A Beginner's Guide to Earn Money with NFT Games

 

 Video games have become an integral part of our lives, right? from childhood to the present day. The advancement of technology has brought about an abundance of games, ranging from Mario to Pub G. It is evident that one can now earn money by playing video games based on coins. Some may find it difficult to believe that tokens on the internet are worth anything at all.  However, with the aid of blockchain technology, a game called Play to Earn (P2E) has been developed. This NFT game allows players to earn money simply by playing video games. To participate, one must first register on any of the NFT games available. While registration is free, playing requires an initial purchase of game content in the form of an NFT. In this blog, I will elucidate on the concept of NFT, how NFT games work and how one can profit from NFT.


Contents

What is NFT?

What are NFT games or P2E games?

How the NFT game works

How to earn in NFT

What does NFT mean?

NFT stands for non-fungible tokens, is a digital asset that uses blockchain technologies. It was a decentralised network to record all the transactions digitally, in contrast to traditional transactions, which need an account book to record the ledger. The primary objective of NFT is to preserve the value of objects related to gaming collections. One of the main advantages of an NFT is its unique cryptographic points, which cannot be exchanged with other tokens on a one-on-one basis. To have a better understanding of this concept, let's compare it with Bitcoin. In this case, Bitcoin can be transferred from one person to another by copying the recipient's Bitcoin address on your clipboard or scanning the QR code using the Bitcoin app. The music, gaming, and fashion industries are increasingly embracing NFT and recognising its potential.  

What are NFT Games?

A NFT game is a type of video game that may be accessed through a computer or mobile device. However, there is a twist: players can receive a prize or reward for playing the games. In contrast to traditional games, users will not genuinely earn the assets in the form of cryptocurrency. Players have sovereign ownership of their digital assets, which cannot be acquired or exchanged by anyone else. One of the most well-known NFT games is Play to Earn, which requires registration, but is free of charge. However, gameplay does require an initial investment. For instance, the Axie game is a prominent NFT game that necessitates an initial investment. Nevertheless, once gameplay commences and tasks and challenges are completed, players can earn the Smooth Love Portion (SLP), an ERC-20 token that can be traded on exchanges.

How NFT Games Work

NFT games are more than just holding NFT collections in your wallet. The NFT game has its own set of rules and regulations for the players. For example, you can turn your character or avatar into an NFT, or you can even choose game assets like swords and accessories. And you can even exchange your NFT with another player to make a profit. Smart contracts make it easier to transfer ownership of in-game non-fungible tokens (NFTs) to players whenever the necessary criteria are met. Players can keep their NFTs for future usage within the game, transfer them to another gaming platform, or sell them in a non-gaming environment. User participation and design are accessible for two unique categories of NFT games, each using NFT and blockchain technology. Furthermore, a single NFT game may include both of these elements.  

How to make money from NFT

The amount of money you can generate from an NFT game completely depends on market demand and game mechanics. Yet, cryptocurrency plays a pivotal role in generating revenue. Hence, I’m going to share with you a few more ways to make money from NFT.

Earn and sell cryptocurrency.

As I have mentioned above, earning and selling crypto is one of the easiest ways to earn money. All you have to do is participate in the game or activities and win cryptocurrency as a reward. You can then sell these in fiat currency.

Earn and sell NFT

Gamers can earn an asset and reward in the form of an NFT asset, though it is collectible or fungible and cannot be shared in token form. Of course, you can sell that in exchange for money.

Buying and Reselling NFT

This is one of the more expensive and risky ways of making money from NFT. The user can invest in what he feels is a promising NFT and resell it again. Of course, the risks are high, but at the same time, the profit is also high.


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