The gaming industry has undergone constant change. Numerous games, including casino games, have become accessible online since the advent of the internet. Games that were previously only available on consoles or in-house can now be played on internet-capable devices. Gaming as we know it is being transformed by the introduction of non-fungible tokens (NFTs) into games. Interestingly, gamers can convert their in-game compensations into cash. The NFT industry has grown and gained more attention as a result of this development.
What is NFT gaming?
NFT games, also known as P2E games, are games that reward players with tokens or NFTs for time spent playing. NFTs are acquired by chance, whereas tokens are typically the primary reward. Additionally, players can acquire in-demand NFTs from other players and hold them until their value increases before reselling them. Axie Infinity is a great example of a play-to-earn NFT game. Axies and Smooth Love Potion (SLP) tokens, or NFTs, are the game’s rewards. Players can exchange the SLP token for real money on major exchanges like Binance.
NFTs permit gamers to bring in cash as they play. Gamers have access to over 800 blockchain-based games where they can earn NFTs and cryptocurrencies as rewards. On the other hand, there are no incentives for playing regular games. Gamers need to pay to play the games. To make money from your playtime, you need a large following or to play professionally in e-sports.
In contrast, players can earn real money while playing P2E games with NFTs. The best part is that users can transact the details at any time and from anywhere using blockchain technology, allowing them to transfer value and get paid to play regardless of where they come from. However, the fact that players must purchase the tokens prior to playing presents a significant obstacle for newcomers. NFT Developers hope to make onboarding easier to manage over time by improving the process.
Rent to earn!
Players can buy the assets and rent them to guilds if they don’t want to play NFT video games but still want to make money. This is similar to the sell-to-earn option, but instead of losing ownership, they lease out the NFTs. Players can benefit from an organization’s pre-sale of NFTs tokens prior to their public listing. They can invest in the tokens at a pre-sale price that is always lower than the initial exchange value as a result of this. Because of the intense competition for the pre-sale value, act quickly to acquire some.
If you are unable to obtain the tokens during the presale, consider purchasing them once they become available on the exchange. Take your time when comparing prices from the different decentralized markets so that you can make wise purchases that will pay off handsomely.
Benefits of NFT games!
Many people think NFT games are the future of gaming for a number of reasons. NFT games offer advantages that traditional games do not. Some are:
1. Offers a source of income
Numerous developing and underdeveloped countries with weak economies have extremely high unemployment rates. In those regions, NFT games give gamers a chance to make money doing what they love: gaming. Axis Infinity is extremely popular in countries like the Philippines, where players are said to earn between $200 and $1000 per month.
2. Ownership of in-game assets in traditional
In traditional games, assets cannot be traded between players, and items purchased by players are locked to the game. The plot of the NFT gaming marketplace is different. If they so choose, players can either sell their NFTs to other players or trade them across supported platforms.
Because they are built on the blockchain, each NFT is unique and cannot be duplicated. As a result, players can rest assured that the NFTs they have laboriously earned cannot be duplicated or stolen. It is impossible to lose an NFT, with the exception of scams or when a player grants a malicious smart contract access to their wallet.
4. Provable Scarcity
An NFTs value is typically determined by its rarity. Transparency is helped by the NFTs’ underlying blockchain technology. This makes it simple to confirm an NFT’s owner and its scarcity.
5. Transaction Fee Commission
The advantages of NFT games extend beyond just players; developers are included as well. The game publisher may charge a percentage of the total amount of the transaction when an NFT changes ownership. Every time an NFT is sold, the publisher gets paid. This is a great way for game publishers to make money because a number of NFT Marketplaces have sold for tens of thousands or even hundreds of millions of dollars.
6. Ability to attract venture capital
Investors who are knowledgeable about cryptocurrencies and NFTs, in particular, are always looking for promising projects to invest in. This advantage can be used by game publishers to get venture capital for themselves.
Although NFTs may appear to be a novel idea in gaming, NFT games have actually been around for a while. CryptoKitties was the first NFT game to be released in 2017. A year later, Axie Infinity was released, and it wasn’t until much later that it became well-known. There is no question that NFT games are fundamentally altering the gaming industry and giving gamers more control. They provide benefits that were thought to be inaccessible through games in the past. The days when spending hours playing video games was considered a waste of time are long gone. It’s now comparable to having a passive income.