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The world of video games is undergoing a radical transformation, driven by a technology that promises to redefine the very concept of ownership and earnings: the blockchain. Games based on this technology, often called NFT games or Play-to-Earn (P2E), are no longer just a form of entertainment but are evolving into genuine financial ecosystems. These titles allow players to earn cryptocurrencies and non-fungible tokens (NFTs) simply by participating in in-game activities. This innovative model is attracting the interest of investors and enthusiasts worldwide, including in Italy and Europe.
However, like any emerging investment, blockchain gaming presents a duality of great opportunities and significant risks. After the initial euphoria of 2021, the sector went through a stabilization phase, learning from past mistakes. Today, in 2025, we are witnessing a more mature and conscious rebirth. New projects aim to create engaging and sustainable gaming experiences, where fun is the main driver, not just speculation. Understanding this new landscape is crucial for anyone looking to enter this market, balancing enthusiasm for innovation with healthy caution.
Blockchain games are video games that integrate elements of blockchain technology, such as cryptocurrencies and NFTs. Unlike traditional games, where purchased items (like skins or power-ups) remain confined within the game and owned by the developer, blockchain games grant players true digital ownership of their assets. These assets are represented by NFTs, unique certificates of ownership recorded on a public and immutable ledger—the blockchain. This means a player can freely sell, trade, or transfer their in-game items on dedicated marketplaces, turning the time and skill invested into real economic value.
The heart of this revolution is the Play-to-Earn (P2E) model. By participating in the game, completing missions, or winning challenges, players receive rewards in the form of digital tokens or NFTs. These rewards can then be exchanged for other cryptocurrencies or converted into traditional currency, like the dollar. This system creates an in-game economy where value is generated and distributed among participants. It’s an evolution that merges video game entertainment with the principles of decentralized finance (DeFi), transforming players from mere consumers into true stakeholders of the gaming ecosystem.
The blockchain gaming market is booming, with a global valuation reaching $4.8 billion in 2024 and forecasts of exponential growth. In Europe and Italy, interest in this sector is also on the rise. Although the Italian cryptocurrency market has not yet reached the size of other countries, it shows signs of great maturity. A 2025 report by Gemini highlights that Italy has the highest percentage of female investors (34%) and a strong inclination towards long-term investment strategies, outlining a more aware and less speculative user profile.
The European context, with the introduction of the MiCA (Markets in Crypto-Assets) regulation, is creating a clearer and more secure regulatory framework, promoting the responsible adoption of these technologies. Italy, in particular, is proving to be fertile ground for innovation. The country’s traditional gaming market reached a value of €2.4 billion in 2024, with 14 million active players. This solid base of enthusiasts represents a huge potential audience for Web3 gaming. The combination of a broad gaming culture and a cautious approach to investment could position Italy as a key player in the sustainable evolution of blockchain games.
The appeal of investing in blockchain games goes far beyond the simple possibility of earning money. The real revolution lies in the concept of digital ownership. For the first time, players truly own the items they earn or purchase, allowing them to dispose of them freely. This opens the door to a dynamic virtual economy, where value created within the game can be transferred and monetized in the real world. Games like Axie Infinity have shown how the P2E model can generate significant income for players, especially in emerging economies. Although the era of easy money has passed, the opportunity to be rewarded for one’s time and skill remains a powerful incentive.
Furthermore, blockchain technology promotes transparency and decentralization. Players can become active participants in the game’s governance through DAOs (Decentralized Autonomous Organizations), influencing future decisions and contributing to the ecosystem’s evolution. This creates stronger, more engaged communities where participants are not just users, but builders of the world they play in. For developers, especially small Italian firms, the blockchain offers new tools to fund projects and create innovative experiences, reducing dependence on traditional publishers.
The Italian and Mediterranean context offers a unique setting for the development of blockchain games, where technological innovation can merge with a priceless cultural heritage. Imagine NFT games that don’t just replicate generic fantasy models but draw from the rich history, art, and mythology of our tradition. Think of a digital Colosseum where players can own and manage arenas, or NFTs representing digitized Renaissance artworks, each with its own unique story and value. This approach would allow for the creation of distinctive products with great appeal to a global audience.
Italian creativity, famous in the worlds of fashion, design, and cinema, can find a new medium of expression in the blockchain. Italian developers and artists could collaborate to build virtual worlds that are not only technically advanced but also aesthetically and narratively deep. The tokenization of cultural heritage elements, if managed ethically and sustainably, could also open up new forms of funding for the preservation of real-world assets. In this way, gaming becomes a bridge between past and future, tradition and innovation, offering an experience that is simultaneously fun, educational, and potentially profitable.
Despite the promising opportunities, investing in blockchain games involves significant risks that should not be ignored. The sector is still young and largely unregulated, making it fertile ground for illicit activities. Before investing time and money, it’s crucial to understand the pitfalls. Market volatility is one of the main dangers, but not the only one. Sophisticated scams and security issues are commonplace, and the lack of clear tax regulations can create further complications. An informed and cautious approach is the best defense for navigating this complex and fascinating environment. For a general overview, it may be useful to read a beginner’s guide to NFT games.
The most obvious risk is linked to the extreme volatility of cryptocurrencies. The rewards earned in P2E games are denominated in tokens whose value can fluctuate dramatically in a matter of hours. A gain that seems substantial today could vanish tomorrow. This instability makes it difficult to predict a stable income and can lead to significant financial losses, especially if the initial investment required to play is high. Many games require the purchase of NFTs or tokens to get started, creating a barrier to entry and an immediate financial risk.
