Blockchain Gaming: What are NFT games?
What to expect from NFT gaming in the crypto space
Every year, the video game market grows. According to Newzoo, about 3.2 billion people will participate in crypto gaming in 2022, spending almost $200 billion, most of which will be paid in digital assets (in-game purchases).
Nowadays, NFTs are considered individual digital assets with immutable properties and have developed as a new trend in gaming finance – GameFi.
With non-fungible tokens, a new type of game is created in which each monster, hero, weapon, or house is distinct and can be kept by a player.
Users can purchase and sell digital assets on blockchain-based markets, and in-game cash can be converted for real money. They also gain complete control over all of their virtual belongings.
Making money with NFT games can be accomplished in a variety of ways. The value of the NFTs and in-game currency, as well as your playing strategies, decide how much money you can gain or lose while playing a blockchain game.
GameFi: What are NFT Games?
GameFi combines several elements of the blockchain ecosystem, including NFTs, play-to-earn (P2E) games, decentralized finance (DeFi), and the metaverse, to create a new and exciting experience. Our focus today is NFT games.
NFTs, or nonfungible tokens, are blockchain-backed digital tokens that may be used to acquire in-game assets. Each NFT token is unique and can be transferred between users of various digital platforms. This means that criteria like supply, demand, and feasibility will decide the market value of each token.
Game developers use NFTs to create unique items for use in their games. A rare-goods-based economy, in which tokens are used to purchase items that cannot be traded with other players, can be implemented by game designers.
NFTs, like other cryptocurrencies, can be purchased, sold, and traded and are stored in a digital wallet. If you're playing a role-playing game, you can buy and sell various weapons, shields, and suits of armor.
If the products were convertible, a player could, for example, swap a sword for a shield. If the weapons were NFTs, each sword and shield would be unique, allowing players to trade freely without needing an intermediary.
They are highly sought after by collectors since they are one-of-a-kind and impossible to recreate. Anything, from in-game assets to create digital art pieces, can be represented by virtual things (NFTs).
NFTs are commonly employed in the gaming sector. Gamers can benefit from their favorite games by purchasing, selling, and swapping virtual products in a secondary NFT market.
Why do people play Non-Fungible Token Games?
To the tune of over a hundred billion dollars, the digital gaming market continues to expand at an annualized rate of over 20%. With such a large player base and continuously evolving technology, game designers and studios always look for methods to enhance their games and keep gamers interested.
For example, there are many advantages for players and creators of NFT games. The main features of NFT games are as follows:
Since ownership is verified via blockchain technology, users can confirm and secure their assets in NFT games. They will feel more in control and more confident knowing they won't lose their possessions to a dishonest party, which allows them to become more involved in their games.
NFTs can be traded and swapped between players, enabling more engaging gameplay in cryptocurrency games. Players can buy new things or sell their old ones, which will let them customize and explore the blockchain game.
NFT games offer real-world value, in contrast to other entirely virtual games. Players can trade, purchase, and sell products with other players, which is a terrific method to generate passive revenue.
Because each NFT token is distinct and genuinely transferable, trading NFTs is simple and secure. To receive prizes and boost your passive revenue in the blockchain game, this can be very helpful when transferring assets within multiplayer games.
Top 3 Ways to Make Money with NFT Games
You can employ these channels when looking for NFT game income streams. You may make money playing any of these blockchain games. Choose one or more that fit your interests and skill set to get started.
The Top 3 Ways to Profit from NFT Games are as follows:
Collecting and Trading Rare In-Game Items
Making money with NFT games is easy if you start collecting and exchanging NFTs. By leveraging the top NFT marketplaces to buy and sell game stuff.
You can also get compensated for completing collections and sets. Some games provide you NFTs in exchange for completing specific tasks, which you can then trade for cash or sell in a blockchain game.
If you are interested in purchasing, offering for sale, or collecting NFTs, there are a few things to bear in mind. Conduct market research to determine which NFTs are most in demand. Then, compare and purchase NFTs to improve your chances of earning more.
Earning In-game Rewards
NFTs are awarded to players in a variety of games. For example, players can upgrade their cards by collecting gold in the smartphone game Clash Royale. They can summon legendary dragons when they have enough gold to aid them in battle.
NFT gaming is also used to encourage gamers to play more regularly and spend more time on their apps. Businesses, for example, may provide consumers with free NFTs in exchange for their participation in a survey or event. Companies may increase customer retention and engagement without spending any money.
Companies can also use NFT gaming to reward current customers who have shown their loyalty through actions such as reviews or purchases. This can be performed by exchanging NFTs for a specific app or website feature for a discount or even an additional reward.
Sponsorships and Endorsements
You can earn money by entering into partnerships and sponsorships with NFT game creators, businesses, and influencers.
Businesses employ gamers because consumers are likelier to believe social influencers than brands just trying to sell something. They work with influencers and content producers to help you create a one-of-a-kind experience.
