Wonder what the future of gambling will be? If you’re still new to the crypto world, then there’s still much to learn because the idea of Play-to-Earn (P2E) + NFTs + metaverse casinos as ways to gamble and earn is already happening.
Keep reading if you want to discover what Play-to-Earn NFTs are, how they work, what rewards they offer, their risks, and how to get started in futuristic metaverse casinos.
Breaking It Down: What Are P2E NFTs?
What is P2E?
Play-to-Earn (P2E) is a game model built on blockchain technology where you can earn valuable digital assets, such as NFTs or crypto, simply by playing games and completing in-game tasks. Afterwards, you can sell or trade those digital assets on the marketplace and gain actual profit from them.
What are NFTs?
A Non-Fungible Token (NFT) is a blockchain record that proves ownership of a unique digital item. In metaverse casinos, the most common NFTs are:
- Avatars (your avatar skin or character)
- Cards, chips, slot machines, and table skins
- Virtual land (room, property, casino)
- Access or ticket to VIP exclusive tournaments or events
Difference between Crypto and Earnings via NFT
Some traditional online casinos accept cryptocurrencies as payment methods and use them exactly like fiat currencies (USD, EUR, etc.). Therefore, you may win or lose actual money, but usually, you can’t gain any digital assets from the casino even if you win a million times or more.
Metaverse casinos are the opposite. They don’t use fiat currencies at all and only use cryptocurrencies or specific tokens. When you win, with P2E NFTs, you’re acquiring assets, which you can own, trade, sell, or use long-term. However, unlike fiat currencies, NFT or token values aren’t steady, and they often appreciate or drop based on some factors.
How P2E Works in Metaverse Casinos
NFTs as Playable Assets
When playing in Metaverse Casinos, you can earn NFTs that work as a playable asset. A player might own an avatar character/skin or a slot machine, which is an NFT, that can give them access to special casino tables, tournaments, and, sometimes, even real-life events.
Earning Tokens or NFTs
Some P2E games have their own tokens, with which you can buy in-game assets. Both tokens and NFTs can be earned by completing tasks, achieving milestones, or advancing levels.
Secondary Markets
Players can earn real money from the moment they place their NFTs or tokens on the marketplace. The value of them varies and depends on the game, but you can occasionally upgrade NFTs to increase their value.
NFTs can be traded, sold, or rented, which is called “staking” and gives you extra tokens. Tokens can act as cryptocurrencies and be exchanged for fiat currencies.
So, in-game assets and earned rewards can turn into real money once you sell them on the NFT marketplace.
Ways Players Earn with P2E NFTs in Casinos
- Collectable NFTs: Buying, collecting, or selling casino-themed rare digital assets, such as avatar characters, avatar skins, chips, etc. Usually, the rarer the asset is, the higher its value is.
- Revenue-sharing NFTs: On some platforms, certain NFT owners can have the profits of the casino and the platform. For example, owning a virtual table or a stake in a casino building might give you part of the house’s commissions.
- Virtual property: Owning casino land and buildings, rooms, or tables. In the metaverse universe, it works as in the real world. You can rent out these NFTs, host events, or monetise traffic. Decentraland is a well-known example of this.
- Play and win tokens: Complete challenges and win games to earn tokens that can be traded or sold. These might be unique tokens made by the platform or specific crypto tokens.
Examples of P2E in Real Metaverse Casinos
Decentraland
A metaverse casino, known as Holy Temple Casino, is within Decentraland. Players use avatars and play various games like blackjack, roulette, poker, lotteries, and earn NFTs and tokens.
ICE Poker
This platform requires ICE Poker Wearable NFTs to give you access to special tables or tournaments. These NFTs can be traded and lent to other players in order to win tokens. The $ICE tokens can be earned by completing daily challenges and competing on leaderboards.
Other Metaverse Projects
There are casinos in metaverse platforms (VR hubs, 3D avatar spaces) that use native tokens and NFTs for avatars, skins, access, etc.
Why People Love P2E NFTs in Casinos
- Extra earning opportunities: In traditional casinos, you only win or lose a certain amount of money. In metaverse casinos, you might earn items that can appreciate, get passive income by renting NFTs, have revenue shares, etc.
- Immersive metaverse experience: 2D online casinos aren’t as immersive and social as 3D metaverse casinos, because they actually mimic real land casinos, where you communicate with others and feel like you’re in a casino by using VR and AR. However, here you can look completely different thanks to the avatar.
- Ownership and community perks: It’s good when you have ownership of something because the asset might increase in value, and it may be just something you like. Sometimes there are communities, governance (DAO), or perks (exclusive events) for holders.
Risks & Drawbacks
- Volatile NFT and crypto values: There is no exact prediction on whether the price of the digital assets will increase or decrease. Values are very volatile, and what you earn today might drop in value by tomorrow or vice versa; therefore, it’s hard to determine when to keep, trade, or sell certain assets.
- Unregulated gambling spaces: Since metaverse casinos are still new, they often fall into legal grey areas, meaning that the platform is decentralised, but regulation is weak.
- Learning curve for new players: Many people are still unfamiliar with blockchain technologies, NFTs, marketplaces, etc. If they dive into the metaverse world without prior knowledge, it might cost a lot.
- Possible scams or fake projects: Some projects are fake and can have rigged games or very high entry costs, through which players’ money or assets are stolen. Unfortunately, there’s not enough regulation to control that.
Tips for Getting Started
- Start with well-known platforms: Begin with small and reputable metaverse projects. Explore them, read reviews, and community feedback.
- Research NFTs before buying: Don’t just buy expensive NFTs. Check if you can easily sell it or if it gives exclusive access or revenue sharing.
- Use safe wallets and verify projects: Use popular crypto wallets and check the contract addresses of the projects. Don’t share private keys.
- Play for fun: The profit is not guaranteed, but fun is; therefore, going with a business investment mindset may not be best.
Conclusion
P2E NFTs are digital assets you own, which can be turned into real money by renting or selling them. NFTs can be avatars, virtual properties, tokens, etc.
Unlike traditional casinos, you own part of the game via NFT and are fully immersed in the metaverse world. However, the downside is that the value of NFTs is very volatile and there’s a regulatory grey area, but still, there are options to play safely and enjoy the ride.
Explore the new world of metaverse casinos where you can earn digital assets by playing. Don’t forget to play responsibly and have fun while being there!
If you’re interested in going a step further, check out our guide on Creating Your Own NFT Casino Game: A Beginner’s Guide to Launching Your Metaverse Casino.
