The boom is underway.
Bitcoin was formed in 2009 by an unknown person who went under the pseudonym Satoshi Nakamoto. Since then, many thousands of coins have been created with different uses.
Despite crypto being around for over 10 years, it hasn’t hit mainstream use yet. It is getting there though. Slowly but surely more opportunities to spend your crypto are being made available.
Payment services are waking up to the fact that people want crypto.
The current money system……no I won’t go there. I don’t want to bore you.
So here does gaming come into this?
Ever heard of FIFA coins? Well, what if you were able to cash those coins in for “real” money?
I can imagine the comments “Nah EA wouldn’t do that. They would want the money for themselves.”
Going by how they currently operate, yes you would be right. But EA knows that if games are produced that give the user opportunities to make some money by playing the game, their game would more than likely lose players. Players would be enticed away. I have very little doubt about that, especially if a football game was made around play to earn blockchain.
In the last few months in crypto, more and more projects are seeing opportunities to get into the gaming industry. Projects are being formed by ex and current gaming industry experts. Of course, some projects may not be great but it is early days for the new medium in gaming.
The majority of games available right now are low-level but the bigger projects are starting to or are part way through their production.
A few days ago, EA let their feelings be known about the crypto gaming boom.
The article is here. https://www.pcgamer.com/ea-calls-nft-and-blockchain-games-the-future-of-our-industry/
It looks like they understand the need to get involved. It is quite literally a case of if they do not get involved, they are at serious risk of being over taken because gamers are interested in Play To Earn.
Crypto gaming will mean a move away from random loot boxes that help players advance in games. It is more likely that players will be able to buy items to help them and then be able to sell them on or, as one game does, “smelt their low-level weapons” for a return of coins.
With coins, many games will allow the transfer of these to a given crypto coin/s.
It is yet to be seen what EA will do, but I suspect we will get set players/ squads from our game purchase. Premier League, Serie A, or a mix. But set options and no randomness.
When achievements are completed, we will probably have a choice of a player or reward. The whole ecosystem will have to be well thought out by EA.
The advantage they have is that they already have a triple-A-rated game and can afford to wait a little bit to see what other projects are doing regarding rewards. So I will look on with interest.
I am also following 1 other project in the Football genre. Goals. Goals will be blockchain-based but will probably take a minimum of two years before release.
New to Crypto?
I first got involved in crypto when I saw headlines about the crypto boom earlier this year.
I got a bit FOMO (Fear of Missing Out) but as I have been used to having money, I knew not to invest without researching what I was investing in.
Ok, this turned out badly at the start I decided to use my free time to research. And a month later, when I felt comfortable I joined an exchange. The dip in the Spring was a bit scary. But it was short-lived.
I will put up some things that I found useful. I realize every country has its own rules on what exchanges you can join. Sorry if the options will not be valid for all of you because some countries are quite restrictive.
You are not restricted to exchanges. You can own a hard/cold wallet and/or a browser extension wallet.
Cold wallets are great if you have a large holding. The wallet is not connected to the internet until you need to confirm a transaction in or out. There are fees involved with this, but it is more secure. I have browser extension wallets where I hold small amounts of holdings. I find it easier to buy newer projects on the Defi exchanges.
Defi exchanges tend to be the places where you can buy a project’s coin shortly after release. By the time they are Ok’d by exchanges, they have usually risen quite a bit in price. With new exposure, the project’s coin can rise further but are also exit liquidity. New improved projects can overtake them leaving you holding a coin that is not going to X5 quickly.
Everything is happening so quickly at the moment it is very hard to keep track of every coin. I am finding new projects every week. I put time into it to the point that my gaming time has been reduced somewhat.
Even a part of that gaming time is now taken up by other games related to current projects about to go live. Photo Finish 2 for example. I am playing the original, by the company, to see what it is like and how I may be able to compete. I also am on their discord giving hints on how to improve in the future.
Where to start if you want to get involved?
First off, I must stress that this is not financial advice.
If you feel the same way I do about Play to Earn crypto gaming but haven’t dipped your toes into crypto yet, this may help you. It is advice on how to get ready for crypto gaming. If you wish to invest in projects, then this information may be of help.
The first thing to do is to join a Cryptocurrency exchange.
My first port of call was https://coinmarketcap.com/rankings/exchanges/
https://www.coingecko.com/en/exchanges is also a very good option. I have both. If you sign up, you can set a watchlist for coins you are more interested in. This makes it easier for me.
On both, you can research any listed coin to your heart’s content. I would advise though that this is the 1st part of the research. Always check the project’s website and try to search the Internet regarding the teams involved. Many put up the names within the teams. Anyone can say they have been involved in gaming or crypto for X amount of years. Make sure it is true.
Also, if they say they were involved in X game, check that game out if you do not know it.
On the sites, you can research the exchanges. Not every coin is on every exchange. They can have varying signup requirements. KYC (Know Your Customer) for example. Some may let you deposit a little, trade a little, and withdraw a little without anything other than an email and or phone number. Others are stricter and may require government-issued Id. A passport, driving license, a national Id card for example. Higher levels of deposits etc will require more proof of who you are and where you live. They will require things like Tax numbers and statements with your home address on them. For the higher identification levels also be aware FATCA are even stricter this year on where the money came from. So if you don’t have a job but have lots of savings you may have to prove to an exchange where it came from.
