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Play-to-earn
Play-to-earn allows players to generate a steady stream of crypto income simply by playing the game. Each game's mechanism can differ, but the rewards typically come from staking, farming the game's currency, or generating tradeable NFT items. In older blockchain games, users relied mainly on random chances to make profits. However, play-to-earn has created in-game economies and business models where players can work for an income.
With their mix of gaming and finance, play-to-earn games fall under the GameFi category. Each game provides financial incentives to play and progress. As mentioned, there is usually a grinding aspect to repeating specific actions that let users earn income in two main ways:
  • Earning in-game cryptocurrencies. One example would be Axie Infinity's Smooth Love Potion (SLP), acquired by completing daily quests or battling monsters and players.
  • Earning or trading in-game NFTs. Each NFT may represent an item, character, or another collectible in the game. Depending on the game, these can be purely cosmetic or fulfill a use or purpose in-game.
There's also a third alternative to earning with play-to-earn games: staking. Some NFT games allow users to lock up NFTs or cryptocurrencies in smart contracts, which in turn generate rewards. For example, staking MBOX tokens rewards users with MOMO NFT Mystery Boxes. Each one contains a random NFT of differing rarities, which can then be sold on the secondary market. However, to earn large stake rewards, you will need a very large initial deposit.
A bunch of API/smart contracts that will enable developers to migrate or create a play to earn gaming apps are available as a service that will help developers leverage the assets already built on the SILK platform.
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