Furthermore, the economies of many P2E games have proven to be unsustainable in the long run. They often depend on a constant flow of new players to maintain the value of their tokens. When enthusiasm wanes, the entire system can collapse, leaving players with worthless digital assets. The market is maturing towards more sustainable models, but the risk of investing in a project destined to fail remains high.
The world of NFTs and blockchain games is unfortunately plagued by scams. One of the most common is the “rug pull,” where developers abandon a project after raising funds from investors, disappearing with the money and leaving behind a worthless token. Another danger is phishing: scammers create fake websites or ads to trick users into connecting their digital wallets and signing transactions that authorize the theft of their funds. It is crucial to never connect your wallet to unknown platforms and always verify the authenticity of projects.
Cybersecurity is another critical concern. Even legitimate projects can be vulnerable to hacker attacks. Threats can also come from within, with dishonest staff exploiting their permissions to steal digital assets. To protect yourself, it is advisable to use hardware wallets (cold wallets) to store high-value assets and stay constantly updated on new types of fraud. Recognizing scam apps is an essential skill for anyone venturing into this sector.
The regulatory and tax situation for crypto-assets and NFTs in Italy is in full evolution, adding another layer of complexity for investors. The 2023 Budget Law introduced a definition of “crypto-assets” and established that capital gains generated are subject to a 26% substitute tax. This means that earnings from the sale of NFTs or the conversion of game tokens into euros must be declared. The obligation to report the possession of crypto-assets in the RW section of the tax return for fiscal monitoring purposes has also been confirmed.
However, several gray areas remain. For example, the line between gaming and gambling is not always clear, and this could lead to stricter regulations in the future. Failure to declare capital gains or to complete the RW form can result in significant penalties. Therefore, it is crucial for anyone earning from these activities to be properly informed or to consult a professional. Understanding whether earnings from apps must be declared is the first step to operating in compliance with the law.
Approaching the world of blockchain games requires a methodical and informed approach. The first step is not to choose a game, but to educate yourself. It is essential to understand the basic concepts: what a blockchain is, how NFTs work, and, most importantly, how to securely store your digital assets. This involves setting up a cryptocurrency wallet, such as MetaMask or Binance Chain Wallet. It is crucial to learn how to manage your private keys and recovery phrases, as losing them means the irreversible loss of your funds.
Next, you move on to researching the right project. Don’t be swayed by potential earnings alone. A good blockchain game must first and foremost be a good game: fun and engaging. Analyze the development team, the project’s roadmap, the soundness of its internal economy (tokenomics), and the size of its community. Many games require an initial investment; carefully consider whether you are willing to risk that amount. A case study analysis like Axie Infinity can offer useful insights into past successes and failures. Start with small investments and always consider the money used as risk capital.
Investing in blockchain games in 2025 means entering a cutting-edge sector, an ecosystem that merges finance, technology, and entertainment. The opportunities are real: true digital ownership of assets, the ability to be rewarded for your time, and participation in decentralized economies are innovations that are here to stay. For Italy and Europe, this market represents a frontier where creativity and cultural tradition can meet technology to create unique and valuable products.
However, enthusiasm must be balanced with a deep awareness of the risks. The volatility of crypto markets, the prevalence of scams, and a still-developing regulatory framework require caution, study, and a careful approach. The easy gains of the past have given way to a more mature market that rewards game quality and economic sustainability. For the informed investor, who can distinguish solid projects from ephemeral speculation and who understands the risks related to privacy and security, blockchain games can represent not only an intriguing investment but also a way to actively participate in building the future of gaming.
The initial investment to enter the world of blockchain games varies greatly. Some games require the purchase of NFTs (Non-Fungible Tokens) that can cost from a few dozen to several hundred dollars. Other projects, however, offer ‘free-to-play’ modes or lower barriers to entry, allowing you to start with minimal capital. The general advice, especially for beginners, is to start by investing only amounts you are willing to lose, given the high volatility of the sector.
Yes, it is possible to earn money through ‘Play-to-Earn’ models. Players can receive rewards in the form of cryptocurrencies or NFTs by completing missions, winning battles, or trading in-game items. However, this is not easy or guaranteed income. The value of these digital assets is extremely volatile and depends on the game’s success and the overall market trend. Therefore, earnings can be significant, but the risks of loss are also real.
Investing in blockchain games involves several significant risks. The first is high volatility: the value of NFTs and cryptocurrencies can drop dramatically in a short time. Another real risk is scams, such as ‘rug pulls,’ where developers disappear with investors’ funds after launching a project. There are also risks related to cybersecurity, such as the theft of digital assets from online wallets, and technological complexity, which can be a hurdle for newcomers.
Yes, in Italy, capital gains generated from the sale of crypto-assets, including NFTs and tokens earned in games, are subject to taxation and must be declared. The tax legislation considers this income as ‘miscellaneous income.’ According to the Budget Law, capital gains are taxed at a rate of 26%. Given the complexity and continuous evolution of the matter, it is strongly recommended to consult an accountant or tax advisor for proper compliance management.
To distinguish a legitimate project from a scam, it is essential to do thorough research. Always check the development team: are they real people with a verifiable history, or are they anonymous? Analyze the project’s ‘whitepaper’ to understand its feasibility and long-term vision. Check the community: genuine engagement is a good sign, while excessive promises of easy and fast earnings are a red flag. Finally, look for external audits of the game’s smart contracts, which attest to its security.