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Play to Earn NFT: How Players are making a living with NFTs

The world is still recovering from the pandemic; meanwhile, blockchain technology transcends everything from education to employment to finance to social media. Everyone is looking for new ways to earn, and what if you can play games and earn some NFTs? “Play the game and earn money” Does that sound like an ad that comes in between the IPL matches? No, it is not an ad. We are talking about blockchain-backed play-to-Earn NFT games, also known as P2E games. Despite being 1% of the video game industry, why do they get so much attention?

This article will help you gain better insight into what is a play-to-earn NFT and how players are making a living with NFTs. Let’s have a glance into this:

What are Play-to-Earn games?

As the name suggests, play-to-earn games are games that reward the player. The purpose of play-to-earn games is gradually moving from pure entertainment to enhanced profit potential. Here, players can gather in-game collectibles like coins or points, or currencies and make a fortune out of them in the real world.

We’ve all heard of making money from video games and third-party vendors selling in-game things to other players. But how does that differ in blockchain-based games where players earn NFTs? So, next, let’s try to get the gist of it.

Related article: What are Non-fungible tokens or NFTs?

What are Play-to-Earn NFTs?

Play-to-earn NFT games are simply the games that reward the players with NFTs. Since these games are built on blockchain-based technologies, all the advantages of blockchain technology can be accessed by these NFT rewards. So basically, play to earn are games; hence, the player has to solve a puzzle, win a battle or race, kill a demon, or reach a goal. 

Yes, do everything typical of games. Then the player can collect cryptographically unique NFTs as a reward. Unlike conventional games, here, the player can get the ownership of those NFTs, and the total decentralization gives complete authority to the player.

The most attractive feature about this NFT-based game model is that the players can sell them in any marketplace outside the metaverse where it was created and get real money giving rise to a new NFT-based economy. Also, monetizing the playtime is a fantastic idea as time is the most precious asset anyone has.

So you might be wondering how these games work! The answer is that play-to-earn games leverage in-browser technologies in their early stages, which means they can always link to wallets like MetaMask. This feature allows users to acquire their game balance instantly and even swap it on one of the many decentralized exchanges that are openly available.

Complex games, including the mobile version, allow players to collect in-game assets and then swap them for a crypto token.

Related article: Top 10 Doubts And Questions On NFTs Answered

Need for a Play-to-Earn model

Have you ever thought about why we need a play-to-earn model? The conventional relationship in the gaming industry has been one-sided. The developers and owners earn a lot, whereas players keep spending and the only return for them is entertainment. But this new play-to-earn model contradicts this trend. Here, the players can earn and own the rewards and use them for real-world transactions outside the gaming niche.

These real-valued rewards are always appealing to players, promoting more engagement. It also gives meaning to the efforts to win games and acquire tokens. This e-games have created an ecosystem and a thriving market with its economy. One of the best features this model offers is the transparency of transactions since these games are backed by blockchain technology.

Related article: Is NFT in Gaming the Next Best Investment?

What are the use cases of Play-to-Earn NFTs in the metaverse?

So how is this play to earn NFTs and metaverse related? A simple one-word answer would be that NFTs are the new metaverses’ ticket. The interoperability makes NFTs valid among different metaverses and blockchains. In the Metaverse, NFTs are essential to building unique spaces and boosting digital communities and social experiences. Premium NFTs can open doors to the wealthiest and most affluent communities in the digital world. Other added perks include unique benefits, staking prizes, and other highly valued collectibles.

Let us understand that with an example. There are some NFTs on Veefriends.com. Those NFTs are not only collectibles but also a ticket to Garry V’s discord channel or special one-on-one meeting for an hour. It can also be an hour of poker with Gary V. So such play-to-earn NFTs can also have a socially desired specific use case attached.

Related article on: How to build a metaverse virtual world?

How to pick the right Play-to-Earn NFT to gain maximum profit?

Once you understand how play-to-earn games work, it’s time to see which is the suitable game for you. But how do you pick the right game?

So begin by defining your goal, whether you need NFTs, Coins, or both. Players can earn rewards in a variety of ways in each play-to-earn game. Some games rarely reward the players with direct coins like bitcoin and ether.

When you first start, it’s fundamental to learn how you’ll earn gaming rewards and how long it will take you to accumulate them. While some NFTs can be acquired through easy tasks, some require a more significant commitment.

