What are NFT games? – Small Business Trends

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Non-Fungible Tokens (NFTs) are taking the digital world by storm, enabling the trading of a digital asset which could be digital images, memes, music videos, and even NFT games. NFT games come with a play-to-win model that offers players the opportunity to earn money by playing. Additionally, players can monetize their playtime by buying and selling NFTs in-game or completing objectives in exchange for cryptocurrency rewards. Trading is done using digital currency also known as cryptocurrency through a blockchain market which acts as an auction house. As a business, NFT games help developers monetize their creations while giving users the opportunity to earn cryptocurrency just by playing the game.



What is an NFT game?

Simply put, NFT games are games that in some way incorporate NFTs. Unlike other forms of NFT, NFT games aren’t just about keeping crypto collectibles in your wallet, they come with player interactions, avatar and weapon purchases, and, through the play-to-win model, also allow players to generate revenue from NFT games.

The appeal of NFT gambling is that it creates unique and limited tokens that can be traded with every existing non-fungible token in a decentralized digital ledger based on blockchain technology. This allows players to have real ownership with options to trade, create and implement NFTs in a game, while developers create smart contracts that define the rules of the NFTs used. For more information, you can read our article on how to buy an NFT.

The NFT games industry in 2022

Most NFT games operate under the play-to-earn (P2E) style model, also commonly referred to as GameFi, has become popular thanks to the success of blockchain-based game providers like Axie Infinity. Gaming-related NFTs generated $4.8 billion in revenue in 2021, in January 2022 alone blockchain games and their infrastructure raised nearly $1 billion, adding to the $4 billion lifted in 2021, according to DappRadar.

In addition to role-playing games, collectible card games like the sci-fi card game Parallel have grown tremendously in October 2021, the project raised $50 million. Likewise, the FIFA Ultimate Team NFT game is making waves in the gaming industry, challenging traditional video games, prompting game developers to look into the NFT game market. Businesses and gaming companies see the potential for continued revenue streams from NFT gaming. NFT digital games have the potential to offer new ways for content creators to monetize their work, often through social tokens, digital artwork, collectibles, or in-game items from millions of players.

Create your own NFT game

With 3 billion gamers predicted by 2024, gamers are increasingly playing a growing role in shaping the economy of the digital future. In 2020, the gaming industry generated $155 billion in revenue. By 2025, analysts predict the industry will generate over $260 billion in revenue. This, coupled with the rise in popularity of NFT collectibles, and NFT game companies are considering creating their own metaverses or NFT games to help them chart new frontiers in their business models, including:

Gain visibility and reach: NFTs are all the rage in the digital economy and are hugely popular with Millennials By investing in NFTs and NFT games, you can tap into the interest of a tech-savvy consumer demographic. They can be used to increase brand awareness and can be used to drive new interest and adoption.

Generate additional income: When an NFT game token is transacted, the creators, depending on the demand for the particular NFT game or in-game NFT, can be an additional way to earn money.

Exclusivity of property: NFT games give their owners the ability to have full control over their assets. This is attractive because it allows players to earn cryptocurrencies if they sell the NFTs. Additionally, physical ownership gives more incentives to play on a blockchain-based game and can be a regular source of income.

Little or no maintenance required: NFT games only require an initial investment needed to develop and mint them. This provides creators with a one-time expense and the opportunity to receive royalties and more for eventual perpetuity.

Buy and sell NFT games

The benefits of buying and selling NFT games are enormous as many have started to carve out a niche in the market and have started reaping the benefits. You too, by learning how to create an NFT and developing strategies for making money with NFT, you can support your business model. Some of the benefits of NFT trading include:

Scarcity: Since only limited quantities of NFTs are available in the market, their scarcity can potentially create relatively high market value as long as the demand for NFTs continues to grow.

Simple Money Earning Opportunity: NFTs are highly collectible, providing a unique niche market for creators and collectors offering money-making opportunities.

Usefulness of the offer: Some types of NFTs provide utilities, such as game items (avatars, weapons, trinkets) and even virtual real estate.

Pioneering new ways of engagement: NFTs are currently all the rage in the digital economy. As an early adopter of NFTs, you put your business ahead of the competition.

Best NFT Game Markets

There are several popular and promising NFT game marketplaces and game companies that allow you to create your NFT game digital assets, trade and trade them, here are some of them:

game launcher

Gamestarter – IGO helps support indie games by offering a set of tools to seamlessly manage your game’s integration with NFT game blockchains. It comes with out-of-the-box audited BSC/ETH token contracts, an easy-to-setup NFT market for your game, and more.

AirNFT

AirNFTs provide a simple user experience and one-click typing process for artists and creators. It also offers users the opportunity to generate additional revenue from secondary sales royalties. Apart from NFT games, it is a holistic NFT marketplace that includes artwork, photos, and more.

OpenSea

OpenSea is an NFT marketplace designed for Ethereum. This market allows developers to create games and applications without having to learn specialized programming languages, charge no gas fees, or manage a single large blockchain protocol.

Seascape

Seascape’s platform offers developers the ability to create their own blockchain with its own set of rules. Its user-facing game store is designed with decentralized finance (DeFi) and NFTs in mind while incentivizing both play time and game development.

Strong

Forte is an end-to-end blockchain platform for gaming that is secure, easy to use, and fully compliant. The platform helps game publishers and developers establish regulated user accounts that allow players to hold stored value, buy and trade digital assets, or transfer funds.

Best NFT Games

Some of the most popular NFT games that have attracted large audiences today include:

Infinity Ax

Axie Infinity developed by Sky Mavis game company has similar gameplay to the popular Pokemon game series and comes with its blockchain twist. This Ethereum-based game helps players breed and collect NFT-based digital pets called Axies for the primary purpose of battling other players. Each Axie has unique strengths and weaknesses based on their genes and has billions of possible genetic combinations. In order for players to start playing the game, they will need to purchase three Axies.

Alien Worlds

AlienWorlds – Play and Win | Seek your fortune is a metaverse-based economic simulation competition and collaboration between players to explore other planets. Developed by game publisher Dacoco, where players can acquire NFTs, engage in battles, and complete in-game quests.

raging gods

Gods Unchained is a free-to-play game designed that merges elements of NFT into a card-trading game genre. Here, players collect cards by buying them from other players or competing with other players to earn quality cards. The game operates on a ranking system where players with the same ratings are matched up.

Exploded Earths

Splinterlands is another free trading card game that allows users to earn by playing. Here the payouts are based on rewards when winning card matches. To start playing Splinterlands, players will first need to purchase a starter map pack, create a Steem account, and reveal purchased maps from Splinterlands.

NFT games vs. NFT art

NFT games offer more features where users can decide whether to buy an NFT game to play or buy an in-game item to use in their favorite game. While NFT art which is electronic arts is mostly traded for personal collections and speculation.

What are in-game items?

In-game items could be in the realm of virtual avatar video game skins, weapons, and even armor. Players can accumulate multiple items throughout their play experience with a particular game and resell them for a profit.

How do NFT games make money?

You can earn money by creating and selling NFT games; earn money by playing it; or by trading in-game items. To learn more, please read our article on how to sell an NFT.

Image: Depositphotos


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