NFT Play-to-Earn crypto games in Gaming Industry

By juegoadmin | NFT Game Development | December 14th, 2021

NFT Play-to-Earn Crypto Games and How They are Storming the Gaming Industry

NFT or non-fungible tokens are a form of cryptocurrency in the video gaming industry. Players can use it to trade with other participants in the game. With low entry price initially and high returns later, NFT games have gained popularity rapidly. Top NFT games take your gaming experience to a whole new dimension. Let’s deep dive and understand how P2E crypto games are creating a silent revolution in the gaming world.

Blockchain

Blockchain seems to be the new world in different industries and gaming is one among them. The last decade has witnessed unprecedented transformed the ways in which people approach finances. The two prominent mechanisms of blockchain – decentralized payment systems and digital assets have now become coffee table discussions for people with expendable income. In blockchain gaming mechanism, you own gaming objects just the way you own cryptocurrency. As a gamer, you can transfer it within the wallet as well as to external parties.

NFTs

Non fungible tokens (NFTs) are unforgeable and unique objects. They can be treated like currencies and transferred to wallets. If you possess them, you become the owner. NFTs can be linked to items like videos, photos, audio, digital data, etc. which are easily reproducible objects. These are minted digital assets which can be traded on the blockchain. These can be a shield, sword, bow, arrow, house building items, racing cars, skates, etc. When there is a scarcity of such resources, you can put your digital assets for sale in the marketplace.

How Blockchain and NFT are Transforming the Gaming Industry

Blockchain and NFTs have phenomenally transformed gaming by becoming a bridge between video games and cryptocurrency. It ensures absolute security in the gaming market. It creates a safe environment for developers and gaming entrepreneurs since hackers can’t break into your data. Also, you are gifted with more in-game resource ownership. Players can exchange goods and earn profit where smart contracts handle transactions.

How to play to earn is making an impact

Modern games are booming with microtransactions. The in-game purchases to possess accessories, costumes, weapons or characters have changed the gaming industry. With this play to earn digital tokens, you can offer or buy new content.

Understanding GameFi

Axie Infinity is a prime example of play to earn online games. This game has garnered a lot of interest among gamers worldwide. This revolution in the gaming sector leveraging this new play-to-earn structure is called GameFi. This incorporates the ideals that players shouldn’t just throw away the money on in-game content. Players should also invest in digital assets which can increase in value and become resalable in the marketplace. NFT has made this possible where the underlying blockchain mechanism helps the players to gain currencies bearing real-time value. This entire structure has led to a digital economy where players are not only rewarded for their participation but also offers financial services making the gaming industry a lucrative one to gather income.

Top 5 best play to earn NFT games in 2021:

● Guild of Guardians

It is one of the top role-playing NFT games. It is expected to be released in 2022. You can create a team of guardians. They compete in raids in dungeons and in guilds. During the process, you earn tradable rewards.

● Star Atlas

A virtual gaming metaverse based in the year 2620 is equipped with two in-game currencies, Atlas and Polis. As a player, you will have the ability to influence the intergalactic conflict and earn rewards based on the outcome. You will explore and discover a range of celestial and terrestrial resources that you can trade in the universal marketplace.

● Sorare

Using blockchain technology, this soccer game allows you to trade using digital player cards. You can earn rewards by defeating the opponents. The virtual teams that consist of 5 players are ranked based on the real-world performance of the player.

● F1 Delta Time

Based on open source blockchain Ethereum, players need to collect cars, drivers, components as NFTs. Within this ecosystem, these NFTs can be traded to make larger crypto amounts.

● Idle Cyber

A well-designed role-playing game to defend against the attack from cyborgs. You can earn money from the games as it uses the P2E model. The game has unique characters with a backstory and interesting weapons.

Advantages and Disadvantages of NFT Games:

Advantages:

● New revenue system:

NFTs were designed with the intent to develop a business model to help players grow financially. NFTs help gains visibility on the internet which in turn results in popularity and income.

● Immutable

NFTs’ inherent value of legitimacy falls in the category of tangible and real. Once they have been verified and approved on the blockchain, nothing can replace them.

● Monetization

Your digital artwork can be converted into digital assets. There are many such examples of digital artwork that have a monetary value associated with it. Eg. A very popular small meme ’Charlie bit my finger ’.

● The excitement of unique ownership

Being an immutable asset, you feel the pride of owning something unique. The excitement of being part of an evolution that could change consumer behavior is exuberating.

Disadvantages:

● Highly- unpredictable market

It is difficult to measure the price of NFTs since their worth completely revolves around the sentiments and aesthetic worth of the digital asset.

● Risk of theft

Hackers are always on the hunt for NFTs that are under older security protocols. Hence, the risk of digital theft always lingers.

● Sustainability and environmental concerns

The NFT market is believed to be one of the reasons behind the depletion of the environment. Processing such digital data requires substantial computing powers. To run such a system requires massive power usage in the form of running devices and appliances.

Takeaway

With the right research and deep learning about NFTs development services, it is possible to ride the NFT Play-to-Earn crypto games wave. With Juego studio, you can learn more about NFTs, crypto games, and blockchains. We can help you curate the right game which will enhance your earning potential. Also, if you want to get engaged in a play-to-earn mechanism, check out the various games we have crafted by visiting our portfolio. Visit our website to check the list of games that have created a sensation in the market. Check out our latest blogs for more interesting and informative reads.