With a warm mug of cappuccino in one hand and my smartphone in the other, I was browsing social media and stumbled upon yet another news report mentioning NFTs. Just four months prior, the term "play-to-earn" was unheard of, but it has become familiar to the gaming industry today, surrounded by terms like NFT, blockchain, and cryptocurrency.
The news and social media are inundated with various updates and perspectives about NFTs. If you are not getting notifications about NFTs, blockchain, Cryptokitties, or Binance, please check your internet connection.
What is an NFT? What Makes it Special?
An NFT is a Non-Fungible Token. It is unique, and a good mundane example of it would be your thumbprint. It's unique, and no one else has it; it's essentially your identity, and no one can replace it. It’s non-fungible.
As opposed to NFTs, a dollar bill or Bitcoin, Ethereum, and other currencies are fungible. They can all be exchanged and converted to other forms.
What Form Do NFTs Take?
Considering the possibility of using NFTs to sell digital art, we can say that NFTs can be anything digital. An example would be an AI molded from a piece of music or art. So, they can exist as anything created digitally. Music and art are just two examples.
Here are two examples of NFTs as digital images:
Harambe: Sale of gorilla image five years after killing
Side-eying Chloe: Thousands of dollars were auctioned off after the young girl's image went viral
Top 4 Ways to Earn Money with NFT Gaming Platform Development
There's no denying the desire to earn money quickly, and we keep searching for shortcuts, and that's perfectly fine. And these days, you can "play free online games to earn money."
Today, play-to-earn crypto games are taking game enthusiasts to new heights. If you want to play free online games to earn money, don't miss reading about the top NFT games 2021 play-to-earn
Check out the top ways individuals and businesses are earning money during the current NFT gold rush.
1. Source of Income:
A new phrase with much hype in gaming is "play to earn crypto games." And, the biggest beneficiaries are said to be the players themselves. In the past, players had to purchase and upgrade their armory to win a particular game. But that gaming model didn’t generate an economic return for them.
Compared to conventional gaming models, today's gaming industry allows players to serve as a source of entertainment that gives them financial rewards. Players can either earn NFTs through trading or in-game rewards and cryptocurrencies.
2. NFTs Serve Passive Income:
This is an exciting development in crypto gamification that allows players to lock cryptocurrencies in smart contracts that generate rewards.
3. Play to Earn Guilds:
Play-to-earn games are exciting to play, and they allow players to get started. These games give players 100% ownership of the NFT assets. With the advent of NFTs, players can sell and trade their character's in-game assets in marketplaces. They can earn higher profits. For example, if their characters are unique and powerful, they can sell for higher amounts.
Moreover, cryptocurrency enthusiasts have also jumped on the play-to-earn bandwagon, leading to a spike in demand and liquidity on these platforms.
4. Interoperability of Games Assets:
Game interoperability can take the form of cross-platform interoperability or cross-application interoperability. Games that are cross-platform interoperable can be played on multiple platforms. For example, Fortnite can be played on Xbox, PlayStation, PC, etc.
In addition, games using blockchain platforms can be interoperable, especially if they share a common blockchain where assets can be traded on the market. Moreover, cross-application interoperability describes a game's ability to utilize transferred assets; in other words, it makes use of them in other games.
Find out more about how NFTs are taking over the gaming world
Ok, so we have discussed the hype of NFT hype; now what’s next?
"CryptoPunk NFTs are sweeping the globe" - Is there another tulip mania on its way?
Let's look at NFT valuation and how Cryptopunks fit into the NFT scenario.
We have seen cryptocurrencies grow in popularity for quite some time, and now NFTs are starting to gain traction. CryptoPunks’ phenomenon exemplifies 21stcentury tulip mania. Larva labs created CryptoPunks in 2017, a compilation of 10,000 algorithmically generated characters.
It’s interesting to note the NFT collectible CryptoPunks’ sales volume corresponding to its price up until recent weeks. So, isn't it the next ample Investment opportunity?
"Sales volume of NFT collectible CryptoPunks against its price up until October 26, 2021"
Unparallel NFT (Non-Fungible Token) Game Development Services
The endless possibilities with NFTs enable game developers to engage in passive income or revenue generation by providing unique characters incorporated into their games. Let's take a look at some examples:
Harness the power of NFT and blockchain technology by leveraging blockchain integration services that provide realistic gaming experiences and empower the gaming industry with better transparency and verifiability. NFT game development services like Cubix can put you ahead of the competition. We are an experienced team of tech-savvy people, and we welcome your ideas for the next big game.