The second crucial question we need to answer is, Is cashing out your coins simple?

Proper research has to be done on the process of conversion of in-game collectibles. Sometimes the value inside the game marketplace may vary rapidly, but the time to sell the NFTs might take a long time. Sound knowledge of the procedure can help you make a better decision.

Consider the initial cost of getting started. Some games require you to pay an initial amount to begin or get started. For example, Axie infinity requires a player to buy a minimum of 3 Axies, to begin with, the starter pack. On the other hand, some game lets you begin with Zero initial investment but will require you to pay or buy premium effects to use all the available features. So what you can afford has to be kept in mind. Also, the fact that these games do not assure a profit. There are a few inherent risks associated.

Some people also choose the game based on the blockchain built on and based on the popularity. But whatever the reason is, it is ultimately your choice, so invest in what you can afford.

If you are planning to launch an NFT-based metaverse game, consult with a reliable metaverse development company to do a feasibility analysis for using NFT.

Read more: Where will NFTs pop up next?

Play-to-Earn NFT Games
  • Axie Infinity: The NFT game for Pokémon fans
    Axie Infinity is the gaming as well as earning opportunity for Pokemon fans. It is a monster breeding game where the player has to breed a pet monster while inheriting the relatives’ character, using the smooth love potion obtained through battles or adventures. These axies can be sold in the NFT marketplace, and their rarity adds to the value of these monster NFTs.
  • Sandbox: The best NFT game for Minecraft players
    This play-to-earn game evokes the creative side of the players as it has a game mode and a developer mode. The game lets players create their metaverse inside the Sandbox using sand tokens. You can establish your world by incorporating games and experiences while you start exploring the worlds of other players, playing games, and importing content into your own. The Voxel visuals seem so inviting and similar to Minecraft, but the Sandbox has plenty more to offer – and you own it.
  • Gods unchained: The NFT game for fans of Magic: The Gathering
    It is a free game that prioritizes skills over NFT values. The goal here is to combat other players with cards and combinations of cards, each with their own set of stats, qualities, and flaws to comprehend and exploit. It is a well-designed strategic game where quality players can succeed, and it’s not always about the value of your hand. You can also trade game cards on immutable X.
  • Splinterland: The Hearthstone of NFT games
    It is traditional card-battle gameplay with a vibrant art style that requires initial payment to buy cards and begin the game. Players can buy cards through battles and quests. Since everything is recorded on Hivechain, it helps players prove their ownership. The cards have value. Some are rare and cost millions.
  • Defi Kingdom: An NFT game for pixel art fans
    DeFi Kingdoms is similar to a retro RPG in that you can strive for XP and items, maintain your in-game resources, and improve your hero. However, it accumulates JEWEL tokens in DeFi Kingdoms, which you can trade to get Harmony One cryptocurrency.
  • Sorare: Fans of Panini stickers will love this NFT game
    It’s for the football enthusiasts who love fantasy football and Panini stickers. Obtain actual footballer trading cards and create a deck of five sports stars to join in weekly tournaments. Like in fantasy football, how these footballers play throughout the week governs your total point. There are over 200 licensed clubs in the game, including Real Madrid, Liverpool, and Bayern Munich. While it is free to join and obtain a starter pack, and you can win and earn rare cards and Ethereum by playing, if you want to advance and come out on top in further matches, you will have to purchase unusual, super-rare, and exceptional cards.

Play-to-earn NFT games are not limited to these few games. A whole new world of exciting games and rewards is waiting for you if you are a game enthusiast.

Related article: Metaverse use cases and applications: What to expect in 2022?

Bottom line

With unemployment becoming a global issue, this play-to-earn NFTs opens doors to the newest ways of earning, but it has to be remembered that this new economy comes with its problems. High volatility being one, it is better to learn about the industry before making you choose to embrace metaverse and NFTs and seize the play to earn NFTs opportunity.

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Author

Rahul A R is a technologist and full stack developer who specializes in Blockchain technologies and Cryptocurrencies. Though he’s worked within numerous privacy and security sectors, Rahul’s recent emphasis has been on solutions built on Ethereum, Tezos, smart contracts, and smart signatures, in particular, decentralized self-sovereign identity. He’s Helped clients, from start-ups to Fortune 500 companies, across North America and Asia, develop their blockchain strategy and build several decentralized applications using blockchains and smart contracts.

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