Understanding the business NFT games
The market for non-fungible tokens was worth only $13.7 million in the first half of 2020; by the end of the year, it had increased to $2.5 billion in sales. Since Q4 2020, sales volume has increased by over 2,100 percent year over year, and the most current data from NonFungible.com suggests that there are twice as many buyers as sellers of play to earn NFT games in the first three months of 2021. That figure is likely to be far higher now that more active communities have joined the NFT market.
As collectibles, NFTs have soared in popularity, with enthusiasts acquiring and selling them for both fun and profit. Due to their cultural significance, NFTs have formed a market. There is now an active market in which speculators have streamlined the process of assessing value, making NFTs more tempting to investors. However, we never imagined NFTs would take off in the gaming industry, supporting gamers in making money by utilizing their expertise and time. The gaming industry is undergoing a transition, with all players having an equal opportunity to make money.
NFTs have handled concerns of provenance and duplication, and with the emergence of play-to-earn NFT games, they are now allowing customers to make money while enjoying their favorite play-to-earn NFT games. We’ll explain all you need to know about play-to-earn and lead you through the process of getting started in the fast-developing NFT sector in this article.
Which business concept allows you to make money while you play?
We’ve seen NFTs used as baubles, artwork, and other one-of-a-kind characters, but we’ve never seen a free-to-play game built on earning crypto tokens persist. The play-to-earn business model is straightforward: allow players to monetize their time and talent by earning crypto tokens that can be traded for their preferred currency. No user is allowed complete possession of an in-app item in conventional video play to earn NFT games, making it almost difficult to exchange it for anything of more worth. You can read about Tokenomics: Cryptocurrency valuation and the roles of tokens by visiting https://voxeu.org/article/cryptocurrency-valuation-and-roles-tokens
In the case of play-to-earn NFT games, players get unique NFTs that may be exchanged for tokens. The price of NFT tokens will grow as the quantity of blockchain-based transactions rises. As a consequence, players may now sell their tokens for a much higher price. In contrast to traditional video NFT games, play-to-earn NFT games are powered by smart contracts, which implies that developers do not have total control over in-app purchases.
This is a very different game economy, and not only because cryptocurrencies are engaged; it also generates more value for other players. If a player decides to leave a game, they may sell their tokens on the open marketplace to other players.
True, participants must pay to play. However, in-game digital items and collectibles will always have a monetary value. People waste their money on meaningless skins and goods that are impossible to resale in traditional video NFT games such as Fortnite or League of Legends. This is the point at which play-to-earn NFT games induce a paradigm shift and fundamentally disrupt the gaming landscape.
Why is it that the combination of NFTs and video NFT games is optimal?
Numerous reasons may be made for why pairing NFTs with video gaming to earn NFT games is optimal. The first would be a community-driven and player-owned economy. The decentralized nature of these NFT games boosts their attraction to all players, and when paired with the possibility of earning some extra cash, no one can say no.
Additionally, it has been shown that people collect goods for a variety of reasons and put a higher premium on unique and original products. Each participant or collector receives a set of unique, genuine, and easy-to-exchange digitally created tokens. Additionally, it contributes to the creation of online marketplaces with the aim of benefitting from a valuable commodity that was never accessible via traditional gaming platforms.
By giving players true ownership and control over their in-game purchases, NFTs profoundly transformed their in-game purchases. If this were a multiplayer game, your money would evaporate immediately upon becoming bored or switching to another game.
The most appealing part of NFTs being incorporated into video NFT games to gain points is that they can be sold for much more on secondary markets as players level up and obtain better gear. Another distinguishing aspect of NFT-based gaming projects is that players may sell the rights to any game they possess. This opens up new avenues for us since it offers digital mobility and the ability to sell in-game content. You can also read about The role of game genres and gamers’ communication networks in perceived learning.
The Future of Playing for the Purpose of Earning NFT games
One thing is certain: NFT games that need players to earn money will continue to exist. NFTs make their debut in a gaming sector that is still grappling with the concept of blockchain technology. While NFTs have established a firm foothold in the virtual goods trade business, significant obstacles remain. NFTs must increase their beauty and intuitiveness if they are to win universal adoption.
We look beyond the hoopla, but rather through the lens of technology. We are aware of the potential of Blockchain NFTs and how they have the ability to transform traditional gaming. While price volatility will likely continue in the short future, the primary use cases and technology will almost surely endure.
It’s incredible to see how the blockchain has allowed the development of a varied spectrum of earn-to-play NFT games and gameplays, as well as the potential for users to earn tokens. There is an air of expectancy about the space as it develops and new play-to-earn NFT games are added. Cryptocurrency earn-as-you-play NFT games are an amazing way to inject some joy into your cryptocurrency earning experience. Click here to read about 5 Essential Things You Should Know Before Playing Axie Infinity.
Play-to-earn NFT games seem to be forerunners of a larger trend in the workplace: the rising fusion of the physical and digital worlds. And so was born the legendary’metaverse’—a notion at the center of contemporary academic debates as well as the topic of reinvigorated commercial agendas, most notably that of Meta (formerly Facebook). Attracted by visual imagery from Neal Stephenson’s 1992 book ‘Snow Crash’ or films such as ‘Ready Player One,’ the bulk of metaverse debates center on technological intricacies, functional qualities, or end-user implementations in the form of high-fidelity 3D and extended reality headsets.