Most popular games to earn crypto games revealed in new study

Blockchain gaming has witnessed an increase in adoption rates globally. ‘Play to earn’ crypto games have primarily provided ways to engage users, but are there any downsides to this model?

The concept of blockchain gaming has been around since the early days of cryptocurrencies, but it’s only in recent years that it’s started to gain traction.

One of the main drivers behind the growth of blockchain gaming is the play-to-earn (P2E) model. This model has transformed gaming from a leisure activity to a means of making money. This obviously attracts a much wider range of people to the sector.

Assess the model

The play-to-earn model is based on the idea that players can earn rewards through cryptocurrency for playing certain games. These rewards can then be traded on exchanges for other cryptocurrencies or fiat currencies. The P2E model has become particularly popular in countries where there are limited job opportunities or where the cost of living is high. In these countries, blockchain gaming has become a viable way for people to make a living.

One of the main advantages of the P2E model is that it is decentralized. This means that there is no central authority that controls the flow of rewards or determines the value of the cryptocurrency. Instead, the value of the cryptocurrency is determined by the market, which is driven by supply and demand. This has created a new type of economy where players can earn a living without being tied to a particular employer or location.

Another advantage of the P2E model is that it has created new opportunities for game developers. Developers can create more immersive and engaging games by incorporating blockchain technology into their games. They can also offer players the opportunity to earn rewards, increase the game’s popularity and attract new players.

Gain traction

The Polaris Market Research Blockchain Gaming Report shows that the total transaction volume of blockchain gaming reached $5.41 billion in 2022 and is expected to grow at a CAGR of 68.90% during the forecast period.

Public interest in cryptocurrency and everything related to the digital landscape has seen exponential growth in recent years, garnering interest from long-term investors, traders and global brands. The power of Web3 has blurred the boundaries between physical and virtual, allowing people to earn money digitally through online games.

Crypto gambling platform Cryptogambling.tv conducted a study using data from Google Keyword Planner to reveal the most popular games to earn cryptocurrency based on monthly search volume from the past 12 months. The results were exclusively shared with BeInCrypto via email.

Most Googled Online Games to Earn Cryptocurrency

One of the most popular blockchain games using the P2E model is Axie Infinity. This game allows players to own and battle creatures called Axies. Players can earn rewards through a cryptocurrency called Small Love Potion (SLP) for playing the game. SLP can then be traded on exchanges for other cryptocurrencies or fiat currencies.

According to the shared data, Axie Infinity had an estimated average of 535,202 searches per month. Axie Infinity has become especially popular in the Philippines, where it has become a means of livelihood for many people. The game has created a new type of economy, where players can earn rewards for playing the game and then use those rewards to pay for their daily expenses.

The success of Axie Infinity has led to the development of other blockchain games that use the P2E model. These games include My Neighbor Alice, The Sandbox and Splinterlands. These games allow players to earn rewards in the form of cryptocurrency for playing the game.

An exclusive quote shared with BeInCrypto claimed: ‘Axie Infinity’s colorful theme and cross-platform compatibility have undeniably contributed to its popularity in recent years. The game features cute digital creatures that can be trained and used for battle, like those games on retro game consoles. The only difference now is that you can earn money by playing it from your mobile device.’

“The power of cryptocurrency has really affected the financial technology industry and it is now affecting the gaming industry. People can now not only play for the joy of the experience, but also make money for themselves.”

Other leading games on the list

Second on the list is virtual metaverse SecondLive, with an average monthly search volume of 496,313. The Windows, Mac and Android compatible game allows users to create avatars and roam around an open virtual space. Here they can build their lifestyle according to their own choice. Users can buy and sell items on the game’s online marketplace using BNB, which can be traded for other fiat currencies.

Ranking third is Stepn, a mobile game where users can earn cryptocurrency by walking, jogging or running. In this way, you promote a healthy lifestyle while earning money. The Web3 app has an estimated average search volume of 478,794 on Google over the past 12 months.

Other platforms are listed in the table below:

The growth of the blockchain gaming market has attracted the attention of investors. In 2021, the market value of the blockchain gaming industry was estimated to be around $4 billion. Investors are particularly interested in the P2E model, which can create a new economy without ties to traditional financial institutions.

Pros and cons of the Play-to-Earn model

The play-to-earn (P2E) model has transformed the gaming industry by creating a new economy where players can earn a living by playing games. The decentralized nature of the P2E model has created new opportunities for game developers and attracted the attention of investors. Growth in the Blockchain gaming market is expected to continue. The P2E model is likely to play a significant role in the future of the gaming industry.

But again, there are some pitfalls to consider.

The play-to-earn model has become popular in blockchain gaming due to the potential for players to earn cryptocurrency rewards for playing games. But as with all markets, they always prioritize profit over creating pleasant experiences for players. As more and more projects enter the market, there is a risk that the focus will shift towards maximizing rewards rather than creating engaging gameplay. Another potential disadvantage of P2E games is that they can become too complex or challenging for casual players to enjoy. Players may need to invest significant time and effort into mastering game mechanics and collecting assets to earn rewards. This may be a turn-off for those looking for a more casual gaming experience.

Developers must balance rewarding players for their time and skills while creating a fun and engaging gaming experience. This can attract both hardcore players and casual players who may be less interested in earning rewards but still want to enjoy playing the game.