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What are NFT play-to-earn games?

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Play-to-earn NFT games allow users to generate an income stream by playing. A player is typically rewarded with tokens and, on occasion, NFTs, with the longer they play, earning more. Tokens are frequently required as part of the game’s crafting process.

The token method is usually the more stable of the two because tokens can be earned steadily through play, whereas NFT drops are more random. Users in low-income countries have found play-to-earn to be especially popular as an alternative or supplement to fixed income or social security.

Axie Infinity has quickly become one of the most well-known earn-to-play games. The game requires a one-time investment of three Axies, or you can receive a free Scholarship from another player. You can earn Smooth Love Potion (SLP), an ERC-20 token that can be traded on exchanges, once you have a Starter Team and begin completing tasks and challenges.

Breeders use SLP to create an economy for the item by breeding new Axies. Axie Infinity became especially popular in the Philippines, where many users began to rely on its play-to-earn model to make a living. Many players earn between $200 and $1000 (USD) per month, with some earning even more depending on market price and time invested.

What are in-game NFTs?

In-game NFTs provide another way for you to earn money while playing NFT games. Instead of a fungible ERC-20 token like SLP in Axie Infinity or SKILLS in CryptoBlades, you earn NFTs that represent collectible items. This gameplay mechanism is the traditional way for NFT games to generate revenue. The value of items in the game will vary depending on their cosmetics, rarity, or utility.
CryptoKitties is an example of a game that is solely based on the collectibility of in-game NFTs. Without the element of chance, it is impossible to continue playing and earn a consistent income. Most newer NFT games include both play-to-earn and in-game NFTs.

How do NFT games make money?

The amount of money you can make playing an NFT game is determined by the mechanics of the game as well as market demand. The money you earn will come from other users who appreciate the NFTs or cryptocurrencies you earn in the game. You must cash out by selling your items on a market, exchange, or auction house. Value in NFT games is derived from the NFT or token’s collectability or in-game utility. These two factors elicit speculation as well.

Can I lose money playing NFT games?

Playing NFT games can result in a loss of money. The exact amount is determined by the type of game you’re playing, its mechanics, and the value of the NFTs you’re dealing with. Losing money does not always imply that you are being duped. Because NFTs are speculative and their value is determined by market forces, your losses are also determined by market forces. As with any other cryptocurrency investment, only spend what you can afford to lose.

Popular NFT games

There is a diverse selection of NFT games available, with the majority based on BSC and Ethereum. Some provide more traditional video game experiences, while others are primarily based on the collectibility of NFTs.

Axie Infinity

As previously stated, Axie Infinity follows a similar model to Pokemon, with collectible creatures and battles. Axie Infinity is a blockchain-based cryptocurrency that allows users to earn money by trading Small Love Potions (SLP), Axies, and Axie Infinity Shards (AXS). SLP and AXS can both be traded on Binance.

Sorare

Sorare is a fantasy football game with real-life collectible and tradeable soccer players. You assemble a five-player soccer team by either using free cards for newcomers or purchasing tokenized cards. For every game you win, goal you score, or other event you complete, you can earn points to level up.

Gods Unchained

Gods Unchained is an Ethereum-based tradeable NFT card game similar to Magic The Gathering or Hearthstone. To compete with other players, gamers create decks with varying powers and strengths. As you progress through the game, you will discover in-game items to use or sell. If you win Ranked games, you can start earning Flux, which allows you to craft powerful NFT cards. You can then either sell your cards for a profit or reinvest your profits in new cards to continue the process.

Binance NFT Collections

With NFT Mystery Boxes and Collection partnerships, Binance NFT Marketplace offers an NFT gaming experience. These collaborations include everything from digital artists to NFT games. Every Mystery Box that can be purchased contains a random NFT from the Collection of a different rarity. You have the option of opening the box to reveal the NFT or selling it without opening it.

NFT Collections comprise a variety of NFTs and Mystery Boxes focusing on a specific theme or project. Game-fi Mystery Box Collections have been among the most popular thus far. Let’s have a look at a few examples:

The first is the MOBOX Collection. 1. MOBOX is a BSC gaming platform that combines DeFi yield farming with NFTs. The Collection consists of MOMO NFT Mystery boxes containing randomized hashing power in the MOBOX platform. The greater the NFT’s hashing power, the more valuable the MOMO is in MOBOX’s games.

The Alice in Wonderland Collection. My Neighbour Alice is a virtual world-building game that incorporates NFT cosmetic goods. While the game assets contained in the Collection’s Mystery Boxes are merely decorative in nature, consumers value them and place a value on them in the secondary market.

Final Thoughts

NFT gaming combines digital collectibles with rules that allow players to interact with each other’s NFTs. Some people want NFTs for their collectibility, while others want them for their utility. Many NFT games function similarly to trading card games, however not everyone who collects cards intends to play. Game-fi has now built new NFT game economies, which have altered how users can earn money with NFTs. It’s no longer just about luck and collecting to make money; it’s also about playing.

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