What are NFT games?
NFT games or Non-Fungible Tokens games are identical to classic video games. In NFT games, winners are rewarded with prizes in the form of items and coins. They cannot access these prizes outside of the game and are allowed to swap their winnings for cryptocurrencies or move the prize to another game.
Currently, any participant can access video game items and things. Previously, some items needed great gaming skills or money to get. NFTs, on the other hand, can only be held by one player at a time. Using blockchain technology, which serves as the foundation for the development of NFT games, the legitimacy of an element can be registered as unique. Players can earn money in a game by selling specific products on markets. NFT games benefit participants and investors. Compared to traditional games, NFT games provide publishers with many benefits
Benefits of NFT games to publishers
- They recognize the potential of the blockchain-based gaming solutions sector even though it is still in its infancy and attracts venture capital investors.
- When a large number of players download an NFT game from the App Store or Play Store, creators can profit from a share of the download fee. Publishers’ revenue grows in direct proportion to the number of downloads. In-app purchases, seasonal discounts, and special events are additional revenue streams for game developers.
- Developers may charge gamers who trade or sell NFTs a transaction fee. This transaction may occasionally involve a significant sum to keep a reasonable profit.
Benefits of NFT games to players
- Players have total control over their earnings from NFT games. This allows them to earn cryptocurrency when they sell their NFTs. The assets will be a regular source of income for the owners.
- Due to the sophisticated blockchain technology which provides a high level of security, players are given access to a very safe environment in the NFT games.
- An NFT’s value increases with its rarity and uniqueness. Blockchain increases the value of NFT by promoting transparency in digital transactions and emphasizing its scarcity.
- Because so many people realized the market’s potential, NFT trading evolved from a hobby to a viable vocation.
6 ways to make money with NFT games
NFT games provide users with control over how to use in-game resources. There are several ways to make money in blockchain NFT games including staking tokens and renting out NFT characters for a profit. Being new to these newly invented games, you have to be familiar with the terms used, requirements, how to play games, and many things. You are advised to go thru tutorials for each game before deciding to take part in the games.
Breeding
- Breeding is the process of creating a new coin that will be used to fund the games.
- For instance, CryptoKitties is a breeding and collecting video game. To produce new cats that may be sold on NFT marketplaces, players can breed male and female NFT cats together.
- The new cat inherits traits from its parents.
- Because it is a product of its generation and parents, it has characteristics that contribute to its worth.
- Breeding can initially demand substantial investment.
- You might need to buy pricey parent NFTs if you want a better chance of breeding costly NFT collectibles.
- The average CryptoKitty costs around $65 to purchase.
- Some have sold for over $2 million, while others are worth hundreds of thousands of dollars.
Minting new items
- In this concept, players can build 3D objects, wearables, and other collectibles in metaverse games like Decentraland and Cryptovoxels.
- They make royalties from subsequent sales.
- Participants can earn up to 10% of the sale price owing to smart contracts created using blockchain technology.
- Players can forge new weapons in games like CryptoBlades and then sell them in its marketplace.
- They will be able to submit NFT collectible design ideas for the upcoming massively multiplayer online role-playing game (MMORPG), and Ember Sword.
- Creators will receive royalties on subsequent sales if their designs are included in the game.
- Depending on the game and market, designers typically make 1% to 15% on each secondary sale.
Scholarships
- Scholarships are the concept of “hiring out characters for profit.
- 2 parties are involved: management and players (scholars).
- The NFTs are technically the management’s property.
- The scholars utilize NFTs to play the game.
- Management and scholars share the rewards.
- Scholarship programs divide the in-game benefits that are achieved. For instance, Axie guild members can receive a fixed sum or between 50% and 70% of earned points.
Trading NFTs
- It involves buying and selling NFTs.
- To make money, buy it at a low piece and sell it at a higher price.
- You need a lot of patience for your NFT to reach a higher value.
- Because NFTs are vital in crypto games, many players are willing to pay to gain the items they require to advance in the game.
- For instance, getting your hands on a powerful and rare Splinterlands trading card might mean selling it on the open market and making money.
- Almost every blockchain game, including Splinterlands, Axie Infinity, CryptoBlades, Pegaxy, The Sandbox, and others, has a market with transferable NFT assets.
Events and competitions
- Arc8, a mobile app with 11 different crypto games, has many competitions accessible.
- To participate in a tournament, players must pay an entry fee, and the winner receives the prize money.
- Boss Raids are yet another one of CryptoBlades’ unique events in which players can team up to take on bosses and earn exclusive rewards.
- Begin by making an account with your preferred blockchain game, then keep a lookout for special events via newsletters, Discord servers, Reddit, or social media sources.
- These competitions may necessitate good equipment and some expertise, therefore practice before entering is advised.
- The rewards differ according to the game you’re playing. In tournaments, there is normally an entry fee – in this case, cryptocurrency — so the more people who enter, the larger the pot.
- Tournament prizes in Arc8 can range from $8 to $500, depending on the day, number of players, in-game money value, and game difficulty.
Streaming
- Twitch and YouTube are two popular gamer streamer networks, while Twitch is more geared toward gamers. Though the industry is saturated, becoming a streamer can be a real job.
- Subscriptions are the primary source of income for Twitch streamers. Subscription fees are chosen by the streamer, and many take donations to keep the stream going. Subscribers may be granted access to unique content or other benefits.
- YouTubers make money mostly through advertising, sponsorships, and views, but they may also take donations from subscribers.
- Many blockchain gaming streams concentrate on the financial aspects of crypto gaming, including tips on how to profit, blockchain game walkthroughs, or hilarious moments while playing.
- Crypto Gamers, Go Shiny Hunter, and On Chain Gaming are some prominent blockchain gaming channels.
- A blockchain game, a streaming setup (camera, PC, platform account, microphone, headset, and soundboard), bitcoin, and a digital wallet of your choice.
- A smart place to start for new crypto streamers is to educate yourself on how blockchain games work, as well as to investigate new crypto games and talking points for your streams.
- It is also vital to select a platform, with many crypto influencers focusing on YouTube, Twitter, Discord, and Twitch.
- Creating social media accounts for your brand, investing in a good setup, and focusing on an audience will help you decide where to direct your material.
- If you’re brand new to streaming, it can take a long time to start making money or gaining subscribers.
- According to Business of Apps, expert Twitch streamers can earn anywhere from $3,000 to $5,000 per month, but it may take a long time to see consistent money when you’re just starting.
Top NFT Games
The following are some of the most popular NFT games:
- CryptoKitties
- Axie Infinity
- Gods Unchained
- Splinterlands
- Sandbox 3D
They are the most popular and profitable NFT games where you may play and earn cryptocurrency.
CryptoKitties, which allows players to buy and sell cats using Ethereum, is one of the most profitable NFT games. It has already raised over $12 million, despite only being available for a few weeks. Each kitty costs a tiny amount of Ethereum (about $5), however, the value of each kitty might fluctuate depending on supply and demand.
Conclusion
NFT technology offers new ways to interact with games. They allow you to own unique things that other players cannot move or exchange.
NFTs employ blockchain technology to authenticate ownership and enable participants to earn tokens by lending money, breeding rare kittens, and a variety of other activities. NFT games are for you if you’re seeking a fresh and exciting approach to play-to-earn games.
Disclaimer: The materials in this article are provided solely for general information purposes. However, we make no express or implied representations or warranties about the accuracy, adequacy, validity, reliability, availability, or completeness of any content on the site.
Playing NFT games provides possible rewards as well as potential risks. Trading may not be appropriate for everyone. Anyone considering investing should get independent financial or professional advice.
