How to make money playing P2E games in 2023?

The days are past when the players were merely fond of online games
and competing to win. Now with the assistance of GameFi, blockchain & NFT
technologies, when users play games online, they can earn money & other rewards such as free in-game collectibles or cryptocurrencies as compensation for the time they gave to play these games.

These valuables can be transformed into cryptocurrencies & and later swapped for fiats or other cryptos on online exchanges. With the popularity of these P2E games, the worth of the native cryptocurrencies driving these games & their collectibles rises.
This eventually makes these games and their in-game collectibles good
investments that bring massive returns.

Gather & hold them in your cryptocurrency wallets like Enjin mobile wallet, Trust wallet, Metamask wallet & others. You can also utilize the in-game rewards to acquire game characters & weapons that are later sold in the game's marketplace.

GameFi continued to be favored by capital funds in Q3: $963 million was raised within the GameFi sector, accounting for 16.4% of total earnings by volume and 15% by number (67 out of 442). 

Making Money with P2E Games:

P2E games give the players options on how they can use their in-game valuables/assets, from renting out their characters for profit to staking the tokens. Here are some of the many ways to earn money in P2E gaming.

• Minting new elements (NFTs):

There are several ways to earn by minting new elements in
P2E games. In Metaverse games like Cryptovoxels & Decentraland, players can
make 3D objects, wearables, and collectibles for royalties from secondary
sales. In Cryptovoxels, users can earn 10% of a sale price with every
subsequent sale. In other P2E games like CryptoBlades, users may forge new
armaments & then sell them on the CryptoBlades marketplace. How you can
make money depends on the royalty percentage in NFT creation. Normally,
creators can earn between 1%-15% per secondary sale depending on the marketplace
& game.

• Virtual Real Estate:

Virtual reality parcels or virtual real estate are metaverse
characteristics. Virtual properties are tokens often called ERC tokens. Famous
metaverse games with reality parcels are Upland, Decentraland & the
Sandbox. In metaverse games, a virtual parcel's features are linked to its
value; for example, a property right next to a celebrity-owned parcel or next to a famous venue can be more
valuable.
The money made in trading these virtual parcels varies. In a few metaverse
games, players can make P2E games or attractions on parcels, charge entry fees
& earn income.

• Breed the character:

P2E games are not just battling & exploring; breeding is
another way to get passive income. Here the breeding means minting a new
token to be set in circulation in the P2E game e.g., in CryptoKitties, where
the players can pair a female & male cat that later breed to develop
new cats that can sell on Non-fungible token marketplaces. This unique cat
carries characteristics from the parents, which factor
into the newly created cat's value.

How a player can make money depends on the breeding, which
needs a crucial investment first. For a better chance of breeding valuable
P2E collectibles, you may need to buy valuable parent NFTs. For example, in
CryptoKitties, the ordinary CryptoKitty sells for approximately $65. However,
some rare ones are worth thousands of dollars, while a few have sold for more
than $2 million.

• Tournaments and Events:

Some MMO games consist of special tournaments and events,
bringing opportunities for players to earn rare participating rewards. In
tournaments, there is usually an entry fee paid with cryptocurrency. So the
more players enter, the larger the pot. In Arc8, the tournament's payout can be
around $8-$500, depending on the day, the value of the in-game currencies,
difficulty, and total of players entered.

• Winning in-house game tokens:

Many blockchain games carry an in-game currency that can be
exchanged for cash or other cryptocurrencies. For example, the P2E game Axie Infinity has Smooth Love
Potion (SLP), which has two major uses:

• Get the in-game currency
• Get items to breed the characters

Through playing the winning battles and Axie Infinity, Axies
are axolotl-kind monsters. You will get a reward in a smooth love potion which
can be cashed out or swapped. SLP is valued at $0.00205 according to many
valuers. A similar token is the SAND, which is the in-house token of The
Sandbox P2E game.

Some P2E games need active engagement, while some need only
passive involvement. For example, CryptoBlades, Axie Infinity, and Splinterlands want their
players to remain associated with battles to earn. Money-making also depends on
game currency value and how frequently and well you play. However, only some
games are skill-based. In Axie Infinity, novice players can get from 75 to 300
SLP/day. In Bomb Crypto, they can earn around 4-5 BCOIN, the in-game currency,
per run in Treasure Hunt mode.

• Staking P2E tokens:

Staking is the process of locking tokens to get rewards, making them available for exchanges. Tokens are locked for
a certain time called epochs & when the period lapses, you earn rewards,
usually from transaction fees. Many P2E games carry staking pools, e.g., DeFi
Kingdoms (Roll Playing Game). Players like JEWEL have to go to the Gardens to
stake the P2E tokens. Users stake JEWEL to get JEWEL emissions, related
to how frequently new tokens get released.

By the time, players stake
"unlock" more earnings and rewards as they move by Epochs. Every
staked token in Epoch 1 gives you 5 percent to unblocked rewards. In every
Epoch, the claimed rewards percentage can increase by 2%. You can earn approximately
10%-20% of your staked tokens yearly, based on the game & value of the tokens.

• Mining:

Mining a coin happens when hardware "mines" new
coins to be put in circulation. Miners began to add to the new game's currency in
circulation to use it in the game. Mining in cryptocurrency relates
to hardware solving difficult math problems to develop the next block.

Miners' earnings depend on how much they put into this
setup. If they need to earn more, a pro-mining rig can run around $15,000.
Coins with mining are taxable. The coin's worth is not guaranteed after you
have mined it & earnings from entering a mining pool can change. However,
mined coins can be placed & sold in pools to get passive income.

• Scholarships:

Scholarships in P2E games are a fancy style of saying,
"renting out the characters for profit." The scholarship guild (club)
normally includes players (scholars) and a manager. The manager owns the P2E
tokens, which the scholar uses to play the game. The earnings & rewards are
split among guild members. For example, Axie Infinity has several guilds based
in different countries.

• Trading NFTs:

Trading P2E tokens relates to buying & selling. This way of
earning in gaming needs research & a decent initial investment. Tokens are key, which players
pay & acquire items. If users get their hands on a unique &
powerful Splinterlands trading card, they can roll it over it for a profit
in the market. Your earnings depend on the NFT's worth, the game's current
popularity & in-game currency.

Famous gamer streamer platforms are YouTube & Twitch,
although Twitch is more aimed at gamers.

• Twitch streamers earn income from subscriptions.
  The streamers set the subscription cost, and several also accept donations for
  streaming up and running. Subscribers can attain access to exclusive content
  and other gifts.
• YouTubers earn income from sponsorships,
  advertising, views, and donations from subscribers.

If you are a novice to streaming, it may take a long time to
get profits. At the same time, expert Twitch streamers may earn around
$3,000-$5,000 per month.

The opinions expressed in this article are the author's own and should not be taken as financial advice. Any investments made as a result of reading this article are done so at your own risk. The author cannot be held liable for any losses that may arise as a result of following the advice contained in this article.