NFT Games: How Can You Earn Money From Them?

NFT Games: How Can You Earn Money From Them?

Today, we’re going to talk about a gaming trend that’s hot today: NFT Games. Will this moneymaking trend work for you as well? Let’s find out.

Most of us at some point have already picked up a video game before. Regardless of any level or age, there’s always a game suitable (and preferred to) by them.

Normally, playing video games is a good way to relieve ourselves of stress and provide a good few hours of challenge and fun. And in today’s current situation, we could always use a good stress reliever or two.

But today, playing video games isn’t just for fun anymore. What was once just a mere stress reliever has now become something that you let you make money online.

It may sound pretty hard to grasp for some people, but it is possible. And it’s all because of NFT games.

Thanks to blockchain technology, you can now even make money online while playing your favorite games. Blockchain is also the same technology that makes cryptocurrencies like Bitcoin possible.

NFT games allow players to earn just by collecting in-game assets like digital cards, pets, or others. These can be acquired in various in-game events, or even by competing with other players.

Once you have these assets, you can then sell them to their specific NFT marketplace for a potential profit.

As this moneymaking method is still essentially cryptocurrency, it also carries the same benefits and risks. However, if this method interests you, then keep on reading.

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What Are NFTs?

To understand the mechanics behind NFT games, and how can you earn money from them, let’s define what an NFT is.

NFTs stand for “non-fungible tokens”. As stated in its Wikipedia article, it is “a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable”.

Essentially, this means NFTs acts as some sort of a unique identifier that certifies something as completely one-of-a-kind. And that no one, but the current NFT holder, owns that item.

NFTs are increasing in popularity nowadays because of their use in buying and selling digital items. This gives the assurance that, while anyone can view or copy the digital items in question, only one of them holds the authentic original copy.

NFTs are used in a variety of digital collectibles around. These include some artworks, trading card collectibles, “special moment” videos, and even Twitter tweets.

While NFTs are frequently used for digital items, they can also be used for physical ones, as shown in this video:

What Are NFT Games?

NFT games are still very much like your usual video game. The only real (and important) difference about these games is that they’re built on NFT and blockchain technology.

These technologies, in turn, provide a decentralized platform to these games. This means that anything you acquire in that game is yours and yours alone.

In a typical video game title, the gaming companies have full control over their games. While the assets bought from in-game transactions are given to the players, they never actually own those assets.

This means that the company behind the game can take them away from the players at their discretion.

In NFT games, however, it’s a different story.

Once you acquire an asset for that game, including their in-game currency, that asset is completely owned by the holder. This means you can do almost anything with it. And this includes selling it to others.

Most NFT games are made for the PC platform, but there are also others that can be played on mobile devices. And like most video games, they can also come in different genres like fantasy-action, digital pet games, card games, and even sports.

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How Can You Earn From NFT Games?

The primary method for making money in NFT games is to earn in-game currency for that particular game. The type of currency used depends on the game itself.

For example, Axie Infinity uses SLP as their in-game currency (as well as AXS), CryptoBlades uses SKILL, My DeFi Pet uses DPET, etc.

While these in-game currencies are primarily used for in-game tasks, like buying new assets to the game in question, they’re also considered cryptocurrencies.

Thus, you can exchange them for real-world money at various coin exchanges. You can exchange them for other types of cryptocurrency as well.

These in-game currencies can be earned in various ways, depending on the game.

  • Competing with other players, usually by battling them or other types of competition.
  • Selling their in-game assets at their respective marketplaces, or via auction.
  • Participating in various in-game events to earn prices.

How Can You Get Started On NFT Games?

Getting started on these NFT games could be easy or difficult, depending on the status of the game itself. While some games could be played for free, they usually give just the basics that you need to help you learn to play the game.

If you really want to start earning money through NFT games, some monetary investment is still needed. And once again, it depends on the status of the game.

As the in-game currency used for these NFT games are essentially crypto, they’re still subject to extreme volatility inherent to them.

But usually, the more popular NFT games need such a high amount of investment, that getting started on one could be difficult if you’re late.

