How NFT Games are Building New Wealth Opportunities
When you were a kid, your parents probably told you many times to stop playing video games and study instead ‘cause games won’t earn you money. Well, that was true some 20 years ago, but now gamers worldwide can earn millions of dollars. And I’m not talking just about DOTA or other e-sports games; I’m talking about NFTs.
The NFT ecosystem has been quite a hot topic throughout 2021.
Axie Infinity, one of the most famous NFT gaming platforms, has already hit a $3 billion valuation. And keep in mind that NFT gaming is still living its early days, so these numbers are going to be a lot bigger.
But what are NFTs games and how exactly can you earn from them? If you like playing games, it can become a source of additional income or even the main source. So let’s find out everything about NFT gaming.
Table of Contents
What are NFT Games?
NFT games are a new type of game that incorporates non-fungible tokens into the gameplay. These games are based on blockchain technology that creates a secure environment for players who want to buy, sell and collect unique in-game items in the form of NFTs. In gaming, NFTs are different from buying artwork, as you’re not just holding a collection in your wallet.
They can be used to create different characters and different game items that players can use to play the game and earn rewards. NFT games (like Age of Gods, Shiryo Inu, Illuvium, Aavegotchi) have become popular as a way to earn money. The ability to earn by having fun makes more and more people enter the NFT gaming industry.
NFT Games Future
NFT games are still in their development stage. These games only recently gained huge popularity; however, many are skeptical about their future.
No matter these debates, NFT games are here to stay, at least for now, so I don’t feel confident enough to speculate about their future or claim that they are dead. But I can surely say that NFTs and Metaverse technologies are changing the world and gaming experience. You may not see the direct impact now, as it will take some time for new technologies to sneak into our everyday life slowly.
The most exciting part for gamers is that NFT games can’t be controlled by any authority as they are built on decentralized networks allowing better transparency, security, and decision-making freedom.
The co-founder of Axie Infinity, Jeff Zirlin, said that NFT games offer a new approach to gaming that is fairer and allows gamers to earn money by playing video games. So it’s not just a hobby or entertainment, but also a full-time job. Although we can’t rely on his opinion 100% as he is a founder of an NFT game, of course, he is going to say that NFT games are awesome, but I can’t overlook the real opportunities that NFT games can provide.
Overall, I’m with people who raise concerns about the environmental impacts that NFTs and overall blockchain and crypto technologies are bringing. This is a very serious issue that can’t be overlooked. Still, we can’t stop the technological advances (and we shouldn’t even try), so the solution will be to try to find a way that will eliminate this impact and find alternative energy sources as fast as possible.
Types of NFT Games
There are different types of NFT games that are similar to ordinary video game genres and types. The most common types are listed below:
- Collectible NFT Games
Collectible games are the most popular NFT games, where players can collect unique in-game items such as weapons, different characters, skins, clothes, or other assets. These items are securely kept on the blockchain and can be sold, bought, or traded. One example of a collectible game is CryptoKitties launched in 2017. Players can collect, breed and sell digital cats to earn money. Each cat is unique, and based on its rare features, their value increases. And the best thing about game NFTs like CryptoKitties is that players own them and can freely trade them on secondary marketplaces.
- Trading Card NFT Games
Trading card games use NFTs to represent cards that players can collect and trade. Great examples of these games are Pokémon and Magic: The Gathering.
- Role-Playing NFT Games
In RPGs type of games, players use NFTs to purchase equipment and weapons for their characters. Some unique and rare gear can be sold on the blockchain for quite big money. An example of an RPG game is Axie Infinity.
- Sports NFT Games
In NFT sports games, players can buy and sell their favorite sports teams or players virtual items and collectibles. In NBA Top Shot, players can buy and sell virtual moments from NBA games.
- Strategy NFT Games
In strategy-type NFT games, players can own in-game items like buildings, commercial areas, vehicles, and other units. These items will give players an advantage and can be sold or traded on the blockchain. For instance, in The Sandbox, players can create and monetize their own Metaverse worlds.
How to Earn Money in NFT Games?
So, by now, it’s obvious that NFT games can be a great way to try something new and relax. But what about spending time on something that you are passionate about and also earning money? The main question is, can you monetize NFT games? I’m excited to present several ways that will allow you to earn money by playing NFT games:
- In-Game Rewards
You will win rewards after completing certain tasks or missions.
- Selling NFTs
You can sell your in-game NFT items in a secondary market.
- Farming
You can earn by staking your NFTs in a liquidity pool.
- Participating in tournaments and events
If you participate in game tournaments and events, you will be able to win money prizes or NFTs.
- Creating NFTs
You can create in-game NFTs and sell them later.
- Streaming
You can stream NFT games and gameplay on platforms like Twitch or YouTube and monetize your video games.
