Even if you don’t fully understand terms like cryptocurrency, Bitcoin, Ethereum, or NFT, or how they actually work, chances are you’ve at least heard of them by now — and you’re likely to become more familiar with them going forward. These concepts have been circulating globally for quite a few years, but it’s fair to say they became noticeably more widespread in Myanmar around late 2021 into early 2022. Even so, plenty of people still haven’t tried them, don’t trust them, or simply don’t know much about them yet. If you’ve come across crypto at all, you’ve probably run into keywords like cryptocurrency, Bitcoin, Ethereum, NFT, blockchain, coin, and wallet.
To briefly cover what’s relevant for this article: cryptocurrency, or “crypto,” is a type of currency that exists only in digital form — unlike paper money, it has no physical form at all. Just as banks and wallets are used to store paper money, a cryptocurrency wallet is essential for using crypto. Bitcoin and Ethereum are examples of currency types within the broader category of crypto, much like how different countries around the world have their own different currencies.
When you hear “play-to-earn,” you’re probably reminded of related terms like free-to-play and pay-to-win. Free-to-play refers to games you can download and play for free, while pay-to-win refers to games where spending money helps you win. So what about play-to-earn? Like free-to-play, it can be downloaded for free with no money required to play — but the key difference is that playing the game lets you earn money back. That said, it’s not as simple as earning money for doing nothing.
Depending on the type of game — whether it requires time invested in actual gameplay, or simply watching ads — you earn in-game currency. Once your in-game currency reaches a set amount, you can exchange it for well-known currencies like Bitcoin or Ethereum, or other currency types, and withdraw it. Some play-to-earn games genuinely let you cash out, but it does require putting in your own time and effort.
If you’d like to learn more about play-to-earn games, you can check out Sky High’s explainer on this Facebook video, and follow the Play to Earn – Myanmar Facebook page, which regularly shares playable play-to-earn games.
FAQ
Q: How is play-to-earn different from free-to-play?
A: Both can be downloaded and played for free, but play-to-earn additionally lets players earn in-game currency that can be exchanged for money.
Q: Can you really cash out money from play-to-earn games?
A: Some play-to-earn games do allow real withdrawals once you accumulate enough in-game currency, though it requires putting in time and effort rather than earning passively.