Making money while having fun is an idea I like. But can people REALLY make money by playing games? Some people definitely make money playing games. Earnings are modest as we are currently in bear season. Still, earning money instead of spending while having fun is tempting.
In the paragraph above, I stated that some people make money from games. The number of winners is currently low because we are in bear season. During the bull season, the number of winners was more remarkable, and the earnings were higher.
The digital assets of popular play-and-earn games are subject to boom and bust cycles. Those who can ride the wave with good timing win. Conversely, some players are stuck in the wave because they are late to join. Fortunately, this isn't the end of the world. We can learn by falling—those who try not to lose learn nothing.
My experience has shown me that timing is essential. It is not enough to like a game or play it well. We must enjoy the game, play it well and buy its digital assets appropriately. If we buy its coins or NFTs the day we hear the game's name, we will most likely make a loss, as we hear about the games in boom periods. We hear the name of cryptocurrencies for the first time in boom periods either. Did I mention timing is essential :)
How about getting a game's assets while it is still under development? It is better than buying after the hype. Of course, this choice is not without its risks. The game may have created hype while in development and may not receive the expected attention when released into the production environment.
In the paragraphs above, I have touched on risks rather than opportunities. This situation is due to the effect of the bear market on me. Let's talk about some good possibilities.
If the game becomes a classic like Splinterland, we can earn lifetime rental income from our digital assets. Or the investments we have in the game can bring us income like a shop. We can run our digital shops or transfer the business to someone else.
In the crypto sea, the current is as effective as the waves. The current, like the waves, has its rhythm and frequency. For example, we are at the end of the bear market right now. The current is unstable. Sometimes it helps us; sometimes, it slows us down.
The environment may not seem suitable for surfing, but the materials are cheap. It was nearly impossible to profit from play-to-earn games last year. This year, it is possible to benefit by investing in the right assets. For example, Splinterlands cards Runi and Lux Vega released in the fall brought profits to investors. The same cannot be said for card packages.
I talked about the investment dimension of the subject above. There is also a playing dimension to the issue. Good players quickly grow their small investments. Play-and-earn games require strategic thinking skills and discipline, following announcements, claiming earnings, etc.
The existence of waves is not an obstacle to our long-term commitment to the games. The real big money can be made when we approach the issue long-term. We need many iterations to master the games and improve our timing skills. We also hope that NFTs of classic games become more valuable over time. There has yet to be a game that has gone through two bull markets. What price will early Splinterlands cards reach at the end of the next bull market? We are talking about an emerging category of a young industry. We are still determining exactly how things will unfold. On the other hand, we know that the play-to-earn category is not temporary. Web3 games will likely still be played a hundred years from now, and early NFTs of classic games will be treated as antiques.
TL;DR
Those skilled at strategizing and executing can earn money from play-and-earn games. The general state of the crypto market is affecting earnings. Also, digital assets that must be purchased to play the games are subject to boom and bust cycles. The choice of digital assets to purchase and timing affect the return.
I used the term play-and-earn instead of play-to-earn in this article. I think the primary goal should be to have fun. On the other hand, we must make conscious choices about our investments. High profits often trigger wrong decisions. Yields rise when demand is high, and players aim for more than they earn. Rapid depreciation begins when prices exceed the level the game can handle.
There is still a lot of experimentation going on in the play-and-earn category. More stable game economies will emerge over time. Or we could get used to price volatility. I'm currently playing four games running on Hive. I suppose everything will be fine.
Thank you for reading.
Image Source: Midjourney App