Blockchain NFT games have progressed significantly since the early days of trading simple Non-Fungible Token (NFT) collectibles such as Cryptokitties. Now you can earn money playing crypto nft games free to play, even if you don’t own the rarest NFT.
The concept is appealing, as video NFT games rarely allow players to earn real-world money by selling digital assets. Users can now earn money in the crypto world using this new model of nft games free to play.
What are NFT games?
NFT games enables players to earn cryptocurrency simply by playing the game. Although each game’s mechanism varies, rewards are typically earned through staking, farming the game’s currency, or generating tradeable NFT items. In earlier blockchain games, users profited primarily from random chance. However, play-to-earn has created in-game economies and business models in which players can earn money.
Axie Infinity is a well-known example on the Ethereum blockchain. The game combines aspects and gameplay from conventional video nft games free to play with the established blockchain gaming paradigm. For example, Axie Infinity includes an adventure mode, PvP combat, and tournaments – all of which are common in the traditional gaming industry. The game is compatible with Windows, Android, Mac OS X, and iOS devices.
How does NFT games work?
NFT games are classified as GameFi due to their combination of gaming and financial. Each game offers cash incentives for players to participate and grow. As previously said, there is often a grind associated with repeating specified acts that enable users to earn money in one of two ways:
1. Earning cryptocurrency in-game. One such item is Axie Infinity’s Smooth Love Potion (SLP), which may be obtained by completing daily objectives or engaging in combat with monsters and other players.
2. Earning and exchanging NFTs in-game. Each NFT may be a representation of a gaming object, character, or other collectable. These may be entirely aesthetic or provide a function or purpose in-game, depending on the game.
Additionally, there is a third way to make money with nft games free to play: staking. Certain NFT NFT games enable players to store NFTs or cryptocurrencies in smart contracts, generating incentives in the process. Staking MBOX tokens, for example, rewards users with MOMO NFT Mystery Boxes. Each one carries a unique NFT of varying rarity that may be sold on the secondary market. However, in order to receive significant staking benefits, you’ll need a sizable initial investment.
How can blockchain technology ensure the security of pay-to-play games?
Playing to earn is not a new concept. Numerous online NFT games (often massively multiplayer online role-playing games) have fiat-based auction houses or secondary marketplaces run by gold farmers. The major distinction for cryptocurrency NFT games is that these money and goods reside on blockchains. A blockchain has a number of qualities that make it simple to establish ownership, legality, and uniqueness.
Consider a blockchain network to be similar to an immutable database. It is maintained via a decentralized network of computers (users), each of which stores a copy of the blockchain data. This effectively eliminates the possibility of someone altering, duplicating, or deleting blockchain data.
As such, blockchain NFT games may be built in a manner that eliminates fraud and corruption, such as item duplication, gold hacking, and other vulnerabilities prevalent in conventional nft games free to play. The rarity of an item is critical to its worth in-game. There is no copying and pasting with blockchain. If an object is one-of-a-kind, it cannot be duplicated. This contributes to the development of genuine value for in-game products.
How much money do individuals earn from NFT games?
Generally, gaming is not renowned for financially benefiting the typical user. It might be difficult to comprehend how normal gamers can earn money from a blockchain game. Indeed, many individuals, particularly in underdeveloped nations, make a livable salary via crypto NFT games like Axie Infinity.
Farming may give a more consistent source of money, since earnings are proportionate to your abilities and amount of time spent playing. This form of farming has gained popularity in the Australia, where Axie Infinity has even become a substitute for jobless benefits. Players may earn between $200 and $1,000 (USD) every month cultivating SLP, depending on the market price and the amount of time spent playing. Farming benefits are typically lower than those associated with trading NFT creatures and items, but they are significantly safer for anyone in need of a steady income.
You can even breed new NFTs (Axies) in nft games free to play like Axie Infinity. However, the value of a freshly bred Axie cannot be predicted with certainty. As of October 2021, the most expensive Axie (Angel) ever sold was $131,970 on November 7, 2020, and is presently advertised at 3,000 ETH. While these figures appear appealing, predicting an average income for someone selling NFTs from play-to-earn games is challenging due to their random nature.
How to get started with earning money through NFT games
Each game with a NFT games component will have unique criteria for new players. At the very least, you’ll want a cryptocurrency wallet such as MetaMask or Binance Chain Wallet to store your cryptocurrency and link it to the game.
Additionally, you may be required to make an initial expenditure to play, such as creating a team of characters or buying in-game equipment. Typically, entering a digital crypto-economy is not free.
By October 2021, Axie Infinity will demand an initial expenditure of around $600 to acquire three Axies. While this may be repaid after a few months of playtime, it still provides an entrance hurdle.
Another alternative is to hunt for so-called scholarships, which allow you to effectively borrow Axies for free from another player and then split the revenue generated with that person (referred to as the manager). In other words, the player offering the scholarship receives a certain proportion of your revenue. After establishing your beginning team and completing daily chores and challenges, you’ll begin earning SLP, an ERC-20 token that can be traded on Binance and other cryptocurrency exchanges.
Concluding remarks
NFT games are a relatively recent phenomenon in terms of earning cryptocurrency. With the majority of new ventures and ideas, you often have to be first in line to benefit from them. However, play-to-earn allows gamers to make money. However, caution is always advised, since many nft games free to play might be high-risk, unsustainable due to poor tokenomics, or even frauds.