They advertise your brand in NFT marketplaces by offering a fun experience. NFTs, give your brand a special channel of communication with you. The brand will become more recognizable, remembered, and, most importantly, intriguing.
How and Where Can I Begin Playing NFT Games?
Let's discuss how to play them first before moving on to the best NFTgames.
A crypto gaming platform that accepts NFTs is required first. Since they are known for their security and are advised for new players, most gamers select the Blockchain or Ethereum platform.
You can download the game and make an account after selecting your platform. The next step is to create a deposit and buy NFTs using cryptocurrency. You can only get the NFTs you want in the game by doing this.
Once you acquire them, you can use them to level up your characters, sell them, or trade them. Additionally, performing marketing chores or introducing friends to play will win you NFT tokens.
Below is a list of popular NFT Games:
One of the best non-fungible token games now available in the gaming business is CryptoKitties, a game that is quite well-liked.
In the game CryptoKitties, virtual cats can be gathered, bred, and sold. In NFT games, you can sell rare kittens or breed new ones to sell and make money doing so. Players can buy and sell kittens.
In the online virtual reality game Decentraland, you can build your planet or purchase land from other users. Land can be bought and sold, or you can create your VR world and charge others to enter it. It's a fantastic method to interact with other players and make money.
Unfortunately, latest developments have show a steady decline in Decentraland popularity, but this is still one to keep your eye on.
This isn’t so much a game, but a method of lending NFTs which are within Gamefi to earn tokens. By lending money to other participants in Coinloan, you can earn tokens.
You will receive CLT tokens as compensation for lending money to another player, which you can then use to repay your loans. It's a fantastic approach to increasing your income and reputation on the network.
Things to be Aware of When Playing NFT Games
The future of non-fungible token games is bright, but there are a few things to be aware of when playing them:
Blockchain technology was used to create NFT games, which are very secure. This is a distributed ledger that will transparently and permanently record all transactions. This technology secures digital assets by reducing the danger of theft.
These assets are far more secure than typical digital blockchain-based game objects since they cannot be duplicated or compromised. They are virtually hard to hack, and your valuables are protected from nefarious outsiders.
In NFT games, digital assets like tokens may be stored permanently and securely thanks to blockchain technology. Therefore, the objects are unchangeable and unreproducible. However, losing or misplacing them is still dangerous if you don’t follow best practices.
You should keep your NFTs in a wallet made for them. You must choose a wallet that keeps your belongings safe and can be accessed quickly and effortlessly.
Gains from playing NFT games are treated as investments. This implies that you must pay capital gains tax on the profits you make from selling them. You'll have to fork out a particular share of the proceeds from the sale. You should document your earnings and losses precisely so that you may report them when filing taxes.
4. Trading Volume
Many NFT games enable you to exchange the stuff you’ve won with other players. This implies that you may quickly and simply convert your digital assets into cash. Make sure you complete your homework before purchasing or selling NFTs.
You may even hold an auction for virtual goods in some crypto games. Setting the item's price and waiting for a competing offer rests squarely on your shoulders.
Frequently Asked Questions (FAQs)
What is The Most Profitable NFT Game?
CryptoKitties, in which players can purchase and trade digital cats using Ethereum, is one of the most successful NFT games. After only a short time on the market, CryptoKitties has already generated over $12 million. While the base price of a kitten is a modest sum of Ethereum (about $5), the market price of a kitty can rise or fall based on supply and demand.
Are NFT games Legit?
Big, well-planned NFT scam games are common. Most investors in such ventures are not professionals but novices, and fraudsters take advantage of and entice naïve consumers with marketing and appealing sites. In light of this, users must pay particular attention to several specifics:
Experience is something that all professional project developers have. You may research their backgrounds and the historical success of their ideas on the internet.
Nonetheless, many GameFi initiatives with real ambition are started by secretive groups. There is little we can learn about them because they utilize aliases or fake names online.
Review from credible sources
Never trust an advertisement's catchphrase as the only basis for your research. Reviews on them are best read on unbiased professional sites. New blockchain initiatives are met with swift support from the community.
Scammers, though, have evolved and found new ways to trick customers. A few groups "shill" their initiatives by posting glowing testimonials about the firm on shady review sites. To trick the system, they create hundreds of fake user identities ahead of time on popular message boards.
After receiving a command, they will transmit the prewritten message they have created following the guidelines. Thus, investors should not place little stock on testimonials.
You can tell how many people are interested in a project by how active they are in related conversations and comments; therefore, it's important to scour the project's social networks. Without participants, covert endeavors cannot succeed.
The simplest method uses tools like Etherscan or BscScan to inspect the project's smart contracts. Token and user counts and the date the project was launched and distributed may all be found using a block explorer.
As we've seen, NFT technology and blockchain-based games provide fresh perspectives on the gaming experience. Because of them, you can get rare things that cannot be sold or given to other players.