Non-Fungible Tokens (NFT) are taking the digital world by storm, allowing the trade of digital assets such as digital pictures, memes, video clips, and even NFT games. NFT games come with a play-to-earn model that provides players with opportunities to earn money as they play. In addition, gamers can monetize their playing time by buying and selling in-game NFTs or completing objectives in exchange for cryptocurrency rewards. Trading is conducted using a digital currency, also known as cryptocurrency, through a blockchain marketplace that acts as an auction house. As a business, NFT games help developers to monetize their creations while giving users the ability to earn cryptocurrency just by playing the game.
What is an NFT Game?
Simply put NFT games are games that, in some manner, incorporate NFTs. Unlike other forms of NFTs, NFT games are not just about holding crypto-collectibles in your wallet they come with player interactions, purchases of avatars and weapons and through the play-to-earn model also allows gamers to generate income from NFT games.
The lure of NFT gaming is that it creates unique and limited tokens that can be exchanged with each non-fungible token existing in a decentralized digital ledger based on blockchain technology. This allows gamers to have true ownership with options to swap, create, and implement NFTs within a game, while developers create smart contracts that make up the rules for the NFTs used. For additional insights, you can read our article on how to buy an NFT.
The NFT Games Industry
Most NFT games operate on the play-to-earn (P2E) model, often referred to as GameFi, and have gained popularity due to the success of blockchain-based game providers like Axie Infinity. In 2021, gaming-related NFTs generated $4.8 billion in revenue, and just in January 2022, blockchain games and their infrastructure raised nearly $1 billion, contributing to the $4 billion raised in 2021, as reported by DappRadar.
In addition to role-playing games, trading card games like the sci-fi card game Parallel have grown immensely in October 2021, the project raised $50 million. Similarly, the FIFA Ultimate Team NFT game is making waves across the gaming industry, challenging traditional video games, prompting game developers to look into the NFT gaming marketplace. Businesses and gaming companies are seeing the potential for continuous revenue streams from NFT gaming. NFT digital games can potentially provide new ways for content creators to monetize their work, often through social tokens, digital art pieces, collectibles, or in-game items among millions of gamers.
- Read More: How to Buy an NFT
Creating Your Own NFT Game
With 3 billion gamers projected to be around by 2024 gamers ever more playing an increasing role in defining the economics of the digital future. In 2020, the gaming industry generated $155 billion in revenue, By 2025, analysts predict the industry will generate more than $260 billion in revenue. This coupled with the increase in popularity with NFT collectibles and NFT gaming businesses are looking towards creating their own metaverse or NFT games to help them chart new frontiers in their business models, these include:
Gain more visibility and reach: NFTs are all the craze in the digital economy and have a huge following among Millennials by investing in NFTs and NFT games you can tap into the interest of a tech-savvy consumer demographic. They can be used to increase brand awareness and can be used to capture new interest and adoption.
Generate additional revenues: When a gaming token associated with NFTs is sold, creators can earn extra income based on the demand for that specific NFT game or its in-game NFTs.
Exclusivity of ownership: NFT games provide owners with total control over their assets. This aspect is appealing as it enables players to earn cryptocurrencies when they sell their NFTs. Furthermore, having physical ownership offers additional motivation to participate in blockchain-based games and can serve as a consistent source of income.
Little or no maintenance required: NFT games come with only an initial investment that is required for their development and minting. This offers creators a one-off expense and opportunities to receive royalties and more for possible perpetuity.
Buying and Selling NFT Games
The benefits of buying and selling NFT games are huge. As such, many have started carving a niche in the market and started reaping the benefits. You, too, by learning to create an NFT and strategizing on how to make money with NFT, can support your business model. Some of the benefits in trading in NFTs include:
Scarcity: Because only limited amounts of NFTs are available in the marketplace their scarcity can potentially create a relatively high value in the marketplace as long as demand for NFTs continues to grow.
Simple money-making opportunity: NFTs are highly collectible, offering a unique niche market for creators and collectors offering money-making opportunities.
Provide utility: Certain categories of NFTs offer utility by including in-game items like avatars, weapons, and trinkets, as well as virtual real estate.
Pioneering new avenues of engagement: NFTs are currently the craze in the digital economy as an early adopter of NFTs you place your business ahead of the competition.
- READ MORE: where to buy and sell NFT
Best Game NFT Marketplaces
There are various popular and emerging NFT game marketplaces and gaming companies that enable you to create, mint, and trade your NFT game digital assets. Here are some of them:
Gamestarter
Gamestarter – IGO helps support indie games by offering a set of tools to seamlessly handle your game’s integration with NFT game blockchains. It comes with ready-to-use, audited BSC / ETH token contracts, an easy-to-setup NFT marketplace for your game, and more.
AirNFTs
AirNFTs offers an easy user experience and a one-click minting process for artists and creators. It also offers users an option to generate additional income from royalties on secondary sales. Besides NFT games it is a holistic NFT marketplace that includes artworks, photos and more.
OpenSea
OpenSea is an NFT marketplace built for Ethereum. This marketplace allows developers to create games and applications without having to learn specialized programming languages, charge no gas fees, or deal with a single wide-ranging blockchain protocol.
Seascape
Seascape’s platform offers developers the option to create their own blockchain with its own set of rules. Its user-facing game store is built with Decentralized Finance (DeFi) and NFTs in mind while incentivizing both playtime and game development.
Forte
Forte is a comprehensive blockchain platform designed for games that is secure, user-friendly, and fully compliant. It assists publishers and game developers in creating regulated user accounts, enabling players to manage stored value, buy and trade digital assets, or transfer funds.
Best NFT Games
Some of the most popular NFT games that have garnered a large following today include:
Axe Infinity
Axie Infinity developed by the game company Sky Mavis has similar gameplay to that of the popular Pokemon game series and comes with its blockchain twist. This Ethereum-based game helps players breed and collect NFT-based digital pets called Axies for the core purpose of battling other players. Each Axie has unique strengths and weaknesses based on its genes and has billions of possible genetic combinations. To start playing the game, players will need to purchase three Axies.
Alien Worlds
AlienWorlds – Play & Earn | Seek your fortune is a metaverse-based economic simulation competition and collaboration among players to explore other planets. Developed by the game publisher Dacoco, where players can acquire NFTs, engage in battles, and complete in-game quests.
Gods Unchained
Gods Unchained is a free-to-play game that combines NFT elements with the card trading genre. In this game, players collect cards by either buying them from others or competing against fellow players to earn high-quality cards. It features a ranking system that matches players with similar ratings.
Splinterlands
Splinterlands is another free-to-play tradable card game that lets users earn as they play. Here, earnings are based on rewards when they win card matchups. To start playing Splinterlands, players will first need to buy a starter pack of cards, register a Steam account, and unveil the purchased cards on Splinterlands.
NFT Games Vs. Art NFT
NFT games provide enhanced functionality, allowing users to purchase an NFT game for gameplay or acquire in-game items for use in their favorite games. In contrast, NFT art, which consists of electronic artworks, is primarily traded for personal collections and investment speculation.
What are in-game items?
In-game items include virtual avatars, video game skins, weapons, and even armor. Throughout their gameplay experience, gamers can collect various items from a specific game and sell them for a profit.
How do NFT Games make money?
You can make money by creating and selling NFT games, earn money by playing them, or by trading in in-game items. To know more, please read our article on how to sell an NFT.
Image: Depositphotos
