Starting on NFT gaming is as exciting as it is overwhelming. There's all the jargon and new concepts you need to understand, and it's easy to get frustrated, especially when you don't have a good guide. To save you all the frustration, we compiled this beginner's guide to NFT and crypto gaming, so you can know a little about all you need in one go.
What Is NFT Gaming?
Non-fungible tokens(NTFs) are digital assets made of lines of code. The term non-fungible merely means they are unique; only one of them exists within the digital space. To ensure this uniqueness remains, NFTs are assigned an identifying number stored on a blockchain.
Think of a blockchain as a digital ledger that lists the codes associated with a particular crypto asset or transaction. This means that even two similar-looking NFTs are different because they have unique IDs on the blockchain.
That said, NFT games are games that require players to use crypto to purchase NFTs as the entry-level requirement to play the game. Most NFT games are also play-to-earn games. This means they reward gamers with cryptocurrency after completing quests or winning missions. Players can then convert these rewards to real-life money.
What Do I Need to Start Playing NFT Games?
To play an NFT game, you need to start by identifying the game you want to play. Like traditional crypto gaming, NFT games come in varying genres. There are action-adventure titles like Axie Infinity and Illuvium, NFT trading card games like Splinterland and Gods Unchained, betting and sports titles like MonkeyBet and Sorare, racing games such as Pegaxy and Revv Racing, and virtual-reality metaverse games like Cryptovoxel and Decentraland.
Once you know the game you want to play, the next step is to read through its white paper and its website. A whitepaper is a detailed explanation of the game and its economy. Since you are putting money into NFT games, you need to know precisely how the game intends to spend our money, sustain its economy and give you worthwhile rewards. This is the information you will find on a whitepaper. You also need to read through the website to understand the game's general overview.
With your knowledge at hand, you can now buy the game's NFT and begin playing. To buy an NFT, you need to get a wallet that is compatible with the game, then load it with cash and convert the money to a cryptocurrency that can enable you to play the game. After that, visit an NFT marketplace that sells the game's NFTs, make your purchase, and you're good to go.
How Much Money Can I Make From an NFT Game?
There are several ways to make money in an NFT game. Therefore the amount of money you can make from an NFT Game will depend on the game and the money-making strategy you use when playing.
The first way to make money in an NFT game is to complete missions and win tournaments. This gives you crypto rewards that you can convert to cash. The other option is to trade NFTs. Lastly, you can make money on NFT games by renting out NFTs and taking a cut from the rewards the renter makes.
Of the three strategies, selling NFTs is the most profitable and riskiest because you may fail to get buyers. Renting NFTs is the best passive-income generation strategy for NFT gaming, while rewards offer the least profit but are the most consistent and effective long-term strategy to earn from NFT games.
And there you have it our guide to NFTs and Gaming. So, which NFT games have you played or looking to start playing? Let us know in the comments below or over on our socials here!