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Blockchain gaming: Can NFT games help you earn money?

Blockchain gaming: Can NFT games help you earn money?

Blockchain gaming: Can NFT games help you earn money?

Mon Dec 27 2021 03:00:00 GMT+0000 (Coordinated Universal Time)

Online gaming is currently the world’s biggest form of entertainment that has monumentally towered over the likes of film, music, and traditional sports. This is an exciting time for players, fans, and esports bettors as there is always new to discover throughout its phenomenal growth. People all around the world are also thrilled by how blockchain technology and NFTs (non-fungible tokens) are transforming the global gaming scene.

Blockchain gaming: A key element in the metaverse

Metaverse is among the digital world’s coolest, most fascinating and lucrative concepts. From its portmanteau of ‘meta’ and ‘universe’, it is a virtual world that combines several technological aspects to allow you to work, shop, socialise and, in this case, play games. 

Often, metaverses are powered by a public ledger called blockchain, which is the same technology that enables the existence of digital currencies, and now, NFTs. Altogether, games developed in it and use of the said tokens fall under blockchain gaming — a world governed by smart contracts. These are self-executing transaction protocols between all participants in the blockchain, allowing members to enjoy the benefit of NFT games earn money. 

How is blockchain gaming possible?

Traditional video games are created and stored in a closed-loop control system, which mechanically controls a process without human input or intervention. Meaning, no one outside the centrally managed server can access or modify their programme. 

On the other hand, since blockchain is decentralised, its games are not owned and managed by a central authority. Instead, they allow members to save and transact their activities, as well as examine and reuse their assets using smart contracts. This is how players make money. Not only do they get rewarded with NFTs by playing, but they also efficiently and securely sell and trade them with other players in larger amounts, and here’s why. 

What are NFTs and how can you make money out of them?

NFTs are digital assets that can be in the form of collectible, artwork or anything valuable. While both are programmed and stored on a blockchain, NFTs are unique cryptographic assets that represent both tangible and intangible items. In the realm of gaming, it can be in-game assets (e.g. skin, bow, staff, etc), prizes, and digital collectables of game developers and esports organisations to engage with and attract more fans.

In other words, NFTs’ worth comes from their distinct authenticity that can’t be easily duplicated, giving the buyer the right to own the creator’s original output.

Albeit being a relatively new concept in online gaming, the market for NFTs is already twice as big as the esports industry. Starting at over $250 million recently, it quickly jumped to $2 billion in the first quarter of 2021 due to the multiple companies and investors jumping in the trend. 

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Top 4 NFT games and tokens based on market cap

Industry experts may be certain that NFT games are the future of online gaming, but which among the available tokens in the market are worthy of investment? Based on market cap and coin value as of December 2021, listed below are the top four.

1. Axie Infinity (AXS)

  • Coin value → $107.23
  • Market cap → $6,541,215,490

NFT games follow the pay-to-play-to-earn model, and the most popular and successful title today is Axie Infinity. Initially released in March 2018 by Vietnamese studio Sky Mavis, it is a Pokemon-style play-to-earn game using Ethereum-based tokens called Axie Infinity Shards (AXS) and Smooth Love Potion (SLP).

2. The Sandbox (SAND)

  • Coin value → $6.25 
  • Market cap → $5,747,280,454

The Sandbox, whose native coin is SAND, is highly sought after by players because it takes creativity to a whole new and lucrative level. Developed by gaming studio Pixowl, it is a massive metaverse that lets members play, build, own, and monetise their virtual worlds. Using tools like water, lava, sand, and glass, they can create various structures in order to accomplish a specific goal or mission.

3. Decentraland (MANA)

  • Coin value → $3.78
  • Market cap → $6,861,045,501

While Axie Infinity is today’s leading NFT game, Decentraland is the biggest virtual environment in the world of NFTs. It is a 3D virtual reality platform represented by two major ERC-71 tokens called LAND and MANA. As it contains 90,601 parcels of land, each piece of LAND is unique and gives owners complete control of whatever they want to do with it. 

MANA, on the other hand, can be used to buy LAND. The catch with it is that its overall supply is fixed at 2.6 billion, and Decentraland will never exceed the maximum at any time. 

4. Enjin Coin (ENJ)

  • Coin value → $2.91
  • Market cap → $2,454,398,008

Unlike other NFT games mentioned above, Enjin is a blockchain tech company that enables users to create and manage NFTs, hence their catchphrase ‘NFTs for Everyone’. It uses an Ethereum-based token called Enjin Coin (ENJ), intending to simplify the use of NFTs as seamlessly as possible for individuals, brands, and companies.

The bright future of blockchain gaming in the metaverse

Online gaming has come a long, long way since its humble beginnings. Initially started with heavy arcade machines located in amusement establishments, it has superbly evolved into emotionally-charged and high-tech advanced entertainment that demands precision and preparation.

Juggernauts like Dota 2, LoL, and Valorant may dominate online gaming today and in the subsequent years, but one can’t conceal the inevitable popularity and benefit of NFT games earn money. Beyond gameplay and features, their inherent uniqueness and ever-growing value are major reasons why both gamers and esports bettors are willing enough to spend millions of dollars on them.

One way or another, NFTs and digital currencies will be the ideal medium of exchange to invest in the metaverse. Just like how you play games and place bets using crypto at Bitcasino, you already know you are one step closer to the future landscape of the digital world.

Words by: Antoinette Laraze

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Blockchain gaming: Can NFT games help you earn money?