The number of people who took to gaming sky-rocketed during the pandemic. Gaming was a solace for many who needed social connections. A survey conducted by Finder showed that India had topped the ranking in the non-fungible token gaming. In comparison, many developing countries have a significantly lower scale. Have you ever secretly wished you could earn money by playing? If you have, then all this is possible through gaming NFTs. Many of you would have invested your time, effort, and money in gaming.
Let’s find out how?
Get The NFT Game Going Strong With Gaming NFTs
Blockchain-based games allow users to purchase in-game items. NFT games are beyond just Crypto collectibles that stay in your wallet. They come with player interactions, purchases of avatars and weapons, etc.
In traditional games, gamers usually spend a good amount on these in-app purchases, then eventually, the player loses interest, or the game ends. All that you earn within the game goes with the game. The assets become redundant, and the entire profit goes to the game developer or studio. This is where NFTs can be a game-changer. For further understanding, let’s understand what GameFi is.
Let’s get started with GameFi
- The GameFi model has taken over rapidly. As the term suggests, GameFi refers to blockchain games that let users earn cryptocurrency and NFT rewards by completing tasks, battling other players, and going up through the different game levels.
- Rewards can be cryptocurrency, avatars, virtual lands, weapons, etc. Different GameFi projects will have diverse game economies and models.
- In most of these games, the in-game assets are NFTs running on the blockchain, i.e., the user can trade these assets on the NFT platforms.
- In-game assets need to be converted as NFTs so that the player can trade and sell them. In typical cases, these in-game assets will benefit the players, paving the way for the player to achieve more rewards.
- Some assets like Avatars and cosmetics can be only for Visual purposes. Depending on the game, the player can earn rewards by battling, performing tasks, or even buying Virtual spaces, which can be used to monetize.
- It also lets the player generate passive incomes, not necessarily by playing, but by lending their gaming assets to players.
This evolution is not just about the mechanics of gaming but also about bringing the monetizing prospects of games closer to the aims of Web3.
The Wisest Investment That You Will Ever Make
Web3 gaming is going to bring about changes that traditional gaming lacks. Let’s look at the real-world benefits of investing in gaming NFTs.
In traditional gaming, the in-game purchases stay within the hand of the game publisher. With NFTs, the ownership of these in-game assets becomes more meaningful and non-restrictive.
Traditional games rely on centralized servers. Thus, these games operate on disparate systems. Gaming NFTs are transferable and interoperable with the other games built on the underlying blockchain.
Authenticity and uniqueness are two traits that any collector will be looking for. NFTs cannot be forged or duplicated because of the unchangeable record generated on the blockchain.
Investing In NFTs Games
Listed down are the few approaches to investing in NFT games
Play-to-earn model is one of the approaches. In this mode, the gamer gets to invest his time and effort in return for game NFTs. Many developing countries have even seen the potential to turn gaming into their full-time profession.
Some popular games require substantial investment. Thus, few gaming guilds help the newcomers to rent under a scholarship program. The profit is then shared between the user and the guild.
- Initial game offerings
Investors should consider investing in an IGO. Investing in an IGO through the launchpad will offer the opportunity to get NFTs or tokens in upcoming games at a discount. If the game gets popular, the investors can expect a significant return.
What does the future hold?
While many groundbreaking NFT games are yet to be released, more advanced and significant technological advancements are necessary to push the market of gaming NFTs to the forefront. The tokenomics will attract many more gamers and widen the Gaming NFT market. So, invest in what you do the best and keep earning!