NFT (non-fungible token) has an ambiguous reputation. Some see non-fungible tokens as a step into the future, others as a dubious scam. Either way, you can have a good income with them.
And one way is to make money from NFT games. Playing online games and getting paid for it sounds great! But what exactly are these games, and how is it possible to monetize them?
What are NFT games?
Blockchain has been around in the gaming industry for seven years now. And when NFT appeared, it became possible to create games where users can own gameplay elements, not just be players. For example, characters, items, and locations.
It all started with the CryptoKitties project. NFT kitties, which could be bred not only for fun but also for sale, showed the prospect of the market development. The price of rare tokens went up to several tens of thousands of dollars. Previously, players in games only spent money, but now they could earn money.
The key mechanism behind most games is simple. You play and “grow”, thereby increasing the value of your asset. In most NFT games you have to buy in-game tokens to start. Most upgrades have to pay for them. In others, you can start without investment. You can subscribe to the game’s social networks and invite a few friends. The mechanics are as easy to understand as possible.
Game tokens can be called an investment. And the gamification adds excitement to the process. So if the game you are playing becomes popular, your investment will also increase in value. For example, one of the characters in Axie Infinity sold for a million dollars. It’s hard not to agree that investing in it was a good idea.
Market perspective for NFT games
The market for NFT games is rapidly growing. Game industry leaders have begun to change the development logic of their products so that tokens can enter them. But players themselves are often against adding NFT to their favourite games.
On the other hand, the Game Finance segment in general and NFT games, in particular, give access to crypto to the masses, which can serve as a mutual catalyst for growth.
For some users, the prospect of quitting their jobs and living off in-game revenue looks intriguing. There are examples of Asian players making $500-$1000 a month. Of course, these aren’t huge sums. But you have to remember that they earn it by playing their favourite online games.
There is a significant risk in making money from this type of game. These games tend to have low engagement. You don’t get to play them for years. Therefore, the value of the assets drops off quite quickly.
Earn on NFT games without investment
If you don’t want to invest (buy an asset and sell it for a higher price after a while), there is a way without financial expenses, but you will have to spend your time. Start getting interested in the game before it even comes out. Keep an eye out for news about new game launches. That way, your chances of making money will increase many times over.
Once you have chosen a game, you register for it. And then perform the tasks that are necessary to monetise, and, in fact, play. For example, sometimes you have to be active in social networks or invite your friends. In addition, almost every game has mechanics that allow you to earn bonuses: token giveaways, and competitions, which can also generate income.
For example, Axie Infinity is almost the most popular game. There is already a large community of fans around it, mostly from Asian countries. In this game, users breed and collect NFT critters called axis to fight other players. Each axi has its genetic code. Therefore, the characters’ weaknesses and strengths get passed on to their offspring. Each Axie is a unique NFT format token.
These characters are available for trading on the domestic market and the price of each one depends on their rarity and unique characteristics. To start playing, the user needs to purchase three Axies. For each quest, inter-player battle, and adventure mode he will receive platform bonuses. You can raise your Axie, trade them, create teams with them, and fight other players.
During the game, you receive SLP and AXS tokens for each victory. SLP is a cryptocurrency that you can use to converge your Axie and create a baby Axie and then sell. Alternatively, you can sell your SLPs or exchange them for any other cryptocurrency.
SLP and AXS tokens can be sold on an exchange, sent to staking (storing funds in a cryptocurrency wallet), or used in voting on game development.
It’s worth noting that Axie Infinity has more in common with investing than conventional blockchain games. It combines elements of Pay-to-Win and Play-to-Earn mechanics. The result is something like Pay-to-Win-to-Earn.
The game will appeal to all fans of collectible battle games, just battle games, and card games. At the moment, you can earn around $5 an hour in the game. But believe us, this figure can grow significantly with the growth of SLP coins accordingly.
Before you dive into the top NFT games, remember – cryptocurrencies are different, as are their varying volatility (a financial measure of how much the price of an asset changes over a short period). The exchange rate shifts every day, so the opportunities to make money in the same game can vary from day to day.
The field is very new, and it takes time for it to start working in a more stable and long-term way, so do not forget about the risks involved either.
It’s hard to assess the prospects of the NFT gaming market right now, but one thing is clear – it’s currently growing exponentially and changing the entire gaming industry in a short time. Deals in NFT games are worth millions of dollars, and the number of unique users grows from a few tens of thousands to millions. It’s right now that the traditional giants in the industry are completely rebuilding their gameplays in new versions of games to get ahead of the competition, organising internal tokenomics, and so on. It is safe to say that the market will not be the same.