NFT (non-fungible token) is a non-interchangeable token built on a blockchain. What makes it special is that it is unique and has no counterpart. It is more akin to handmade objects, each of which may be very similar to the previous one, but will never replicate completely. These are unique, they cannot be tampered with and cannot be stolen.
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Let`s talk about NFT playgrounds
NFT is a digital asset that can be in the form of in-game assets but can also be found as memes and GIFs. But what is an NFT game?
NFT playgrounds are similar to classic video games, which are very popular around the world but have some differences. With video games, players can get items and coins by reaching new levels or after battles. However, these rewards remain in the game and players do not own them outside of the game. In NFT games, players can transfer their winnings to another game or exchange them with any other player using cryptocurrencies. However, it can only be owned by one player. The blockchain technology on which it is based allows the authenticity of an item to be registered as unique. And this is the basis of NFT games. Unique items can be sold on the NFT marketplace within the game and allow the player to earn income.
The reward is no longer just competitive, but also financial. For example, you intend to get the armor of your favorite character in the game. This armor is unique in the playground, and you can only get it if it’s for sale. You can also get a copy, but it will have a different value as it is no longer original. What is valuable about these NFT items is the belief that they are of great value to anyone who is willing to pay a certain amount for them.
The benefits of NFT games in 2023
NFT games benefit investors and players alike. NFT games offer players certain benefits, such as:
- Full control over your winnings: NFT games give players full control over their assets.
- Attractive option because it allows players to earn a source of income with NFT. Buying and selling NFTs gives more incentive to play based on blockchain and can be a permanent source of income.
- An unbreakable protective shield: NFT games offer players a very secure environment. Blockchain technology is sophisticated and provides a high level of security and reliability.
- Transparency: The rarer the NFT, the higher its value. Blockchain helps maintain the transparency of digital transactions and demonstrates the rarity of NFT, which leads to an increase in its value.
What is GameFI?
GameFi (game finance) is the field of games with economics. Such playing allows you to earn by working on the Play-to-Earn concept. The idea of earning and monetizing your gaming experience has been around for a long time, but it has become particularly popular in recent years. Every day there are more and more games that offer the opportunity to earn.
- Play to Earn is a concept that allows you to earn money by playing computer or mobile games. In crypto games, it’s most often a native cryptocurrency and in-game items. Cryptocurrency can be exchanged on a cryptocurrency exchange (e.g., Binance), while in-game items can be sold on special marketplaces.
- Pay to Win is another concept. It means that the game allows you to pay money and get advantages over other players. For example, buy cool equipment, weapons, or internal currency.
Many crypto games work by combining both of these concepts. This means you need to invest money before you can play and earn. Plus – without donations, you can lose all the time, and that’s annoying, to say the least.
But there are games that don’t require you to invest, or the investment in them is minimal. We’ll talk about them too.
What is the role of NFT in crypto games?
NFT in games can represent anything – character, weapon, appearance, game elements, cards, etc. They can give you perks during the game, you become cooler, stronger, and more effective. Or it could just be a visual effect that doesn’t give you any in-game bonuses but makes you stand out from the rest of the players.
NFTs that give you perks can be compared to premium tanks in the game World of Tanks.
And NFTs that don’t are compared to CS: GO or Dota.
By the way, if you compare it with CS, or Dota, buying NFTs is very similar to buying cloth or gear in Steam. For example, this is what one of the popular NFT marketplaces looks like. You need a WAX wallet to work specifically with this marketplace, but NFT can also be stored in regular cryptocurrencies.
How to transfer and store NFTs
The best way to store your NFTs is to use a cryptocurrency wallet such as MetaMask, or Trust Wallet. The main rule is that the wallet must support the NFT blockchain (the one on which that NFT is created).
Remember, NFT is the same token as any other cryptocurrency. It is unique and exists solely in the blockchain in which it was created. A lot of NFT games are now running on BSC and ETH networks, but other blockchains – WAX, Cardano, Polygon, SOL – are also actively developing
Important: since transactions must take place on the same blockchain in order not to lose your NFT, it is best to use those wallets recommended by the crypto game itself.
Some of these games will require you to make an initial investment – some are a couple of dollars and some are hundreds. The amount invested will also determine how much you can earn – the higher the investment, the higher the possible income.
Some games you can play for free and also earn money from it.
However, crypto games are the same investment. Here, in addition to your investment, you also need to invest your time to learn the game, the features, and the mechanics, and to build the right strategy.