Is it possible to generate money playing a game? Yes, in blockchain games it is possible.
Video game items are rarely tradable. And in cases where it’s possible to sell, say, a rare weapon you got, chances are it’s going to be too complicated and you’ll have to break some rules in the process.
The truth is that we gamers have become accustomed to the fact that our most valuable digital objects exist only within the game.
NFT games change this dynamic entirely. Whether it’s strange weaponry or armour, collectible cats, or soccer cards, it’s possible to trade these objects with other players in the universe of blockchain-based video games and receive monetary benefits.
What are the NFTs?
Before discussing NFT games, it is necessary to first understand what NFTs are, as they are the cornerstone of these games.
To do this, you must understand that, in our economy, there are two types of goods: fungible and non-fungible. The first of these corresponds to those that can be exchanged since they have a value related to their weight, measure, or number.
A clear example of this is banknotes, which you can exchange for similar ones and which retain their value. Simply put, they are easily replaceable.
Non-expendable products, on the other hand, are those that cannot be replaced. The most obvious illustration of this idea is works of art, which cannot be exchanged for another of like or equivalent worth since such a thing does not exist.
Having said all this, the acronym NFT stands for the term “non-fungible tokens”. And, in case you didn’t know, tokens are some units of value that are provided to a business scheme, as in the case of cryptocurrencies.
This is important, since NFTs are related to these virtual currencies, although they would also be opposites.
An NFT is a unique good, which cannot be exchanged, replaced, or modified by another of equivalent value, in the same way, that it happens with the example of the works of art that we mentioned. You must purchase an NFT because you cannot create a copy as this will lose its value.
NFTs are currently connected with works of art, and many artists choose to sell their works in this format, thus interested users must obtain a certificate recognizing them as owners of these works. And this is when one of the most essential aspects of NFTs comes into play: pure speculation.
What is blockchain?
It’s critical to understand that NFTs operate on the Blockchain. This technology is also employed by cryptocurrencies, which achieve cryptography through a network of hundreds of thousands of computers connected in a decentralized manner and working with blocks of data.
Each of these links to a preceding block, forming a chain (thus the name), which stores information about the transactions and their dates.
In the case of NFTs, blockchains supply them with a digital certificate of authenticity that contains a large amount of non-editable data.
Each of these will be unique as a result of this method. Additionally, the original amount, the author, and any transactions done with it are all recorded.
In this way, when purchasing an NFT, there will always be a record of the original value with which it was released.
You should also be aware that the vast majority of these operate under Ethereum network regulations, making it simple to trade with them.
And, if you’ve ever wondered why people buy this kind of thing, this will answer your questions. The answer is straightforward: speculation.
It is commonly known that the great majority of consumers do not purchase an NFT for the express purpose of enjoying art. It’s also because they know they can profit financially from it.
It is like the example of an NFT done by some famous person. The NFT can be very ugly, but still many people are going to want to get that NFT, not because it is beautiful, but because they know that its price is very likely to rise.
Basically, the reason why people buy NFTs is because of speculation.
What are blockchain/NFT games?
Blockchain-based games are those that employ the same item ownership technology that underpins cryptocurrencies like Bitcoin and Ethereum.
Blockchain gaming allows players to verify that their items are unique through NFTs or non-fungible tokens.
NFT users have started flocking to blockchain/NFT games because they can do something gamers have probably wanted to do for as long as video games have existed: buy and sell items.
How to earn cryptocurrencies playing?
While you have to invest time and work to earn valuable items in games to earn NFTs, it is also a way to earn money. NFTs can acquire a market value and even increase it over time.
A magic sword in a game like Legend of Zelda provided as an NFT can become a collectible over time and even change its appearance. These unique elements can create a more individual gaming experience and increase the quality of games.
NFTs are more than just the digital equivalent of trading cards. As digital goods, they can change over time (for the better) and have multiple functions.
By contrast, analog cards are static, cannot be upgraded, and can even lose value if you spend them playing.
In blockchain games, players earn unique NFTs as digital assets for fulfilling game objectives. These NFTs gain value due to blockchain-based transactions and the transfer of items is executed through smart contracts that automatically send the NFTs to players.
Since the data on a blockchain cannot be changed, there is no chance for third parties to undo or ignore such a contract.
Therefore, NFTs represent unique items that can become assets for which many people would be willing to pay considerable sums of money.
However, the way to generate money in each NFT game is different, so you will have to try it for yourself. Here are some examples of Top NFT games:
- Axie Infinity
- The Sandbox
- Samurai Doge
- Lost Relics
- Gold Fever
- Guild of Guardians
- Mines of Dalarnia