What are NFT games? – Future Of Gaming Economy

November

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We live in a modern world where playing PC/Android games is not a way of entertainment anymore. Solid revolutionization of the gaming industry has led to new opportunities for people. Introducing new and improved versions of the popular gaming genres like Shooting, Adventure, Role Playing, and Puzzles. The game developers are turning the gaming industry into a billion-dollar business for the past few years.

Therefore, the Cryptocurrency industry is not in the shadows when it comes to gaming. To put it simply, game developers know exactly how much potential crypto gaming has. Hence, games running on different blockchains are way more efficient and come with added benefits for the players too. In case you don’t have enough information about NFT based games, keep reading this guide to get the exact idea.

What Are NFT Based Games?

If you are familiar with NFTs then understanding the concept of NFT based games can be easy. Don’t worry if you are not aware of what Non-Fungible-Tokens actually are. NFT based games are a combination of software and specific blockchain technology. As the game is deployed on blockchains like BNC or Ethereum, each item and user data is recorded automatically on the ledger.

You can think of NFT based games as a normal game that is combined with Blockchain technology. Not to mention the game source code is running with the blockchain ledger, it is possible that you need to pay for completing in-game transactions. These fees are considered as GAS fees that differ from one blockchain to another. If you have not encountered a single NFT game yet, below are some of the most popular NFT based games.

  • Crypto Kitties
  • Axie Infinity
  • Splinterlands
  • Decenterlands

How Do NFT Games Work?

NFT based games are more of a prominent method for investment. As people are already making millions by investing in the NFT items for popular games like Axie Infinity. Therefore, it is essential to understand the working of NFT games before putting any money into them. Each NFT game is unique in its own way. Providing different features, gameplay options, in-game currencies, and environments for players around the globe. Let’s get into more details regarding these terms.

1. Tokonomics

Tokonomics is the structure of any blockchain-based game that will provide any game currency in the future. The developers need to announce the total supply and token distribution for related terms before the actual launch of the project. Making this information available for public usage helps people understand the potential of an in-game currency. While allowing them to decide whether they should buy the respective token in advance or not.

2. Marketplace

Some games provide a dedicated marketplace to their players. Allowing them to buy, sell, or trade different items directly from other players. However, this feature is not present in all NFT games, as it depends on the game type and its architecture as well. Having a marketplace makes it a lot easier to buy or sell characters, items, lands, or other entities. As you do not need to head over to a different website for doing so.

3. Stake & Earn

Staking and earning is not a new concept for people who are familiar with crypto. In fact, the NFT games are offering significant APYs like 150%+ if you participate in the game and stake their in-game currency. It is one of the major reasons why people are shifting towards NFT games nowadays. Because all they need to do is buy a decent amount of tokens and just stake them to start earning interest. Hence, NFT games are turning into one of the most effective ways to make money with crypto.

4. Gameplay

The final but most important thing is the gameplay of the game you are going to choose. As discussed previously, the variety of NFT games have different rules and guidelines that you have to follow during the gameplay. Especially if you are planning to invest in an NFT game that offers P2E (Play To Earn) we strongly recommend understanding how the game works before actually playing it. Because your profit and ROI will depend on your in-game progress. So your choice of the game can affect your profitability at different levels.

Future Of NFT Gaming Industry

Considering the different aspects of the NFT gaming industry, a lot of new games are entering the market with brand new concepts. Allowing the gamers to take advantage of their skills and make money by participating in the games. The main issue with making investments in NFT games is their fluctuating popularity among social media and other platforms.

It is not recommended at all to invest a large amount of money in NFT based games. Unless you are keeping a close eye on the growth of a specific game just like cryptocurrency trackers. Above all, you should go through the social media handles and whitepaper as well. In order to have a clear idea about the project before making any investment.

Converting the crypto gaming industry into a multimillion investment opportunity, the NFT gaming industry was successful in crowdfunding more than $400 million in a single quarter this year. Which makes it clear that in the upcoming years, the future of the NFT gaming industry is bright without a doubt.

Final Thoughts

The idea of making money by trading different altcoins sounds fair for regular traders. Fortunately, cryptocurrencies do not have limited use cases like fiat money. Due to this fact, it becomes much easier to utilize them with gaming concepts. Hence, if you are looking for a way to start making money while enjoying your time, shifting to NFT based games with minimal investment can turn out a lot more profitable instead of just playing the normal games.

Not to mention the popular games such as Axie Infinity have been on the market for approx 3 years now. But started gaining attention due to the increase in popularity of the NFT world. You can choose from a wide range of NFT based games if you wish to join the trend and make money while playing games. Feel free to ask questions if you have any and share this information with others.

About the author, Declan Yin

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