NFT games: is it easy to play?


IIf you’re interested in NFTs, you’re probably aware that collectors use them to authenticate ownership of artwork and other collectibles on the blockchain. But that’s not all they can do.

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NFTs are a big part of the still emerging play-to-earn gaming model, also known as P2E or GameFi. In fact, games showcase the functional potential of NFTs in digital economies better than any other application.

If your knowledge of video games has plateaued at “Call of Duty” or “Mario Kart” but you’re ready to move on to P2E, you should expect a learning curve. Here’s what you need to know to start playing and winning with NFT games.

In the P2E gaming economy, money flows backwards

Whether you put a quarter in an arcade game in the 1980s, bought a console cartridge in the 1990s, or subscribed to a cross-platform pass more recently, gaming has always been a paying business.

As the name suggests, gambling to win rewards gambling instead of charging for it. So how, exactly, do you win while playing?

According to CoinMarketCap, NFT games resemble traditional video games in their design, but they give users much greater control over in-game assets like weapons, vehicles, terrain, characters, and skins.

This gives players the unique opportunity to add value to the game as they play. In exchange, they can extract value from the game by claiming ownership of the in-game assets they create, buy, or unlock along the way.

Just as NFTs can authenticate the originality of artwork, memes, and other collectibles, they can also validate ownership of game assets. Creators launch P2E games on blockchains and anchor them in economies powered by digital assets, making NFTs the ideal mechanism to preserve and identify ownership of those assets.

Costs and risks change with the crypto tide

If you’re ready to leverage your gaming prowess to earn crypto rewards through P2E, be prepared to shell out some cash up front. The amount depends not only on the game, but also on the value of the game’s corresponding cryptocurrency at the time you register.

Axie Infinity, for example, grew so huge in 2021 that gamers were regularly pulling in hundreds of dollars a month in crypto rewards.

CoinMarketCap reported that on October 27, 2021, the cheapest Axie on the market was $98 – and players needed three to get started. If you had bought the game at the time, you would have had to make almost $300 back from the game before you could start making money. But the initiation could cost a lot more or less than that.

Much like the cryptocurrencies they depend on, volatility is part of the package with NFTs. According to Blockworks, Axies sold for a minimum of $340 at their peak; but, by July 7, 2022, you could get one for just $6.

This means that some users paid $18 to sign up and others paid $1,020.

Keep in mind that there is no guarantee that you will ever win anything and, according to Binance Academy, it is possible to lose money with NFT games. NFTs are speculative. Treat them like a crypto investment and don’t spend what you can’t afford to lose.

How can I start?

There is no shortage of ETF games. Axie Infinity is #3 by market capitalization, according to Chainplay. Sandbox and Decentraland — Ethereum blockchain-based metaverse games like Axie — take the top two spots.

There are, however, many other choices beyond these. So which one is right for you? The simplest winnowing strategy is to choose a genre and filter the choices from there. Genres include:

  • Metaverse Games
  • monster fighters
  • Fighting games
  • collectible card games
  • Creation games
  • sci-fi games
  • Real Estate Tycoon Simulators
  • racing games
  • Role games
  • Royal Battles

To get started, you need to have a crypto wallet loaded with enough of the gaming platform’s favorite cryptocurrency to cover the entry fee. If you can’t afford a character, land, or whatever the initial asset requirements are, many games have so-called “scholarship programs,” which present assets in exchange for a portion of future earnings. .

Is it a fad, an investment, a side hustle or what?

According to Cointelegraph Magazine, most current NFT games are simply not good. They tend to be clunky, poorly designed, frustrating, or visually unappealing. Until that changes, the P2E segment will command nothing more than a slice of the $180.3 billion global gaming market.

A real challenge for mainstream gaming is probably still a few years away. Today’s headline is that gaming is the main driver of NFT growth – and therefore cryptocurrency growth. Last year, 22% of all NFT trade was about games. According to Creative Bloq, 50% of Axie Infinity users had never used cryptocurrency before playing an NFT game.

If you meet someone with an interest in crypto and NFTs, chances are gaming was their first introduction to one or both.

On top of that, P2E is already bringing crowdfunding to the metaverse. For example, blockchain gaming platform Gamestarter allows independent game developers to fund their projects by offering investors ownership of pre-sale game assets.

These assets, of course, are NFTs.

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This article originally appeared on GOBankingRates.com: NFT Games: How easy is it to play?

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