NFTs are digital collectibles that can only be found on the blockchain. They can be used in games to represent characters, consumables, and other tradeable items.
NFT games are a popular way to make money in the Game-fi community. You can also sell your NFTs in-game to other players or collectors, and earn tokens using play-to-earn model tokens.
Make sure that your gaming NFTs are transferred to a compatible wallet when you move them. Be aware of common scams when you send NFTs to NFT marketplaces or other users. To avoid any loss, make sure you read all the rules of any NFT game that you play.
NFT games can be found mainly on Ethereum and Binance Smart Chains (BSC). Some games offer a battle experience with collectible characters such as CryptoBlades or Axie Infinity. Others use collectible cards such as Sorare.
NFT games began offering play-to-earn opportunities in the CryptoKitties craze. Game-Fi is a hybrid of finance and gaming that allows players to make an income while they play. It’s no longer necessary to rely solely on finding, breeding, and winning a rare collectible that will fetch you thousands of dollars. You can experiment with many gaming models, in different themes than collectible animals.
What are NFTs?
Non-Fungible Tokens (NFT) are digital tokens on the blockchain that represent unique items. There are many uses for an NFT. An NFT can be used as a digital asset in a video game, a piece of crypto art collectible, or even a real-world item like real estate. NFTs solved the long-standing problem of decentralized digital ownership and collectibility in a “copy-paste” world.
An NFT cannot be resold. This property signifies that each token can only be traded once and cannot be exchanged for another. One bitcoin (bitcoin), can be traded for 1 BTC, which is equal in all ways. This is impossible with an NFT. This means that each NFT’s metadata may differ from the other, just as you would in a series of prints numbered.
What is the working principle of NFT games?
NFT games are more than just having crypto-collectibles stored in your wallet. NFTs will be used in NFT games’ rules, mechanisms, or player interactions. A game could be your avatar or unique character as an NFT. You might also find NFTs in digital items that you find while playing the game. For-profit, you can trade or swap your NFTs for other players. You can also earn income through NFT games using a newer model called play-to-earn. We’ll talk more about this model later.
How do you technically implement NFTs into a game? Developers create smart contracts to implement NFTs in a game. Smart contracts are code pieces that execute themselves and are stored on a blockchain.
CryptoKitties has a few main contracts that help structure the game. Their geneScience contract is the most well-known. It determines the random mechanics used to generate new cats. It was initially secret to the game developers. Players who were interested in the game created tools that could analyze the likelihood of certain traits being found in cats. This information could help players maximize their chances of creating a rare breed that is worth more money.
What are play-to-earn NFT games?
Users can earn an income stream by playing in play-to-earn NFT gaming. A player will typically be rewarded with tokens and sometimes NFTs. The more they play, the greater their chances of earning. Tokens are sometimes needed for crafting purposes.
Tokens are usually more stable than the NFT drop method because tokens can be earned through steady play. As an alternative to social security or fixed income, play-to-earn is very popular in low-income countries.
AxieInfinity is one of the most popular play-to-earn games. You can either invest in three Axies or receive a scholarship from another player. After you create a Starter Team, and complete tasks and challenges you will be able to earn Smooth Love Potion or (SLP), which can be traded on the exchanges.
Breeders use SLP in order to create an economy for their Axies. Axie Infinity was particularly popular in the Philippines where many people started to make a living from its pay-to-earn model. Players can earn between $200 and $1000 (USD) per month, with some earning, even more, depending on market prices and how much time they invest.
What are NFTs in-game?
NFTs in-game offer another avenue for earning an income by playing NFT games. Instead of earning a fungible ERC-20 token such as SLP in AxieInfinity or SKILLS on CryptoBlades you can earn NFTs which are collectible items. This is the traditional method of earning income from NFT games. The cosmetics, rarity, and utility of items will affect their value.
CryptoKitties is an example of a game where you can only collect in-game NFTs. Without the chance of winning, there is no way to continue playing and make a steady income. Newer NFT games combine both in-game and play-to-earn NFTs.
How can NFT games make money?
The market demand and the game’s mechanics will determine how much money you can make playing NFT games. Other players will value your NFTs and cryptocurrencies. This will make you money. You can cash out by selling your goods at a market, auction house, or exchange. Value in NFT games is determined by the NFT token’s collectability or its in-game utility. These factors can also lead to speculation.
What is the best way to lose money while playing NFT?