The best example is Axie Infinity currently the most popular NFT game today. In 2020, a team of three Axies (their in-game character assets) only costs around $5. But today, in 2021, you need to spend around $1000 for the same team of three Axies.

To solve this, some initial investors employ others who want to play the game on their behalf. The common term for these offers is “scholarship”.

An in exchange, the earnings are divided between the scholar, the NFT owner, and the community manager. The distribution varies depending on the agreement of all parties.

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Notable NFT Game Titles

As mentioned before, NFT games can be of any genre. Thus, there’s an NFT game title that’s suitable for the preferences of any gamer.

Here are some of the most notable ones currently released.

Axie Infinity

Developer: Sky Mavis

Official Website: https://axieinfinity.com/

NFT Games - Axie Infinity

If someone mentions an NFT game, usually, Axie Infinity is the first thing that comes to their mind.

Axie Infinity is currently the most popular NFT game out today, and is one of the most profitable. Unfortunately, due to its popularity, you’ll need a high investment amount to even get started in this game.

In Axie Infinity, players breed virtual creatures called “Axies”. These Axies are then used for a variety of in-game activities, like battling other players, or joining special events.

These events give players rewards in the form of “Smooth Love Potion” (SLP). SLP is the main cryptocurrency of A.I., and can be used to exchange for various Axie upgrades, or even real-world currency (via a suitable coin exchange platform).

You can also earn SLP by selling or auctioning off other Axies on the marketplace. As these Axies are essentially NFTs, no two Axies are the same.

A secondary cryptocurrency, called AXS, is used by players to vote for key decisions that will affect the entire game.

CryptoBlades

Developer: Riveted Games LLC

Official Website: https://www.cryptoblades.io/

NFT Games - CryptoBlades

CryptoBlades is another NFT RPG game that is slowly but surely gaining in popularity.

In CryptoBlades, players participate in several in-game activities (usually combat) using “Blades” and heroes to wield them. These activities, in turn, let you earn SKILL, the game’s cryptocurrency.

In turn, SKILL lets upgrade your in-game assets so you can sell them at the marketplace, or purchase more powerful ones. SKILL can also be traded at a supporting coin exchange platform for real-world currency, or other cryptos.

My DeFi Pet

Developers: KardiaChain, TopeBox

Official Website: https://mydefipet.com/

NFT Games - My DeFi Pet

My DeFi Pet is another monster-collecting game, just like Axie. It’s one of the newer NFT games out there, and it may be a good investment if you’re still new.

As with other monster-collecting games, players can breed monsters that can be gain from various methods. Either you can summon a random monster for 100 DPET tokens (the game’s cryptocurrency), or you can purchase one via auction at the marketplace.

Once you have two or more monsters, you can start participating in various activities to earn more DPET tokens.

Unlike Axie, DPET not only can be used to exchanging for in-game assets or real-world money, but can also be staked or held for various staking rewards, and voting power.

CryptoKitties

Developer: Dapper Labs

Official Website: https://www.cryptokitties.co/

NFT Games - CryptoKitties

Of course, an NFT games list won’t be complete without including CryptoKitties, the first-ever NFT game. It was such a sensation in its early days that the Ethereum blockchain network (where it’s based) was overloaded due to demand from this game.

Again, the premise of this is very simple. You simply breed digital cats, which you can then sell on its virtual marketplace for ETH. Depending on the rarity of the cat you have and the current value of ETH, you can easily make a good profit just by playing this game.

You can also take your pet cats to the KittyVerse, where you can engage in competition with other players’ cats, or cooperate with them to solve different puzzles.

NFT Games: Conclusion

While NFT games are a good idea to make money online, while still enjoying what to do…

You should still be careful and judge carefully if you want to invest in this.

It’s not the NFT games themselves that are the problem here. The problem is in cryptocurrency’s highly volatile nature.

NFT games are still crypto in nature. Its value can rapidly go up or go down, depending on its demand.

Thus, if you’re not careful, you may end losing all your money in this. Therefore, always invest only what you can afford to lose.

But NFT games are not a scam. They’re one of the legitimate ways to earn money online today.

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