Metaverse games are exploding worldwide, with record sales of digital land and in-game collectibles attracting the attention of investors and gamers.
The new virtual world backed by the blockchain and powered by crypto is set to transform the gaming industry faster than expected.
Can you play games in the Metaverse?
Yes. There is a new world of gaming projects with play-to-earn features, effectively turning the Metaverse into reality for people.
Gaming has always been an enormous industry, but with the Metaverse, players can play to earn instead of paying to play, completely transforming the potential of gaming.
The connection between the virtual and the physical (monetary) world is leading Metaverse projects, incorporating tokenizations (NFTs) and gaming, to new highs.
Discover the best Metaverse play to-earn games in the market
The Sandbox is a full gaming experience built under the Ethereum blockchain, allowing you to create your own experience and monetize it in an immersive digital ecosystem. With The Sandbox, you can trade land/assets, create NFTs or import some of your favorites (e.g., CryptoKitties) into The Sandbox game and create an entirely new gaming experience.
Recently, a plot of land in the Sandbox game became the most expensive Metaverse land purchase at $4.3 million. The company has attracted $90M+ in VC funding and has gained immense popularity among the gaming community.
Axie Infinity is one of the most popular Metaverse games, with 2.8 million active users on the platform and $3.6 billion worth of assets traded in their marketplace.
Axie Infinity is a battle game based on in-game avatars, Axis, that you can breed, collect, and battle against other players. You can earn AXS tokens (Axie’s native token) by playing, while you can also build your land with more resources and “start your own kingdom.”
Decentraland is a virtual reality game where you can create your own virtual world.
Decentraland is based on the Ethereum blockchain, allowing for the creation, trade, and collection of virtual assets like NFTs, which make the in-game experience part of the Metaverse.
You can create in-game assets and trade land, avatars, or wearables inside the game. Recently, a plot of land in Decentraland was sold for $2.43M, one of the most expensive Metaverse land sales ever.
Gala is a studio developing blockchain-based games where you can control the gaming experience beyond monetization opportunities.
You can try their "Town Star" game, currently in beta version, with more games in development across genres (e.g., battle, RPG, business sim).
Legacy (business sim) is their upcoming gaming, registering immense interest from their private land sale. Galas has over 1 million active users and 25K+ NFTs sold across games.
Sorare is more than a digital collection of football player cards, but a fully-fledged game where you can create your squad of favorite players based on digital collectibles and play with other people to win tournaments. The in-game rewards are also linked to the player’s real performance on the football field.
The game has partnerships with 250 clubs worldwide to guarantee that you have a wide range of choices for licensed player cards while becoming a key NFT marketplace worldwide, with backing from leading VCs and famous football players. Last year, a Cristiano Ronaldo card was sold for over $280,000 on its marketplace.
Learn how to import NFTs from Metaverse games into CoinTracking:
Become 100% crypto tax compliant with CoinTracking: the best crypto tax software
CoinTracking covers all your crypto tax needs, including NFTs from Metaverse games. Our crypto tax software makes it easy to import your trades, get your gains calculated, and generate the appropriate tax reports.
After importing all your crypto trades, CoinTracking automatically calculates your crypto capital gains and losses, while you can choose between 12 accounting methods (e.g., FIFO, HIFO, HMRC, ACB), depending on which country you are in.
Moreover, CoinTracking can generate ready-to-go tax reports for your country.
Do you have any crypto tax questions? Check the best guides:
Do you pay taxes when trading stablecoins?
How is Yield Farming Taxed?
DeFi Taxes: The Complete Guide.
How to save taxes with a Bitcoin IRA.
Do you pay taxes for receiving Bitcoin tips?
Uniswap Taxes Guide
How to calculate taxes with Bitcoin dollar-cost averaging?
FIFO for crypto taxes? Implications of accounting methods.
NFT Taxes: The Complete Guide.
2021’s NFT guide (with taxes).
Is Bitcoin taxable? The ultimate guide for 2021 taxes.
Do you pay taxes on Bitcoin debit cards purchases?
How to reduce your crypto taxes?
Crypto tax loss harvesting: Here’s what you need to know
Disclaimer: All the information provided above is for informational purposes only and should not be considered as professional investment, legal, or tax advice. You should conduct your own research or consult with a professional financial advisor when investing.