What are play to earn games?

Simon · Chief Gaming Officer
Covering blockchain games since 2022

Play-to-earn games are blockchain games where players earn cryptocurrency or tradable digital assets through gameplay. The term became widely known during the 2021 boom when games like Axie Infinity attracted millions of players, particularly in Southeast Asia, who were earning meaningful income through daily gameplay. The model has since evolved significantly, and understanding what play-to-earn means in 2026 requires knowing both what it was and what it has become.

How the original play-to-earn model worked

The classic play-to-earn structure worked like this: buy NFTs to access the game, complete daily tasks to earn tokens, sell those tokens on exchanges for real money. Axie Infinity was the most prominent example, players bought teams of Axie creatures, earned Smooth Love Potion (SLP) tokens through battles, and converted them to cash. At peak, some players in the Philippines were earning more from Axie than from traditional employment.

The problem was structural. Token prices depended on new players continuously buying in to sustain demand. When growth slowed in 2022, SLP collapsed by over 99% from its peak. Players who had invested in expensive NFT teams to play the game lost most of their investment. The same pattern repeated across dozens of similar games over the following two years.

What play-to-earn looks like in 2026

The games that describe themselves as play-to-earn today have generally moved away from the token speculation model. Earning now means trading items you earn through genuine gameplay on open marketplaces, cards won in Gods Unchained, creatures bred in Axie Infinity’s updated free-to-play model, or player cards appreciated in value on Sorare. The earning is real but it is tied to actual player demand rather than a token pump.

The more accurate term for this updated model is play-and-earn, which is why you will see that language used more often now. Play-to-earn still gets searched because people remember the 2021 headlines, but the games worth playing have quietly updated both their mechanics and their messaging.

Are play-to-earn games worth playing today?

Yes, if you approach them correctly. Start with free-to-play games that do not require upfront NFT purchases. Learn the game first, understand its economy, and then decide whether engaging with the earning mechanics is worth your time. The games with the most credible economies are those that have survived multiple market cycles with active player bases driven by genuine gameplay. Browse the full game library to find current options across every genre.