Jan 14
How to Make Money from NFT Games
With the NFT trends taking the world by storm, developers and crypto enthusiasts are finding their way to cash this NFT frenzy while engaging the community into innovative yet income-earning platforms. The trend has taken another turn, with game developers merging games with decentralization and NFTs, creating a new concept where people play and earn (or Play to Earn). Today, we look at this concept and educate those who want to know all about the current NFT game phenomenon and how to earn money by playing these. On top of this, we will be sharing some tips on how to enhance your experience.
All about GameFi?
Coined by Andre Cronje, father of DeFi, GameFi came into existence in 2020 which accelerated the revolution of NFT games and in-game assets. GameFi is a combination of gaming and decentralized finance (DeFi). GameFi depends upon many prominent elements like blockchain technology, gaming, multiple DeFi products such as NFTs along with yield farming, borrowing, and lending and stablecoins, etc.
A Brief Intro to NFTs and NFT Games
It is easy to understand NFTs if you are already familiar with cryptocurrencies and the blockchain technology of the decentralized world. NFTs (Non-Fungible Tokens) are unique digital items on the blockchain. They can be used as an asset, in-game characters, or other valuable objects related to art, memes, or music. They are not exchangeable as each token has its own unique identity and cannot replace the other item.
Moving on to NFT Games, these are computer games in which the players are allowed to own true in-game assets, for example, skins and weapons or it can also be in-game lands that the players purchased while playing the game. All of this became possible because of blockchain technology which allowed an innovation like the in-game economy to exist. Now, these NFTs help to create digital assets for many online, and recently it has been targeting the gamer community with rare NFT games.
How do these NFT Games Work?
These NFT games are allowing players to earn money as they play them, by merging finance and GameFi. By using NFTs, gamers can sell collectibles to other players and even rent them out. Many games allow players to invest their NFTs in collectibles they predict have value and can generate profit soon.
How to Sell Assets in NFT Games?
NFT games allow players to participate in ranking games with extreme popularity, where players can breed in-game creatures, own land, skins (characters, avatars) and put several weapons or tools into their collection. After acquiring enough assets players have choices of either to sell the asset completely to another player or rent out that particular asset to generate profit. Each ownership is tracked separately on the blockchain.
Mini Earning Games
These games have mini levels where the players can enjoy the entertainment a game offers, but don’t have to spend large amounts of time. Tic Tac Toe, Spin the Wheel or other fast-paced games that just last a few minutes are very popular.
NFT based assets can be used in the game that represents the players. For example, in a one on one trading card game, the game character is an NFT and when a person wins a round, he not only earns rewards, but the character upgrades are also possible. This upgrade is written into the NFT, giving it more value and when the player quits the game, the NFT remains with him.
This means that there is not only entertainment but financial benefit too. The (now more rare or better) NFT can help progress easily in future rounds, but can also fetch a better price if needed to be sold.
NFT Gaming Tournaments
As much as mini-profit games are popular, NFT based games also have another option for users who seek to play with a large community. These games are beloved by gaming fans as they have a sense of community where players can play in different modes (PvP, TeamvTeam etc.). As tournaments, there are several rounds where the individual players or teams have to win and progress.
Unlike mini-games, these are much tougher, but the rewards are even greater. Large winnings and chances to upgrade the NFTs mean that players have a lot to gain, especially when their NFT becomes popular and other players are also willing to shell out extra money to get their hands on it.
Even if the NFT is not sold, the mere winnings (in cryptos) can be cashed out for real-life fiat.
Benefits of Earn to Play Games
NFT games are creating opportunities to earn for many who faced a financial burden during COVID-19. A whole new economy and a way to make real-life money, the NFTs have simply become in demand. Combined entertainment and a great way of making an earning is the crux.
NFT games are unique, fun, and here to stay for a long time. They have a great potential to attract more and more players and gaming enthusiasts in the future.
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