How to Access NFT Games and Start Playing
Now it’s time to understand how we can enter NFT games and start playing. The steps you need to follow are below:
- Choose an NFT game
Before starting, you need to choose the NFT gaming platform that best suits your taste and requirements and what type of games you prefer. There are several platforms that offer different games, but the most popular ones are Axie Infinity, CryptoKitties, and Decentraland.
- Create a digital wallet.
You will not be able to access an NFT game if you don’t have a digital wallet where you will be able to store your in-game NFTs. You can choose from popular digital wallets like MetaMask, MyEtherWallet, and Trust Wallet.
- Buy cryptocurrency
Based on the NFT gaming platform that you choose, you may need to purchase cryptocurrency. You can go with two most trusted and popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), which can be purchased on Coinbase, Binance, or Kraken.
- Connect your wallet platform.
After finishing the above-mentioned steps, now all you need to do is to connect your wallet to your chosen NFT gaming platform. To not make any mistakes, just follow the instructions provided by the platform.
- Buy NFTs
Now it’s time to buy NFTs from other players or from the gaming platform itself.
- Start playing
Congratulations, you are all set up and can now start playing the game. But quick advice based on my experience, read the games’ rules, requirements, and objectives to avoid any future disappointments.
- Keep your NFTs safe
And the final step is being aware of NFT scams and phishing attempts that can hack your crypto wallet or NFTs.
Popular NFT Games
Axie Infinity
We’ve already mentioned Axie Infinity a lot, and not without reason. It’s the largest platform in NFT gaming and the second-largest marketplace among all NFT marketplaces. It was launched in 2018, but only in 2020 the game became mainstream. For now, it has around 2.7 million monthly active users.
Here is how it works. Axie Infinity has its game characters Axies, that players use to play the game. Axies are fantastical creatures that you can also trade as NFTs. You can breed Axies yourself or buy them. Though when you start the game, you need to have 3 Axies, which could cost you more than $1200.
Players use Axies to fight in battles. Those who win receive Smooth Love Potion (SLP) – tokens that can evolve Axies. And, of course, the highest-performance Axies are the most expensive ones. Axies have 4 attributes: health, speed, skill, and morale, which determine their performance.
Basically, you can generate income by earning SLP or AXS tokens or by trading Axies.
Axie Infinity is not just a gaming platform, it’s a complex metaverse with land plots, biomes, roads, farms, and potions shops. So besides playing the game and earning rewards, you can trade NFT land plots. But keep in mind that these items are a lot more expensive than Axies.
The Sandbox
The Sandbox is a virtual metaverse that offers to build, own and earn from the virtual experience. It’s one of the biggest metaverse platforms where you can earn with NFTs. On the marketplace, you can find land NFTs, wearables, and other NFT collectibles. Actually, The Sandbox is one of the biggest platforms for trading LAND tokens.
Here players can create their own universe by creating voxels (they’re like pixels but in 3D) and minting NFTs on the marketplaces. On the marketplace, you can trade voxelized and tokenized items. Players make transactions mainly with SAND tokens.
What’s unique about this platform is that you can create your own games based on The Sandbox’s rulesets. So you create your world and earn from it.
My Neighbor Alice
My Neighbor Alice is a world-building farming game that provides an engaging experience for all its players. It was created upon the success of the Facebook game Farmville.
My Neighbor Alice is a metaverse where NFT lands are the base of the game operations. As in other games, these land plots are limited in number, which drives their scarcity and price. Besides the lands, players can buy other assets like houses, animals, veggies, decorations, etc. All these assets can be traded with ALICE tokens, which are the game’s cryptocurrency.
The game also has a reputation system, and it gives rewards to good landowners. It’s not clear how the reputation is determined; maybe we’ll see it after the game is fully released.
My Neighbor Alice is still under development. The full release is expected to come out in 2022. We can just wait and see what the game’s new features will be like.
Mines of Dalarnia
This is an action-adventure gaming project launched in November 2021 on the Binance Launchpool. This platform is predicted to be the next Axie Infinity.
On Mines of Dalarnia, players are split into two fractions – miners and landowners. Miners destroy blocks to find precious resources, different artifacts and battle monsters. Landowners provide the land and resources. As players go deeper in mines, the tougher the enemies become.
This game’s token is DAR, which is used to buy land plots and to use in other transactions. To start the game, players need to buy the starter pack.
Mines of Dalarnia is still under development, so we’ll see many new features of this game in the future.
Final Thoughts
The NFT gaming industry is still in a growing phase, so we’ll see many new projects very soon.
With the development of blockchain technology, the gaming industry as we know it today will be completely different. So keep up with the news to learn about the new opportunities first and start earning with game NFTs.
Maybe in some years, being a gamer would be no worse career than being a lawyer or doctor.
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