NFT Games: Are They Worth Your Time and Money?

Although NFTs have the potential to transform the gaming sector, there is a risk that certain blockchain-based enterprises may not be transparent. NFT games are fairly new, anyway.

In the most recent couple of years, games that make use of blockchain technology have been actively developing and recruiting new players, and the market for decentralized games, which is known to in a more general sense as GameFi, has acquired a great deal of popularity.

The GameFi sector got its beginnings in 2013, and since then, the field has been gradually expanding. However, in 2021, the popularity of decentralized games skyrocketed, which coincided with a rise in nonfungible tokens (NFT).

The analysis tool DappRadar estimates that the entire worth of Axie Infinity, one of the most well-known blockchain-based games, is greater than $550 million at this time.

However, there are certain problems plaguing the GameFi sector. Many projects “launch” at the same time, regardless of where the game currently is in its development.

There isn’t necessarily a direct association between the price trend of Bitcoin (BTC) and the performance of GameFi initiatives, despite the fact that this movement can either strengthen or diminish the success of GameFi enterprises.

In spite of the bear market, the value of many GameFi tokens is increasing today due to the NFT component of those tokens. This is because investors are looking to make money off of the selling of in-game heroes and digital things rather than focusing on the advancement of game mechanics.

When selecting a GameFi project, it is important to take into consideration the marketing and technology component. This includes how aggressively the project is promoted as well as the advantages that participants receive from the project’s token.

Be aware, though, of any GameFi token ventures that make outlandish claims, as there are a large number of fraudulent activities taking place in this sector.

In this article, we will be looking into NFT games, how you can prevent yourself from being scammed by them, and why a lot of credible entities say that they are a scam.

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How are NFTs being integrated into games?

NFT Games

One has to have a basic understanding of non-fungible tokens (NFTs) and how they interact with smart contracts in order to comprehend GameFi. An asset known as a non-fungible token (NFT) is one whose digital receipt is stored on a blockchain.

There is a connection between the NFT and the smart contract. Even though it’s just a short snippet of code, this comes off as very serious and expert-level work. This teeny-tiny snippet of code may be anything, such as a link that directs users to a JPEG file that is saved on a centralized server. In point of fact, the vast majority of non-financial transactions being conducted right now are of this nature.

A smart contract, which allows an NFT object to be “manipulated” between games, is not a tool that can perform several functions. It does not include a model, any textures, a description, any sounds or animations, etc., so that a piece of content or a character may be simply moved from one game to another.

Because of this, in order for the integration between two games to function properly, both games will need to be constructed, operated, and maintained by means of a single infrastructure or gaming engine. At the moment, the game industry does not have any integrations of this kind.

In addition, in order for a non-traditional trading card game (NFT game) to be successful, it must have a sizable player base and its own economy. In this economy, players must be able to purchase and sell non-traditional trading cards (NFTs). On the other hand, a significant number of classic games already feature such economics.

In general, NFTs do not have any value on their own; thus, it is the responsibility of the owner of an NFT to persuade users that the assets they hold are worth actual money.

It turns out that even if the developers of a particular game do not intend to mislead the players of that game but instead want to really develop their project, they still need to convince users of the uniqueness, freshness, and point of interest of their project, which is an extremely uncommon occurrence.

How do you spot a scam game, then?

NFT Games - Scam

Scams involving NFTs often involve large-scale and planned games. Scammers take advantage of naïve users and draw them into their schemes with the use of marketing and attractive websites. The majority of investors in such ventures are not experts but beginners. Users have to pay careful attention to a variety of specifics as a result.

Network marketing

There are a number of GameFi projects that are constructed on a multilevel marketing (MLM) platform. This is very much like traditional forms of network marketing, which in and of themselves do not constitute a fraud.

However, if the project relies solely on network marketing for revenue generation, then it is most certainly a scam, despite the fact that a great number of legitimate projects have successfully recruited new members through the use of MLM. Mechanisms for value addition are required in addition to multi-level marketing.

Real projects can’t make unreasonable promises to their users about the amount of profit they will make.

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Reviews from various professional platforms

When conducting research for a topic, one should never rely on catchphrases from advertisements. It is best to study evaluations about them on professional sites that are independent of one another. The community surrounding blockchain technology reacts speedily to the launch of new enterprises. Within a few short hours, any concept will have been dissected and examined from every angle.

Scammers, however, have adjusted their methods and discovered new ways to trick people. Some groups will try to boost their initiatives by leaving flattering comments about the firm on other people’s websites. They pre-register many hundreds of accounts on huge discussion forums, making it appear as though they are legitimate individuals.

As a result, investors cannot depend solely on reviews.

The project and development team

Experience is something that constantly has to be gathered by developers of professional projects. You may locate their bios with relative ease on the internet, along with a record of how fruitful their previous ideas have been.

On the other hand, GameFi is home to a large number of important projects that have been started by unknown teams. They are anonymously known by their aliases or pseudonyms, therefore there is very little information available about them.

The profitability of the game

Every project is started with the intention of making money, and it is essential to have a solid understanding of where the value addition will originate.

One shouldn’t put money into something unless they have a good understanding of where the money is going to come from.

Smart contract

Utilizing tools like Etherscan or BscScan, which are examples of such resources, is the simplest approach to validate the project’s smart contracts.

You will be able to obtain information from the block explorers on when the project was formed, when it was introduced to the market, how many users it currently has, and how many tokens have been released.

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Final Verdict – NFT Games

NFTs are good instances of unrestrained capitalism in action. They are the repulsive result of a harmful desire to acquire things that don’t need to be had solely for the sake of owning them, as well as the impulse to own these things for their own sake alone. They are the ugly fruit of a destructive drive.

They are expressions of unadulterated, crystalline ego that have been digitized, monetized, and crystallized.

We don’t need NFTs. There are no advantages for us associated with NFTs. The ability to truthfully assert, “I hold this NFT,” which is a term with so little significance that it is laughable, is the only value that can be earned by purchasing a non-fungible token. This is the pitiful amount of value that can be obtained (NFT).

NFTs do damage to the environment and the people who live in it in order to provide a luxury that is insignificant, meaningless, and repugnant.

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