Back in 2015, with Etheria, NFT games were brought to light. This was the first Ethereum-based game following the same roadmap as current NFT games. The players were allowed to buy lands worth less than $1. Thus, NFTs were brought into the market as potential financial aid. After the appearance of CryptoKitties, the surge was much more evident.
The NFT games made it possible for players to buy from the marketplace. The NFTs will be available in your NFT Marketplace‘s wallet. These games used NFT in their mechanism. This means that the minted game NFT can be in the form of skin, weapons, or even lands and characters. Once bought, the NFT will solely belong to you, and you can sell or trade with your friends for revenue.
You may think, how do we implement this in the game? Now, this is done with the help of smart contracts. These contracts are code pieces that enable the swapping and trading of NFTs. Let’s take the example of CryptoKitties. The game is about getting three NFTs, and you must match and breed new cats while playing. CryptoKitties’ famous smart contract, geneScience, manages the mechanism of new cat breeding.
What are P2E NFT-powered games?
NFT Play-to-earn, in short, P2E games enable earning while playing. Naturally, the players are rewarded with tokens and occasionally with NFTs. The more you play, the more you profit. Tokens serve as a potentially steady income rather than the NFTs, as earning tokens was based on your engagement with the game. This feature made it attractive, especially to low-income countries, to earn revenue ranging from $200 to $1000 per month and sometimes more.
Axie Infinity is a good example of a P2E game that has become popular. You can buy three Axies or get a scholarship from another player. Then proceed with the game. As you play along, you will earn the Smooth Love Potion (SLP) token, which is an ERC-20 (Ethereum) token that can be traded for profit.
Coming to in-game NFTs
As we know, tokens are fungible; that is, it allows exchanges. Whereas NFTs cannot be exchanged, traded yes, not exchangeable. So anything you get as an NFT in the game is non-exchangeable. These game models are so mechanized to generate revenue for the players. An item’s worth comes from its value based on its stand in the game.
These games do not completely depend on your engagement with the game without the basic first-level NFT.
How do these games work?
NFT games are structured to benefit both players and developers. The flow of money will depend on the game you choose to play and its value in the market. The NFTs can be sold or traded by other players who are in need of that particular item. With NFT in highlight, the value will be derived from the worth of the utility of in-game collectibles.
This characteristic can raise various speculation:
- Can we lose money on NFT gaming?
- Can we lose the NFTs bought?
Before investing in any NFT, ensure you put in an affordable price. The NFT value depends on the increase or decrease in item demand. That is, imagine you own an NFT, and currently, the market doesn’t regard that particular NFT. This result can make the NFT out of demand, reducing money value. However, NFT can be a place where you can increase your income value.
The next thing is the chance of losing the NFTs. There can be different scenarios for how one can lose their NFT. One instance is when you try to transfer your NFTs from wallet to wallet. In this case, make sure the other wallet supports your NFT standards. Another possibility is through malicious smart contracts. Reading through the terms and conditions before accepting is much advisable.
Other popular NFT games like CryptoKitties
There are many other popular games based on the play-to-earn NFT platform. There are several genres as well coming out to support these games. Some of them can be seen below:
- Axie Infinity
The basic gameplay of this Play-to-earn NFT game is to buy or get a scholarship from other players. Three is the minimum count of NFT needed to start the game. The gamers can then play to earn regular tokens and also participate in the occasional distribution of NFTs. More tokens may lead you to earn the SLP and AXS, which you can trade for profit.
- Gods Unchained
This is an NFT card game based on Ethereum replicating Magic The Gathering or Hearthstone. The players need to build decks to defeat their opponents. Winning the ranked games can allow them to achieve Flux, which can then be traded on the Play to Earn NFT Marketplace.
Concluding note
There are numerous games in the market promoting the play-to-earn NFT platform. This has risen to become a great opportunity for gamers to enjoy while still earning. The Play-to-earn gaming platform has created a frenzy in the market, making more and more people curious on the go. Next time someone says you’re engaging too much with gaming, just show them how much you earn.
