Play-to-earn (P2E) may not necessarily be a new concept but it’s still quite young. I’m sure that this space will be developing very rapidly over the coming years. We probably won’t see a proper boom in this space until the next crypto bull run, which will likely take a while but at the same time, I think this creates perfect conditions for familiarising yourself with various established and new P2E platforms.
There’s a well-known investing motto – bull markets can make you money but bear markets can make you rich. Most people just simply translate it to ‘buy low, sell high’ but there’s much more to it. In my opinion, the true value of bear markets is the time they give you. You can research projects. You can learn and try out various platforms. Gas fees are low. There’s far less FOMO. In short – you have the time and conditions to prepare yourself for the next bull run. And with a bit of luck, you can also make some money in the process.
This article will be a beginner’s guide to P2E and I will use KomNPlay platform as an example but of course there are many other P2E options. If you are looking for various games, you can check out what was launched on launchpads like Seedify Fund, Kommunitas, or EnjinStarter. Or you can look up a platform, which has multiple games, such as Vulcan Forged or KomNPlay. As I mentioned above, I will be using KomNPlay as an example here, but as always – you should do your own research and check out various platforms.
First of all, you will need to set up and account and a wallet. Although you only need an email address to do it, bear in mind that KYC (Know Your Customer) may be required under certain circumstances – for example, KomNPlay requires you to KYC for withdrawals above 100,000 KOM tokens. You will also need to fund this wallet with some KOM tokens. This is required to, for example, participate in the Duels (you can read more about it later in this article).
Once you’ve earned some tokens, you can either hold on to them to cash out when the market picks up, or you can move them to an exchange and sell. Bear in mind that withdrawals aren’t always immediate – in this example, it can sometimes take up to 24 hours.
Once you have an account and a wallet, you just need to pick a game (or games) you're interested in. On a platform like KomNPlay you will find many different titles, in fact, well over 100 different games at the point of writing, so there's pretty good chance that everyone will find something interesting. Many of those games are simple and easy to play, which makes them perfect for your daily commute or other idle time.
So how can you earn crypto while playing?
This will vary between platforms and games - sometimes you just earn tokens, in other cases you may be also able to trade game-related NFTs such as land, weapons, or heroes. There may be also different ways of earning crypto within a particular game or platform. For example, KomNPlay gives you an opportunity to earn tokens through Duels and Wars.
In Duel Mode, as you expect, you can challenge other players to a duel. Players who send duel requests can set bets in the form of KOM as much as 1,000 KOM/5,000 KOM/10,000 KOM/25,000 KOM (subject to both players having sufficient funds in their KomNPay wallets), and players can choose the duration of time to play. The player who achieves the highest score within the duration of the game will be the winner and gets the prize pot.
In Wars Mode, players will compete against each other. You need at least 1,000 KOM tokens to participate, which will give you 10 Ammo or 10 chances to play. You can also increase your chances by paying an additional 1,000 KOM for 10 more chances, and each time you submit a score to the Warboard, it will be registered. At the end of the War, Captain KOM will decide who has the highest average of their top 5 scores submitted. 80% of the total War Chest will go to the winner, 7% to the runner-up, and 3% to the person in the 3rd place. Captain KOM takes the remaining 10%.
Every P2E platform will also have documents with more info about the platform, the registration process, and the opportunities to earn tokens. In case of KomNPlay, you can find this information here.
To sum it up, I think that the whole crypto space has some really rough months ahead of it. Sure, there will be always opportunities to make money on some short-term pumps or by shorting the market but I think that the true value of bear markets is the time they give us. The time you can use to learn and try things out, without fomoing into the last 'shiny thing'. I believe that the next crypto bull run will be largely driven by crypto gaming and I think that checking out platforms like KomNPlay can be really beneficial in the future.
The content covered in this article is NOT to be considered investment advice. I’m NOT a financial adviser. These are only my own speculative opinions, ideas, and theories. Do NOT trade or invest based purely upon the information presented in this article.