Blockchain and NFTs are changing the rules of games and revolutionizing the world of video games. The goal? To bring the uniqueness of tokens to every corner of the digital world. Let’s find out more in this guide on NFT Gaming tokens.
In the last period you will have heard more and more frequently about the application of NFT gaming so dedicated to the world of video games and, in particular, in the Play To Earn sector.
Today I’m here to introduce you to this new world and I’m going to start telling you about two very interesting projects that I’m working on personally and I’m going to devote an article to each of them, but before we find out about them I’m going to give you a general introduction about the link between the world of gaming and the world of crypto gaming NFTs.
Here are the topics we will look at together:
NFT gaming: Play to Earn
Is it really possible to earn money by playing? Sure, let’s find out how together!
First, let’s start with the meaning of Play To Earn. By this term I am referring to the ability to obtain game assets that you can resell and thus monetize.
Since the days of World of Warcraft in 2004, in-game forms of transaction for buying and selling digital items already existed in virtual worlds. Today, with the use of blockchain and NFTs for games, the logic remains the same: someone pays for an asset and someone else makes money from it. The only difference is that, this time, it is the protagonist of the game who gains: YOU.
The NFTs of blockchain-based video games are actually in-game assets, present in the game as digital objects: a hat, a dress, a weapon, a piece of land, a building…Their main function is to create scarcity, transfer ownership of virtual objects and allow players to resell those assets and then make a profit.
Within the game, every transaction made benefits everyone. In fact, a percentage of the transaction is retained to be distributed as rewards to other players, those who have the cryptos in staking, and the developers.
For example, in some games, if an NFT is sold for 100, 97 are given to the person who sold it and the remainder is distributed in equal amounts among the people who play and win, the developers, and the people who have the cryptos in staking.
Each NFT token has particular metadata, or characteristics, that make it unique and useful; the more essential its usefulness, the more its monetary value increases.
Remember when you traded 3 Pokemon cards for a rare card?
Here, the basic concept is the same. The stronger an NFT token is, thus the rarer it is, the more profitable it can be to the player.
To start playing the game, you usually need to buy one or more NFTs either from the primary market, i.e., from the people who created the game or from the secondary market and then from people who have possession of the necessary NFTs and want to sell them.
In other games, however, there is the option of playing for free and then deciding whether to invest to enter the Play To Earn economy, receiving equal starting characters that cannot be resold because precisely they are in the possession of everyone who starts playing.
Do I have to play games to earn money?
No, within blockchain video games there are many methods to earn without playing and below I will reveal two of them to you through two game projects, Chicken Derby and Illuvium. I don’t know if these games will exist months or years from now, especially Chicken Derby, but I feel I am bringing you concepts that will be revolutionary for the world. So many projects will be born and most will fail, but I am convinced that NFTs will be an integral part of the Gaming world.
The important thing for a game of course will be to MAKE those who play it FUN because only fun games can move big money.
Chicken Derby: Run, collect and sell
One project I will tell you about in this article is Chicken Derby.
It is a video game on the Ethereum blockchain (layer 2, polygon), where to earn ETH crypto, you have to get chickens and race them against others (Yes! A chicken race).
Of course, there are several ways to earn in this game, for example: you can sell your chickens to other players and generate a profit or you can pair two of these tokens and create rarer and stronger offspring, or you can simply win races.
You know the first Charizard card?
In addition to being gorgeous, those who own this card are holding a collector’s item worth hundreds of thousands. This is to make you understand that you can make money just by buying, collecting, and later selling the NFTs of a game.
This probably won’t be the game that will rock and carry the flag of blockchain gaming high in the world, but as I said before it is important for me to make you understand the basic concept.
Each chicken has its own rarity based on the metadata it has like the one you see below.
It was chicken No. 7748, which I bought at 1.75 ETH (about $5,000 at the time) and, after a while, received an offer of 2.25 ETH (!!!), whose profit would have been about $1,500!
Of course, before the purchase there was the study of metadata. For example, this chicken has a perfection of 99/100, which means that it will most likely be stronger than others in racing and will be much easier to reproduce while maintaining its characteristics.
In addition to the generic traits that other chickens also have, this one possesses a ring (the nose ring) as an accessory. This trait can be a very important factor for collectors and players because only 1% of NFT chickens have it.
Illuvium, Fight for ETH: The game and staking
Illuvium is an RPG game, in which you have to travel between various lands and capture the creatures of this world: the Illuvials.
Even in anticipation of its release, I bought several NFTs, but in this article we will look specifically at staking and actions to earn money.
In most cases, projects in the gaming world have their own crypto that is used either with in-game utility (to make certain actions or buy NFTs) or for governance, i.e., allowing you to vote for the future of the project, while also being able to put your cryptos into staking, thus becoming a “partner in the game” and earning a percentage of the profits generated by the game economy itself (I have discussed this in several articles, starting HERE)
What are the transactions that allow me to earn money on Illuvium?
Ways to earn money by playing the game can be:
- selling game characters;
- Sale of the game lands;
- Buying and selling and Staking the ILV cryptocurrency.
Taking Illuvium as an example, however, in order to do certain actions, we have to make commissions such as:
- commission to capture NFT
- commission to enter a land
- commission to merge two or more characters
You may be wondering: Is it worth it to pay commissions, for example, to enter a new land? I discuss this in depth HERE!
If I’ve intrigued you with these concepts you can take a tour of my Blog to find more that might interest you!