This transcript was generated from the episode audio and may contain minor errors.
[Music]
Let's talk today about the business model known as Play to Earn. Okay, this is super fun. I have really been into it myself. Last month on my blog, I published a really long post, I think it was about 4,000 words, about DeFi Kingdoms, which is a blockchain game, like an online video game, but it's also a decentralized financial exchange. It's something that I have been, as I said, geeking out about over the past few months.
I have no affiliation with them. Unfortunately, there's no referral program. I'm just a fan of this protocol. And so I wrote this long post about it, and I got a lot of messages in return, including the voice note from this caller that I'll play for you in a moment. And everybody wants to know more about Play to Earn, like this model of playing games and earning real money, sometimes a lot of money.
The blog post that I published, one of the titles I was gonna use was How to Earn $400 a Day, from a blockchain online video game. So if you're interested in this, as I said, I'm into it myself, how should you get started, and how much money do you need to put in to see good results? That's what we'll talk about in this question and answer episode. Thanks for tuning in, by the way. So glad you're here.
Detailed question and my answer coming right up. [Music]
Hey, Chris, this is Kevin, and I've been following your projects for a while. I recently read your long blog post about DeFi Kingdoms and found it really interesting. Who knew you could get paid 200% interest while playing an online game? So now I'm trying to figure out the best entry point, and whether it's DeFi Kingdoms or another game, it looks like there's several, but what's the best way to get started?
Also, how much capital will I need? Thanks. [Music]
All right, lots to say about this. I am a big fan, as mentioned. Play to Earn, first of all, a refresher, for anybody out there, what is it?
If you'd like to learn more, if you'd like to read that long post I wrote, just go to my blog, chrisguillebeau.com, and search DeFi Kingdoms. Nothing for sale there. It's just a very long, informative post that kind of goes into all these details. And sadly, as I said, I don't get any referral credit for writing about this program. Play to Earn these days, it started with a game called Axie Infinity, and now there's this game, DeFi Kingdoms.
There's a bunch of others as well. It's essentially a blockchain online game that also has this decentralized financial exchange built into it. With DeFi Kingdoms in particular, there are NFTs, characters, heroes that have this kind of role-playing game elements where they go on quests, they level up, you can collect them, you can sell them, you can deposit money in what's known as liquidity pools, and then you earn pretty crazy amounts of interest on that money, typically 200% or more. And so there's just a lot to it. The best way to kind of learn this is through the game's documentation, whether it's this game or any others, they always have what's called docs, and also blog posts which are usually published on Medium.
That's kind of the best practice for this new industry. And then from there, there's often a Discord group as well that has a ton of info and commentary. There's typically thousands, sometimes tens of thousands of people in these groups, and it can be kind of overwhelming. So my suggestion is don't try to absorb everything at first because there's often a lot of depth to it. Just skim the posts and learn what you can.
Now, as for capital, the best way you're gonna learn how to play the game is by actually putting some money into it. And this is an area, unlike lots of other side hustles, this is an area where the more money you put in, the more you stand to return, right? And you can get started for just a few hundred dollars or even less in some cases, but like most financial investments, your ROI is dependent on the principle, like what you put in. Now, you don't have to make that decision right in the beginning. You can experiment and put a small amount of money in, see how it feels, see if you actually like the game, the environment, some people like myself are really into it, others definitely won't be.
But honestly, I think, you know, I really do believe that protocols like this, Axi, DeFi kingdoms, lots of others, they really are the future for lots of people, especially middle-class people or younger people who don't wanna wait 40 years for their retirement account to grow, they are looking to new solutions like this. So it's really interesting. Definitely something worth learning about even if you choose not to go into it just to kind of stay current. So that is play to earn at least a surface level understanding of it for now. If you've got questions about this or anything else, sidehustleschool.com/questions, we'll continue to feature them every week, along with updates from listeners as they launch and grow their projects.
I'm so glad you're out there, thanks for tuning in. My name is Chris Guillebeau, this is Side Hustle School. [Music]
From the Onward Project.
