Basic Facts About NFT Gaming

What are NFTs?

A Non-Fungible Token or NFT is a blockchain-based cryptographic token created in a digital format showing up as a unique item. It is an asset that could either be a collectable piece of crypto art or, in some cases, an actual physical asset in the real world like real estate. Yes, you read it right, natural land in the real world.

What makes NFTs indispensable as a value item is that they are non-fungible. Simply put, they are unique in structure and cannot be “copy-pasted”. Neither can they be swapped too. For example, an NFT art may be reproduced many times over in different versions but cannot be identical to the original or each other since their metadata is different.

You may compare it to something like the photographic prints of an item taken at different angles. It is of the same item, but are different from each other. They are all unique and will stay that way forever.

The Connection Between DeFi and NFTs

It’s great to be excited about knowing the merits of NFTS, but first, let us understand how and what gave NFT’s the boost they needed to become the vast emerging market they are in the gaming sphere today. It all started with DeFi or Decentralized Finance. Even before NFT’s became popular, DeFi has already been on the move, lately peaking at a market cap of $13 billion as of Sept. 8, 2021. (Coin Gecko)

Much of the play-to-earn success is due to leveraging blockchain technology and combining it with the rise of cryptocurrency. This allowed the gaming industry to add value to the market by integrating crypto-collectables and non-fungible tokens. Suffice to say, NFTs can attribute their introduction and success to DeFi using the blockchain format of storing information.

The concept of GameFi facilitates various platforms of today that are currently mixing finance with the gaming world. They are now providing players with an avenue to earn while playing their favourite eligible games.

What Then are NFT Games?

NFT games leverage blockchain technology to represent items, consumables, characters, and other things that can be traded on the platform.

You can sell your in-game NFTs to buyers and other players while you, as a user/investor, have the chance to earn the tokens under the rules of the play-to-earn game models.

You will find NFT games in Binance Smart Chain and Ethereum. Otherwise, you may choose to play and fight in-game to acquire collectables like Axie Infinity and Crypto Blades. For other games, BSC offers NFT mystery boxes for a chance to win NFTs of value.

The Open Gaming Economy

These NFT games have become increasingly popular, creating an open economy in this infinite metaverse of virtual reality. It rewards and incentivizes players who bring value to the game by using in-game rewards and cryptocurrencies.

How Does Play-to Earn Work?

Playing for rewards in the decentralized space involves two processes-buying and selling of in-game NFTs, and or playing to earn cryptocurrencies. For the buy and sell format, the players sell to each other unique items offered by the game in exchange for crypto or fiat money.

On the other hand, they can also play for crypto-asset rewards offered by the game that they can exchange for other crypto or fiat currency. Additionally, they can even use these in-game rewards to buy more in-game content. More in-game content provides more opportunities to earn.

Buying and Selling of NFT

A good example of a gaming platform that allows players to create, buy, and sell in-game assets is Axie. An NFT-based online game, Axie players, get to breed digital creatures called “Axies”. They then have them fight each other and earn rewards.

What makes it different from other digital characters of the past is that no two Axies are the same. They are owned and tracked separately via blockchain technology, making them unique to each one. Players may sell their Axies in the marketplace and receive all the profits. This, in turn, fuels a user-driven marketplace for players and collectors alike.

About In-Game Rewards and Cryptocurrencies

A leading example of gaming platforms that reward their players with cryptocurrency is Mobox or Mbox. Incidentally, this company was recently listed on the Binance launch pool. Their free-to-play games combine the features of DEFI and NFTs to create the play-to-earn model.

Their unique NFT name is MOMO, which you can acquire by using a special key. Playing games in their platform like MOMO Farmer, MOMO Token Master, and others allows the player to stake in liquidity pools or staking Mbox tokens to win MOMO NFT Mystery Boxes. This Mystery Box rewards game encourages players to hold on to their native tokens to earn more passive income.

These and other in-game rewards push these gaming platforms to another level, advancing the NFT gaming popularity.

What are the Advantages of the Play-to-Earn Model Over Traditional Gaming?

·Although the play-to earn model is a new system; it too contains the exciting component that makes traditional games great. It features actionable items such as using in-game assets to level up and breed new characters, increasing your chances of winning in combat.

· The NFT format also allows for the player’s full ownership of their in-game assets.

·The higher the level and more unique their created characters are, the higher their value in the market. This gives the user the potential to profit more.

How Do I Make Money Playing NFT Games?

Depending on the game’s rules and demand from the market, you can earn money by selling your goods, doing exchanges, or participating in auctions. Most likely, the money will correspond to the value of the NFT, of which your token’s desirability and collectability, as well as its usefulness in the game, will all come into play when determining the value of any particular item or asset.

Just like being in a physical marketplace, the value of goods and services that are presented are always subject to speculation. This is because of the ever-shifting market forces.

Can I Lose My NFTs?

Although the chance of you losing your NFT’s is small, it is best to keep them safe and secure. One way you could lose it is to a scammer who may trick you into sending your NFT to them. Another way is when your system becomes infected with malware that accesses your wallet and steals your NFT.

You may also lose your NFT when you transact with someone who has a wallet that doesn’t support the standard of your NFT token. And of course, last but not least, you may lose it to an opponent in a game that you are playing.

What Are The Risks of Losing Your Money When Playing NFT Games?

There is a significant amount of risk of losing your money when playing NFT games. Again, this depends on the type of game you are playing and the value of the NFTs you have on hand. Since it is a marketplace, the value of your NFT may go up and down depending on factors related to the game and its surrounding environment.

The Awesome Potential of NFT Games

Continuously operating and growing on the hybrid platform of gaming economies, “play-to-earn” gaming allows users to create, play, and sell in-game assets just like NFTs on Binance NFT. That, in itself, indicates a reach that may even evolve into something even more profitable in the coming months and years.

Play-to-earn games also enable gamers to fully own and grow content that they can produce on the platform. This makes the possibility of adding value to the game virtually limitless with no cap. Lastly, the player’s potential for passive income earnings is always an attractive proposition that will keep them creative, attracted, and engaged.