You can lose money by playing NFT games. The exact amount will depend on what type of NFT game you are playing and how it works. It doesn’t necessarily signify that you are being conned. NFTs are highly speculative, and their value is determined by what people put on them. This means that your losses will also depend on market forces. As with any crypto investment, you should only invest what you can afford.
Can I lose my NFTs?
It is a common fear that NFTs could be lost while you are playing games or using the blockchain. You need to ensure that your NFTs are safe, regardless of whether you bought them or earned them in-game. If you’re not careful, your NFTs could be lost. If you follow the best practices that we will discuss, however, your chances of losing them are minimal.
There are several ways your NFT could be lost:
- It is possible to transfer it from one wallet to another that does not support the NFT token standard.
- You have been a victim of fraud or a scam and are now sending your NFT directly to scammers.
- A malicious smart contract is granted access to your wallet and takes your NFT.
- It is part of the game’s rules that you lose it.
You can avoid these situations, except for the last. A better understanding of NFTS, Blockchain technology, and scams generally will help you to avoid them. The same applies to NFTs. Just as you wouldn’t use PayPal without knowing how it works, so too with internet banking. You can make sure your NFTs don’t get lost by following these steps:
- You can confirm that you are not falling for a scam if your NFT is being sent to another wallet.
- Learn which tokens and blockchains your platform or wallet supports. ERC-721, ERC-1155, and BEP-721 are the most popular NFT token protocols for Ethereum. BEP-721 is the most commonly used for Binance Smart Chain (BSC), and BEP-1155 is the most frequent for Binance Smart Chain. Never assume the compatibility of the NFT tokens you send.
- Only use smart contracts that are reputable and trusted. Be aware that smart contracts can interact with your wallet and could potentially take your money.
- Pay attention to the rules of any game you are playing. NFT games may allow you to trade or use NFT consumables. This could be potions or items, for example. To avoid unwanted surprises, familiarize yourself with the game.
Popular NFT Games
There are many NFT games, most of which use Ethereum and BSC. Some games offer traditional video gaming experiences while others rely on NFTs to collect them.
1. Axie Infinity
Axie Infinity, as we have mentioned before, follows a similar model to Pokemon that includes collectible creatures and battles. Axie Infinity, which is on Ethereum blockchain, provides users with a potential income through trading Small Love Potions and Axies (SLP), and Axie Infinity Shards and (AXS) respectively. Both AXS and SLP can be traded on Binance and other major exchanges.
Sorare is a fantasy soccer game that features collectible and tradeable real-life soccer players. You can create a five-player soccer club using free cards or tokenized cards. For every win, the goal scored, and other events completed, you can earn points that you can use to level up.
3. Gods Unchained
Gods Unchained, a tradeable NFT card game on Ethereum that is similar to Magic The Gathering and Hearthstone, can be traded. Gamers create decks that have different strengths and powers to fight other players. You can buy or use in-game items as you win. You can earn Flux by winning Ranked games. This Flux allows you to craft powerful NFT cards. Then, you can either sell your profits or reinvest them in new cards to continue the game.
4. Binance NFT Collections
Binance NFT Marketplace offers an NFT gaming experience, including NFT Mystery Boxes as well as Collection partnerships. These partnerships include digital artists and NFT games. Each Mystery Box comes with a random NFT, each one representing a rare item from the Collection. The NFT can be revealed by opening the box or you can sell it.
NFT Collections include several Mystery Boxes and NFTs that are centered on a particular theme or project. Game-fi Mystery Box Collections are some of the most well-known. Let’s have a look at some:
- The MOBOX Collection. MOBOX is a gaming platform that combines DeFi yield farming and NFTs. The Collection includes NFT Mystery boxes that contain MOMO NFTs and randomized hashing powers in the MOBOX platform. The MOMO’s value in MOBOX’s games is dependent on how hashing powerful the NFT has.
- The My Neighbour Alice Collection. My Neighbour Alice, a game that builds virtual worlds with NFT cosmetic items, is called the My Neighbour Alice Collection. Although the Collection’s Mystery Boxes contain only cosmetic items, their users still value and add value to them in the secondary market.
NFT gaming is a digital collection that creates rules to allow players to interact with their NFTs. NFTs are valued for their collectibility by some, but others value them for their utility. NFT games can be compared to trading cards, but not all people who collect them intend to play. New NFT gaming economies have been created by game-fi, which has changed the way people earn NFTs. Making money is not about luck or collecting; it’s about having fun.