NFT has been the Hottest trend since last year, and people are going crazy over it. Non Fungible Tokens are entities in the blockchain network owning, which gives you tradeable ownership right for a digital and physical asset. Digital artists took this tech seriously and started releasing their own NFT collections of art.
Since anything digital can be made into an NFT, games were the next to adopt NFTs. Since the success of Axie Infinity, people began to spend their time on NFT games. These games not only gave them fun, but they also earned a passive income out of it.
The passive income was too hefty that it made people leave their daily jobs to concentrate on the game full time. These in-game NFTs are freely available for everyone to buy or sell in the NFT marketplace for games. This has started a revolution in the gaming industry.
Apart from these two industries, Non-Fungible Tokens are used in various sectors that are making the world notice blockchain technology. The uniqueness of NFTs is making them invade every other industry that needs a unique identity. Here you will find everything about NFTs, their useability, NFT games, and how it is transforming the gaming industry in a snap.
NFTs and their Invasion
You must have heard of NFTs in various sectors. One that got the world’s attention is governments taking initiatives to bring in NFTs. This will result in the mass adoption of NFTs and blockchain soon.
One thing that made the headlines is the adoption of NFTs for Birth certificates and Land records. This might be a sign that the world is getting ready for the mass adoption of NFTs soon.
Apart from that, there are sectors that are taking up NFTs actively. From booking flight tickets to getting groceries, everything can become NFTs in the future. As of now, NFTs are adopted in various sectors like
- Real estate,
- Event ticketing,
- Token gated community
- Intellectual property,
- Supply chain and logistics,
- Medical records, and more.
How did NFTs invade the gaming industry?
Art NFTs started to get the attention of the world. With NFTs selling out for millions of dollars, people found the actual worth of NFTs and blockchain. In 2017, the first-ever NFT game, the crypto kitties, was a massive success.
When the kitten NFTs were launched, the entire Ethereum blockchain saw an increase in the transactions on the network. The response was too much for Ethereum to handle that it went down for a while.
What made people buy an NFT kitten that lives inside a game in Ethereum blockchain? What are NFT games, and why are they popular among the gaming community?
The gaming revolution
In a typical game, you would pay to skip commercials in the middle of the game, purchase weapons and accessories, and so on. This gaming model is known as pay-to-play. However, the features of blockchain have given rise to a new gaming concept. This is the game to earn NFTs and crypto tokens.
In an NFT game, in-game things such as avatars, weapons, accessories, clothes, weapon skins, maps, and more are minted as NFTs on the blockchain. So, if you spend money on these NFTs from the Gaming NFT marketplace, you may always recoup your investment by selling the products. Furthermore, the players can earn money every time they play or win the game.
Today there are games that promote this web 3.0 model of gaming. Web 3.0 is the next generation internet that brings blockchain to decentralize the whole operation. It also rewards the users for the time they spend on the platform. Like Play to earn, move to earn, hit to earn, and jump to earn are coming out promoting physical fitness along with it.
How do gamers earn from NFT games?
When an in-game item is an NFT, you are not just buying a random game item; you are investing in an asset. Most of the gamers who get into these games see this as an investment that will bring back fortunes on playing them.
Games like Axie Infinity are giving people the opportunity to earn a good income, and many gamers leave their daily jobs to play these games. In an NFT game, you can usually earn through the NFT gaming marketplace with the following options.
- You can sell the NFTs when you no longer want them. A guarantee of your money.
- You can rent your NFTs when you don’t use them for a while. Earning even if during idle time.
- Earn reward points or crypto tokens on playing the game. Points or tokens can be exchanged for fiat money.
- Level up the NFTs and sell them for higher profits.
The introduction of blockchain in gaming platforms has even brought decentralization. Yes! The players can now decide on the updates, funds, and administration of the game. NFT games offer governance tokens owning a certain amount which allows you to vote on the decisions. This has created a whole new world for gamers.
Getting started with Play2Earn games
As mentioned before, gamers who are already into these NFT games consider investing their time, efforts, and little money. This is to get fun and a constant income hand in hand.
- You have to invest in NFTs of that game. Generally, you must have 2 to 3 NFTs to play in the game. Those NFTs will be available in the dedicated gaming NFT marketplace.
- To get the NFTs, you have to open an account in the gaming platform and on the marketplace.
- You should have a web 3.0 wallet to fund your wallet with cryptocurrency and store the NFT you buy with it.
- Select an NFT item according to its rarity, strength, rank, and budget.
- After buying, all you have to do is to select them on the gaming platform and play with them.
Play to earn Games in the spotlight
There are many games that can give fun and entertainment to the gaming community. But NFT games offer them along with rewards and money. Some of the well-known NFT games that are getting attention among gamers are
- Axie Infinity- Inspired by pokemon, the game involves NFTs of Axies(cute monster creatures) that can be tamed and taken to battles. Every time you battle, you get rewards and every time you win a battle. They have Reward token AXS and Governance token SLP.
- Splinterlands- This is an NFT game that has been getting the most attention recently. It is an NFT card game in which users can play games and earn rewards, whereas the SPS token is a governance token in which users can vote on game development modifications. Other tradable tokens in the game include the DEC token, which players utilize to win wars.
- Crypto kitties- the first ever NFT-based game which is still getting the attention of gamers and NFT enthusiasts. They are all about breeding NFT kittens as pets.
There are many other NFT games whose NFTs are open in their dedicated gaming NFT marketplaces or common platforms like Opensea. With Metaverse technology coming around, NFT games will get a brighter spotlight in the future. Gamers are exploring new opportunities to earn out of gaming. Blockchain will be one that gives a whole new perspective on gaming for professional gamers.