of that block also completely changes. The title of a new block is the hash of the previous block, so if any records are retrospectively changed, the hashes of that block and all subsequent blocks also change.
The benefits of the blockchain are the fact that transactions and records can be viewed and verified by anyone, which makes cheating the blockchain damn near impossible. This is the basis of the trustless system that lies at the heart of cryptocurrency.
Non-Fungible Tokens are the hot new thing everyone’s talking about, even though they’ve been around since 2017. They took the digital art and music worlds by storm, with some paying thousands or even upwards of a million for an NFT. The first and largest NFT’s were from a company called Cryptopunks, whose lifetime sales of their pixelated image NFT’s surged past an eye-watering $1B since 2017.
In the simplest way, an NFT is a unique digital asset that can be verified as unique using the blockchain. You can think of it like a painting by Picasso — you can make as many copies of the painting as you want but there will only ever be one original. The original is what holds true value, and the person who owns the original can capitalise on that value.
How Blockchain Gaming Works
In traditional story, quest or RPG games players could develop their playable characters and earn credits or money within the game, which they would use to make their characters stronger. With the advent of smart phones came the use of real world money to purchase items (like upgrades, weapons etc) within the game.
One of the implications of these in-game purchases with real-world money was that the player didn’t truly own of the items they were purchasing. The items still belonged within the game and players were not able to do much trading between each other, so they couldn’t monetise their digital assets once they were purchased.
Blockchain gaming has changed this by utilising NFT’s.
In current blockchain games players can breed, raise and customise their gaming characters which are digitised as NFT’s. They can buy or sell characters as NFT’s using cryptocurrency as well as earn native tokens in whichever gaming ecosystem they’re playing in. Any cryptocurrency that players earn in the game or from sales of their NFT characters can be exchanged for fiat currency. The most popular of these blockchain games is Axie Infinity, which at the time of writing has seen $485million revenue since July.
Players have the opportunity to make real money playing blockchain games, as is currently being seen in Venezuela, where some players have even replaced their working income and are paying their bills using money they’ve earnt from gaming(!).
Trading and Democratisation
Trading on the financial markets is also, in many ways, like a game.
Traditionally speaking the ability to trade on stock, commodies or currencies was reserved only for the rich or those in-the-know. You needed a lot of money to start with and a broker to place trades for you. The internet has changed all that, and now anyone with a smartphone, an internet connection and a minimal amount of starting capital can trade on the markets.
This democratisation of trading — spreading the ability to trade from the hands of the few to the hands of the many intensified even further with cryptocurrency, since many crypto assets are decentralised and have no middleman or central authority pulling the strings.
Wall Street and the big banks started out with an unfavourable, almost hostile view of cryptocurrency when the market first started gaining steam, dismissing it as a fad and a fools bet. Fast forward to 2020/21 and the crypto’s total market cap is around $2.3 trillion, and the big banks have understood they can no longer dismiss cryptocurrency as a passing fad.
Anyone can trade now, anyone can have fun trading and anyone can make money trading.
TradeFighter — Where You Can Make Actual Money from Gaming
This where TradeFighter combines all of it — trading democratisation, blockchain gaming, play to earn, NFT’s and the chance to make real money.
TradeFighter maximises the democratisation of trading by allowing anyone to play the game. Players can Play to Earn by placing price predictions on cryptocurrency pairs, and all they need to start playing is a WEB3 Wallet with some BNB in it. No personal information or KYC checks necessary.
Players earn rewards in TradeFighter’s native token, TDF, if their price predictions are correct, which can be exchanged for BNB and fiat.
Early adopters and liquidity providers will have the chance to earn or purchase NFT’s in the form of unlockable and playable TradeFighter characters, which not only will be unique (verifiable on the blockchain), they’ll also open up new abilities in the game — like new prediction pairs, increased pledge limits and leveraged predictions.
Tradefighter is at the forefront of blockchain gaming, play to earn and trading democratisation.
When you play the game, you Get Rich or you Get Rekt.
Disclaimer: This piece is meant for informational purposes only and does not constitute financial advice. Please do your own research and/or consult a financial, legal or tax professional before making any financial decisions. You may lose some or all of your money in price predictions or any kind of cryptocurrency trading.