What is NFT?
Before we dive into the business models, let us focus on the concept of NFT. They are digital assets that are unique and cannot be directly interchanged with other assets. Every NFT, which is sort of like an autographed item, is made of metadata. This is what gives them their individuality. Its digital content is linked to the blockchain. NFTs are a form of cryptocurrency like Bitcoin, where instead of money, they host assets like tweets, text, images, MP3, artwork, domain names, trading cards, game items, etc. Allegedly, it all began in 2017, when CryptoPunks, developed by Larva Labs, released one of the first NFTs. It consisted of around 10,000 collectables that were unique and based on the Ethereum blockchain.Why NFTs are so popular?
Although this concept is just in its nascent stages, in 2018 the market cap for global transactions of NFTs was $40.96, and in 2020 it grew manifold from $141.56 million (2019) to $338.04 million in 2020. Token-based sales have reached a new height of success in the recent past. And the launch of the NFT marketplace is making dreams come true for many. So, what makes NFT special?
Unique and authentic
As information about the NFT and the owner can be easily verified, it makes them unique. This is by far the most crucial feature of NFT where information is secure and legitimate.
Unified
Most tokens cannot be divided into smaller units. It is like a mark on the stone. However, if you can buy the complete cost of the item from the owner, maybe then.
Easy to work with
Marketplaces are a hub where you can buy and sell NFTs. Within a matter of minutes, you can create a profile. Buying and biding operations are pretty simple. Not just that, due to their versatile nature, NFTs can be traded on different crypto markets. The trading opportunities are truly beneficial.
Open to all
Owing to this instant tradability nature, it can act as a host to a variety of audiences, enhancing its liquidity.
Transparency
All the records pertaining to the trade – transfer, token issuance, and other activities can be authenticated before getting into it.
Sneak peak into the NFT Gaming industry
Word around the town is the NFT gaming scene began with Etheria. Created in October 2015, Etheria is a ‘civilization’ based NFT game where anyone can become a real estate agent and earn real money. Etheria.world states – Etheria is a virtual world in which players can own tiles, farm them for blocks, and build things. The entire state of the world is held in, and all player actions are made through the decentralized, trustless Ethereum blockchain.
Later, in October 2017, the market welcomed the CryptoKitties game which wooed the gamers instantly. This game allowed them to adopt and trade virtual cats. Created by Dapper Labs, CryptoKitties is developed on the Ethereum blockchain using the ERC-721 token standard. In March 2018, based on the same theme, Axie Infinity was developed by Vietnamese studio Sky Mavis. Axolotl-inspired digital pets as known as Axies are to be collected and minted by the players.
Now, let’s talk stats! The BGA, which is an advocate for NFTs games, came up with a report that suggests that the number of wallets in the gaming industry increasing exponentially. From 29,563 wallets during the first week of 2021 to 754,000 in Q3 2021, the market is surely booming. During which Axie Infinity made its place on the top overcoming CryptoPunks, as it reached a record-high trading volume of $2.5 billion in September of 2021. Although this industry is fairly new, it had gained a lot of popularity owing to its glamour quotient and the way it presents the ‘escaping the reality’ aspect.
What are play-to-earn NFT games?
Essentially, play to earn means, when you get to play games and in return earn some money. However, with a slight twist, in NFT language, you earn cryptocurrency and real-life value by playing the games. You can either play – free-to-play or pay-to-play. With the latter, you can pay money to play the game and earn a handsome amount of currency as well. Interesting, right? Wait till you know more. What keeps these transactions safe and authentic are the smart contracts. It is sort of an agreement in the form of a code, that has to be signed to make the smooth process.
• Playing and winning the game offers you digital assets. This tokenomic framework converts the playing time into financial incentives.
• The concept of in-game economics and different business models help the players to earn income.
• Each game is different. Players can earn money via staking or generating a tradable or rare NFT item. The rarer the item, the more value it has.
• Once the NFTs are acquired, you can sell them for real money or public blockchain exchange.
• The cheapest Axie on the marketplace is for $93.
• Income can be generated via in-game cryptocurrency and trading in-game NFTs.
• Players can earn millions through pay-to-play. They can also make use of freemium models to make the most of gaming and earning.
How to earn the big bucks?
To attain success and fame in anything, one needs to add passion and value. The same goes for earning money with NFT games. Let’s find out some of the ways through which one can do so.
1. In-game tokens
Most NFT games offer a whopping number of tokens. But the thing is, you’ll have to earn it. Staking tokens is one of the ways you can encash on these games. Staking is means of gathering money for holding certain cryptos.
Take, for instance, Axie Infinity. A gamer can make money through two types of tokens – Smooth Love Potions and Axie Infinity Shards. These tokens can be sold in return for monetary yields.
2. Assessing the value
In NFT, items like characters, avatars, real estate, weapons, and other items, hold immense value. One can make enough money by speculating the value of these items.
3. In-game NFTs
This is another way through which players can earn money. This play-to-earn format allows players to gain ownership while permitting them to earn money through swapping items, selling, or purchasing. The value of the items depends on their rarity or utility.
Summoners Arena has refined the play-to-earn concept. As for the ‘earn’ aspect, they have made sure all the grounds are covered. In this game, each Hero has an assigned value that depends on its rarity. Players can add different parts to their Hero ranging from 1 to 10 rarity. The more you upgrade, the more valuable it is.
4. Become an NFT game influencer
Once you broaden your horizons, the means of earning money through NFT games are limitless. And for that you ought to become a professional NFT gamer, gather enough technical know-how and become an influencer on social media. Soon, when you set up a great foundation and acquire a considerable number of followers and views, money will start flowing. Collaborating with other influencers and brands, and brand promotions will add value to your work and success. Coin Bureau, a YouTube channel is run by a person named Guy. He makes informative videos about cyrtos and NFT games. Guy, has over 2 million followers on YouTube.
5. Create a brand
To start your brand takes enough courage and determination. That comes only when you’ve known the industry in and out. Once you feel comfortable, you can soon launch your brand. Develop creative merchandise and connect with the fans. The merch can be digital or physical.
6. Game Testing
There are many reasons why companies would pay you to test NFT games. The market has seen the influx of several games, and only those that are picture-perfect stand the test of time. To do so companies hire gaming enthusiasts to find the bugs in the games. As the gamer’s time and effort are at stake, they are offered a good amount of money.
Be a part of the future
The above article very well articulates the importance of the NFT and the way NFT gaming is booming. If the present is so promising, imagine the future. The gaming sector is flourishing, courtesy of the integration with NFT. In this process, the sector has become glamorous and exciting. App-Scoop understands this technology better but when we collaborate with companies, their business sure skyrockets. Do drop in a message on https://app-scoop.com/contact-us.html to know more.