The other thing to note about exchanges is the fees to transfer the cryptos you hold. Some can be ridiculous. Others are very reasonable. Take $NANO for example. It is free to exchange between private wallets and exchanges can not justify high fees when you transfer out of your account with them. .1 $NANO is very reasonable. You’ve probably guessed that is how I do most of my transfers between exchanges.
Binance is the one exchange you really need IMO. I know this is an issue for some people in the USA. Dudes, I feel your pain. Binance BNB coin is invaluable for buying into projects on the other types of exchanges. DEFI exchanges.
DEFI exchanges allow you to connect browser wallets, Binance has its own browser wallet btw which is free to transfer BNB and BUSD (the Binance version of the US dollar) to this wallet. The “external” wallet is commonly used on DEFI exchanges like PancakeSwap etc.
The reason why I have mentioned Binance so far is that the other option to transfer funds to DEFI exchanges via browser wallets , is Ethereum.
Now, Ethereum has quite high transfer fees (Gas fees). BNB on the BSC (Binance Smart Chain) is much cheaper to send. So it is not eating up your funds which you really want to be investing.
When you make a transaction on a DEFI exchange you will pay fees, usually in Ethereum (If you are buying , selling , staking on the Ethereum network/mainnet) and BNB (if you are buying, selling, staking etc on the BSC chain/mainnet).
There are also different types of tokens on each network. ie the BSC can have BEP2 and BEP20. The Ethereum mainnet can have different ERC tokens.
Complicated but you need to know this. Most projects state how you can buy , etc , using what token type.
If you use an exchange other than Binance, you may be limited to Ethereum, which sucks big time.
Other networks have started though. Solana for example. They will also be into gaming. A useful wallet option for Solana is Phantom. You can google other wallet options for Eth , BNB (BSC), Solana, etc.
I have Metamask, Trustwallet, Phantom, a cold wallet (Nano ledger) and a Binance external browser wallet.
I think I am nearly ready for when the gaming projects come rolling in. Especially the bigger games in the next couple of years.
On DEFI exchanges you can connect wallets to make transactions.
Remember if a coin is not listed, check Coinmarketcap or Coingecko for the coin contract address. DO NOT TAKE ANY CONTRACT ADDRESSES FROM TWITTER ETC UNLESS YOU KNOW IT HAS COME FROM THE OWNER/ADMIN. This is how people get scammed. Anyone can make a coin and they can unscrupulously put out false info on contract addresses and get you to send funds to them. SO BE AWARE.
Newer coins will not always be on DEFI exchanges. Some you can add the token with the correct contract address.
From there you can buy what you want. Learn about terms like “slippage tolerance”. Some transactions on newer coins you may find it hard to buy at first and you may have to raise the slippage tolerance. Usually, the projects advise, so check their website and even question them on whatever channel they have available for questions. usually Telegram, Twitter, Discord etc.
So remember. Your wallet needs to have the coin details added if it is not already done by the wallet providers. Same with the DEFI exchange.
It may seem a bit scary. It was for me at first. But after a few smaller transactions, I am quite confident now.
When you are happy you can deal with buying and selling, maybe you might be interested in pooling, farming, staking etc.
You can read about the options within the DEFI exchanges.
An example of one different type of transaction I recently did was I bought $Banana on the https://apeswap.finance/ exchange and converted them to $Gnana. They deducted 30% of the $Banana and converted it to $Gnana. It is the only way to get $Gnana. I will hold this governance token until I have either made nice profits or till I think it will go no further. 30% is a bit steep but it will keep the price (tied with $Banana) plus I will get other rewards/access to new projects.
There is one other project I recently got involved in which didn’t involve me using any exchange (so far).
https://hi.com/Inputdelay (referral link)
This is a newish project which aims to be a payment service with many cryptos and fiat currencies.
Instead of having an Airdrop for random members, they give out rewards to all members. So no luck involved.
You do not need to send crypto to them to sign up. (They only have crypto deposit options atm)
You can sign up through the channels available. Whatsapp and Telegram. Choose your user name. Then download the App from Playstore/Apple equivalent. Then sign in every day and answer a simple nonintrusive question for 1 free $Hi coin.
This coin can be withdrawn in 365 days. Bear in mind that tomorrow’s question reward will be withdrawable in 366 days.
If your friends sign up on your referral link, you get .5 $Hi for every day they answer the question. Plus you get rewards for every friend of theirs etc. The rewards can stack up very well.
You will need to do your KYC before being able to withdraw. And you will need your friends to do their’s, obviously.
There is nothing to lose on this. They have 2 million members as we speak. If it’s a rotten apple, you have only wasted a small bit of time. If it is a good project, you will get a nice little payday in the next couple of years. This “Airdrop” won’t be around for too much longer IMO. So take advantage with nothing to lose.
Above is an example where you will find contract addresses for when you want to add to browser wallets. Some coins have contracts on more than one network. You can copy from reputable sites , like Coinmarketcap or Coingecko , or the project’s main site. Example for Altura is www.alturabft.com.
Seed phrases. Dont forget to keep/save your seed phrases in a safe place.
You should do research on this and for hard/cold wallets.
It is best to check one of the following sites to see which are best for you. It maybe that you are better off signing up for more than 1.