NFTs are unique digital assets on the blockchain. The play-to-earn feature makes them suitable to use in play-to-earn crypto games as representations of consumables, characters, and other tradeable in-game items.
NFT games have become popular in the new-faced gaming industry as a way to earn money. You can sell your NFTs and in-game tokens to other players and earn tokens in the play-to-earn model.
When moving your NFTs, transfer them to a wallet. Also, look for common scams when you send the NFT (Non-fungible token) to an NFT marketplace. Finally, read the rules of the nft game you play to see the chances of loss.
Play-to-earn games exist on Ethereum and BSC (BNB Smart Chain). Some offer a fighting experience with new collectible characters, and others use collectible cards.
Binance also offers NFT Mystery Boxes, allowing holders to own high-value NFTs. These Boxes are in NFT Collections partnered with play to earn games.
Introduction to NFT Games
NFT games have begun to offer crypto games with the play-to-earn model. Game-Fi, as it is known, mixes gaming and finance, providing players with opportunities to earn rewards by playing NFT games.
You don’t need to only rely on finding, winning, or breeding a scarce collectible worth thousands of dollars. Instead, players can experiment with multiple play-to-earn games in various themes aside from collectible animals.
What are NFTs?
A Non-fungible Token (NFT) is a digital, cryptographic token on the blockchain representing a unique item. An NFT has many use cases. For example, it could be digital assets in a play-to-earn game, a collectible crypto art, or even real-life objects like real estate properties. NFTs have solved the issue of creating decentralized digital collectibility and ownership in real life.
An NFT is a non-fungible token, as popularly known. Each token is unique, and holders cannot swap it for another token. For example, you can trade 1 BTC for another 1 BTC, identical in every way. With an NFT, that is impossible, even with an NFT piece of music or art released in multiple versions. In this case, each Non-fungible token’s metadata will differ.
How do play-to-earn games work?
Play-to-earn games are different from merely holding cryptos in your wallet. A typical NFT game uses NFTs in its mechanisms and player interactions. For example, a play-to-earn game could represent a unique character as an NFT.
The in-game items you find while playing games could also be non-fungible tokens. You can then trade your NFTs with another player for profit. In addition, some of the top NFT ply to earn games can allow you to generate more income.
So how do you implement non-fungible tokens into a gaming environment? To swap, create, and enforce minigame NFTs, developers make smart contracts containing the rules for the non-fungible tokens. Smart contracts are pieces of code stored on a blockchain platform.
For instance, CryptoKitties is among the popular NFT games with a small number of central contracts that structure the game. The most famous is their gene science contract that decides the random mechanism that generates new characters.
The game developers initially hid the code. Then, interested players created tools to explain the odds of some traits in cats turning up, knowing that players can optimize the chances of developing a unique breed worth money.
What is a play-to-earn game?
Play-to-earn games allow users to generate a stable income stream through playing games. Typically, a player gets rewards with tokens and NFTs, earning more in-game tokens the longer they stay in the game. The tokens are earned in the crafting process of the game.
The token method is the more stable of the two options, as token players can earn steadily through constant playing. Play-to-earn games have been popular with players in developing countries as an alternative to fixed income.
Axie Infinity is among the most popular play-to-earn games. The crypto game requires players to make an initial investment to purchase three Axies or enroll in a play-to-earn scholarship program from existing players.
Players can use SLP to breed new in-game characters, creating an economy for the in-game item. As a result, Axie Infinity became particularly one of the most popular NFT games, even in low-income regions.
What are NFTs, and how do NFT games work?
NFTs offer another way to generate more income with NFT games. Rather than earning a fungible ERC-20 token, you earn NFTs representing collectible items. This mechanism is the conventional way of amassing income with play-to-earn NFT games.
CryptoKitties is an excellent example of a top NFT game that operates with the collectibility of in-game NFTs. However, most of the best NFT games offer a mixture of NFTs and a play-to-earn model.
How much can I earn with NFT games?
How much you can earn with an NFT game depends on the mechanics and market demand of the play-to-earn game you choose. You can make money from other users who want to use in-game NFTs or cryptos to make purchases. You need to sell your goods on the market to cash out. Not only that, but you can also exchange or auction your NFTs. With some of the best NFT games, value is derived from the NFT or in-game utility.
Can players lose money playing NFT games?
Yes! You can lose all your investment and even the earned tokens when playing NFT games. How much you will lose depends on the type of game you play, its rules, mechanics, and the value of the NFTs you handle. Losing money doesn’t necessarily mean you are being scammed.
Some of the best NFT games in the market have a structure that can secure you a win at the earliest level. But when you begin to play higher levels, you may face more formidable challenges that may be more difficult to conquer.
NFT games are real with the play-to-earn model. Without any shadow of a doubt, you can play the game, win some attractive in-game assets and convert them to real-life cash in your hand or bank. However, every NFT game model operates on the principle of win or lose. So, you need to count your cost before you venture into the newly discovered investment. You should also avoid free NFT games as they may have little to offer in profit-making.