NFTs have revolutionized digital technology, especially in the gaming industry. NFT games (also known as play-to-earn or P2E games) allow players to earn real value by playing. This article will discuss NFT games, the concept of NFT, its benefits, and some popular examples of games that are shaping gaming’s future.
What is NFT?
Non-fungible tokens (NFTs) are unique digital assets that represent ownership or authenticity of an item or piece of content using blockchain technology. NFTs, unlike cryptocurrencies like Bitcoin or Ethereum which can be traded one-to-one, are unique and indivisible, with their value and attributes. The NFTs can be used in multiple scenarios. For example, they could serve as digital assets for a video game, collectible crypto-art, or real-world objects like real estate.
Key Characteristics of NFTs
- Uniqueness: each NFT has unique information or metadata that distinguishes it from any other NFT. This uniqueness is what makes each token “non-fungible.”
- Ownership and Proof of Authenticity: NFTs are stored on a blockchain, which is a decentralized digital ledger. This provides verifiable proof of ownership and authenticity, ensuring that the asset is genuine and its ownership history is transparent.
- Indivisibility: NFTs cannot be divided into smaller units. They are whole units that can be bought, sold, or traded in their entirety.
- Interoperability: NFTs can be used across different platforms and applications. For example, an NFT representing a digital art piece can be displayed on various virtual galleries or traded on different marketplaces.
Common Uses of NFTs
- Digital art
- Collectibles
- Gaming
- Virtual real estate
- Music and entertainment
- Domain names
Related article: Best NFT Games in 2021
What Are NFT Games?
NFT games, also known as non-fungible tokens (NFTs), are a digital type of game that integrates these tokens into its gameplay and economic system. Thanks to blockchain technology, these games enable players to trade and earn unique digital items that have real value. NFT games are different from traditional games, where the developer controls in-game currencies and items. NFTs have created an exciting new trend in the blockchain and crypto space. Early-stage NFTs led to the development of NFT gaming and play-to-earn games. Game-fi is a new area that combines finance and gaming to provide opportunities for earning income through playing games.
With NFTs, there are multiple ways to earn. The traditional model of earning money through gaming involves finding, breeding, or winning rare collectibles. However, the players have the option to try out other models. Play-to-earn is one of the prototypes that has gained a lot of popularity.
Key Features of NFT Games
- True Ownership: Players have full ownership of in-game items, characters, and assets, which are represented as NFTs on the blockchain. This means players can buy, sell, and trade these items independently of the game.
- Play-to-Earn Model: NFT games often incorporate a play-to-earn model, where players can earn cryptocurrency or NFTs by completing tasks, winning battles, or achieving milestones within the game.
- Interoperability: Many NFT assets can be used across different games and platforms, enhancing their utility and value.
- Scarcity and Provenance: The blockchain ensures that NFTs are unique and scarce, and their ownership and transaction history are transparent and verifiable.
Benefits of NFT Games
- Economic Opportunities: Players can earn real-world money by playing the game and trading NFTs, creating new economic opportunities and incentivizing gameplay.
- Enhanced Gaming Experience: The ability to own and trade unique items can make the gaming experience more engaging and rewarding.
- Community Building: NFT games often foster strong communities as players collaborate, trade, and compete within the game’s ecosystem.
- Investment Potential: Rare and desirable NFTs can appreciate in value over time, offering investment opportunities for players and collectors.
Earn NFT by playing games
The users can earn money by playing the NFTs that allow them to play. As players play longer, they will receive more tokens as well as NFTs. Tokens can either be used in the game or sold at exchanges. This model allows users to earn NFTs and tokens in a consistent manner.
Axie Infinity is one of the most popular NFT play-to-earn games. Users must either purchase 3 “Axies” (the Pokémon-like pets of the game) as an initial investment or receive a scholarship to begin playing.
Prices for Axies vary and can reach as high as $200 USD. After a user has found a starter group and completed the challenges and tasks, they will earn Smooth Love Potion (SLP), an ERC-20 token that can be exchanged on exchanges.
What is an NFT in-game?
NFTs in-game are another source of income for NFT games. Users can earn collectible NFTs in-game, as opposed to fungible tokens like Axie’s SLP.
These collectibles have varying values depending on whether they are cosmetic, rare, or useful within the game. CryptoKitties is an example of a NFT in the game. The collectability of NFTs in the game is their sole basis. In the latest NFTs, both in-game NFTs and play-to-earn models are available.
Popular NFT Games
The majority of NFT games are built on Binance Smart Chain and Ethereum. Some games are based on traditional video games, but most focus on NFTs. Other NFT-based games are emerging.
1. Sorare
Sorare consists of a football fantasy game where you can trade and collect real-life soccer players.
The user can build a five-player soccer team by purchasing or using tokenized cards. Every time a player wins, scores a goal or completes an event, they can level up and earn more points.
2. Gods Unchained
The Gods Unchained, an NFT trading game built using Ethereum, is very similar to both “Magic: The Gathering”, and “Hearthstone”. The players build their decks based on the strengths and powers they have to battle other players. The more the player wins, the more items they earn to sell or use.
Flux can be earned by playing some ranked games such as Gods Unchained. You can use Flux to create powerful NFT Cards. The players can sell them or buy new cards to continue the cycle.
3. Binance NFT collections
With the NFT Mystery Boxes and Collection Partnerships, the NFT Marketplaces at Binance provide an NFT gaming experience for users. Digital artists and NFT games are all possible. Each mystery box includes an NFT randomly selected from varying rarities and collections. The user can either open the mystery box and reveal the NFT or sell it before opening it. NFT Collections are made up of NFTs or Mystery Boxes centered on a particular theme. Game-fi Mystery Box Collections, which include:
Binance Play to Earn
- MOBOX collection: Built on BSC, this platform combines NFTs and DeFi yield farming. NFT mystery boxes include MOMO NFTs that have random hashing powers on the MOBOX Platform.
- My Neighbour Alice Collection My Neighbour Alice is a virtual building game. This game includes NFT cosmetics. Only cosmetic items are included in the Collection Mystery Boxes. They will be valued by users and sold on the secondary market.
Conclusion
The NFT game ecosystem is a collection of digital collectibles that have rules to allow players to interrelate. NFTs are valued by users for either their collectability or utility. Game-fi is a gaming industry that has changed the way NFTs are acquired and used. NFT games represent a significant innovation in the gaming industry, combining entertainment with economic opportunities. By leveraging blockchain technology, these games offer true ownership of digital assets, a play-to-earn model, and the potential for real-world financial rewards. As the technology and market dynamics continue to evolve, NFT games are likely to play an increasingly important role in the future of digital entertainment.
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