Hey there Sea Changers and welcome to another type of online money making venture with my look into NFT games. What are NFT games? Well, they are a new form of gaming that is gaining popularity and amongst other options, can generate income via the collection of Non-Fungible Tokens (NFTs). In short, players can essentially buy and sell in game ‘assets' in marketplaces either inside or outside of the platform.
These tokens can be used in any number of different ways depending on the game you're playing, but most people use them as currency or collectibles. The way this works is that each item or ‘token' has an assigned value attached to it, which means if you purchase 10 tokens from one person then those 10 tokens cannot be traded with another player who purchased 10 from someone else because the two players would essentially be trading the same items.
To clarify, the idea of NFTs is that each token is unique. You can compare it to trading cards or baseball cards or any other kind of collectible with multiple units. Recently, the crypto space has seen a rise in virtual items becoming fungible, meaning they can be traded on secondary markets – whether it's with cryptocurrency or more traditional means such as PayPal or gift cards etc.
How it all works
The main benefit of using NFT's in a game is that each item has its own history or provenance. This isn't just an aesthetic choice but also one that provides verifiable utility and value within the game world. Let's take a look at some examples:
A player could purchase an armor set from an early boss monster, which would grant them extra protection and prestige as they progress through the world. The armor itself becomes significantly more valuable than regular armors with no background story because it grants additional attributes that cannot be attained otherwise. If we wanted to transfer this particular of armor between players, we would need the original player to approve of the transaction, so they could record their ownership onto a central database or blockchain.
This process is called **Minting** and it's very similar to printing your own currency which you could then use to buy goods with. The main benefit of using NFTs in this instance is that there are no restrictions on how many copies of an item exist – making it impossible for others to counterfeit that particular piece of clothing without explicit consent from its owner.
A second case is where items have limited uses, meaning that players will always be looking for more once they've used up all their resources – opening up opportunities for micro transactions within the game world through secondary markets. For example, a gamer may have potions that grant players temporary invincibility or invisibility. These items would be very expensive to craft, but once they've been used by the player, they could then be sold through a third party for hundreds of times their regular price. This process can also be automated so that players are incentivized to trade these kinds of items with other users using game currency or cryptocurrency as payment.
Because NFT's contain unique identifiers (Ethereum addresses for example), tokenization has a lot of potential beyond gaming. For instance, we could attach NFT's to passports or any official document that uses an identifier such as an ISBN number. This is also the case with items such as trading cards and tickets, where you can issue unique assets within games using these objects as their identifiers.
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Where can we play with NFTs?
As above, this is an area that is becoming more and more popular all the time meaning the below list will grow and games will come and go quite quickly. However, some of the most popular games on the app sites at time of writing are listed below:
Cryptokitties allows players to collect and breed virtual cats. Each cat is unique and you can buy, sell or breed them to try and make your ‘dream' virtual kitty.
Cryptokitties was the first successful NFT game on the market.
Etheremon allows players to capture, train and modify monsters within their own ‘virtual world'. You can catch hundreds of different types of monster and once you've captured your very own Zordon (the game's most powerful monster) you can go and battle other people for rewards. And if you're successful enough in the game, it might even be possible to turn your virtual monsters into real ones through their blockchain spin-off game, Emont Alliance.
Decentraland is a virtual world where each plot of land is represented by an NFT token. Each plot has a different value and rarity, so you can try to snap up some prime real estate or get lost wandering around trying to find something interesting. The more popular the space becomes the higher its popularity becomes globally meaning that certain locations within the world have become incredibly expensive tokens indeed… In fact at one point a virtual real-estate firm managed to buy up over 10,000 plots of land at $160 per plot ($1.6 million total).
0xUniverse is a game that allows players to explore and colonise their own planets. Each planet will have its own unique characteristics (gravity, atmosphere etc.) which will then affect the way that spaceships travel around them. Players can build fleets of ships to trade with other players or battle for control over different planets.
0xGames aims to create an open source framework for creating games using NFTs across multiple block chains (including Ethereum). The idea is that players will be able to buy, sell and trade gaming assets outside of each specific game which allows anyone to operate as a full-stack developer without needing to put in any real effort.
CryptoFights allows players to build and upgrade their own unique warrior and take them into battle against other players. The game already has a number of different warriors available to fight with (all fully tradable NFTs) but the real money lies in looking for rare armour sets or potions which can provide additional boosts during fights. There's also an interesting ‘claim all prizes' risk vs. reward mechanic as part of the gameplay too…
Can you make money with NFT games?
Look, the cryptocurrency market is a booming industry with an increasing number of coins and tokens emerging. And as these are one output of Non-Fungible Tokens (NFTs) then they can definitely be used in games to make money. However, before you get started, you should be aware of the following:
- You will generally need some crypto currency (such as Ethereum) to get started.
- You need to take the time to get to know what is valuable within your chosen game – such as collectible cards, plush toys and other options listed above. Look for options with high market values over time due to rarity considerations etc.
- NFTs should be considered as long term investments to be bought and sold when the time is right.
Some do make money quickly but as with everything to do with making money online with games, you will generally need to put in a lot of time before you start to see any returns.
And there it is – my introduction to the world of NFT games. I hope it has been helpful and as usual, please do not hesitate to comment below if you have any questions, need some advice or have any experiences to share.
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Until next time
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