You know the crypto market has been down for a while, and it is slowly showing the process of bouncing back. Although, there were talks that the market would never come up and bot coin would crash as well. Though that is not going to happen today or tomorrow, and even with every knowledge on the market, it is impossible to predict this unpredictable crypto market. On the one hand, the Ethereum merge has been successfully completed stating that it is not an end but the beginning of the next era of blockchain. On the other hand, there are reports that people are losing interest in cryptocurrencies and NFTs. With all these being said, are NFT games still in trend?
We might have come across the news that lots of people in the eastern countries left their daily jobs for NFT games as they are paying them well. Were they affected during the crypto crash? How are these NFT games doing, and how is the future of these NFT games today? Here is a blog to tell you everything in this regard.
Play to earn NFT games
Play-to-earn NFT games are games that take up blockchain as an inventory to store digital in-game items in the gaming platform. These items are in the form of NFTs, and thus they provide tradeable ownership to the items. On the other hand, since these NFTs are in blockchain, they offer transparency and decentralization as well.
With that being the difference, there are no other changes that are there present when compared with a traditional video game. In addition to that, for every task and every score, the gamer gets rewarded with cryptocurrencies. How do these games help gamers to earn money? And how did this make people leave their jobs?
Earning in P2E games
A few years ago, if someone claimed to make money from games, they had to be a game developer, a game tester, or the owner of a gaming company. However, anyone may now make money playing games. People do not obtain a passive income for their gaming prowess from playing online games purely on luck.
With the blockchain’s Play to Earn NFT games, that is already taking place.
NFT games can now be used in a variety of ways to generate passive revenue.
- For every task you complete, every level you finish, every game you win, and every battle you win in play to gain games, you receive points that can be exchanged for rewards or earnings or even NFTs.
- These rewards will typically take the form of a cryptocurrency that can be converted into fiat money using sites for cryptocurrency exchanges.
- The NFTs received can also be exchanged in the NFT gaming marketplace for money.
- There are further ways to make money, such as by using the NFT gaming marketplace to recoup your purchase costs by selling your NFTs or in-game goods.
- With those NFTs, you can play games and level them up, which can provide you with a fresh gaming experience.
- Additionally, these NFTs have the potential to sell for a higher price than the purchase price, which would result in a profit.
- The in-game token can also be purchased via the exchange and then sold when its value rises.
You can get into these NFT games only after careful market and gaming platform research and analysis, but they are not based on chance.
A trend in question?
This question might be the one that new gamers need to answer for. If you as if the existing NFT games are still in trend, then the answer is both yes and no. only a few games like Axie infinity are getting attention now. Although the ronin bridge hack was a big backlash for the game, the gamers believe the game to get better soon. There are also other games that are getting negative reviews from gamers as well.
It is to be mentioned that the NFT gaming Industry has received unbelievingly whopping millions of dollars in the first 2 quarters of 2022, which is greater when compared with the whole of 2021. This is proof that there are new games coming along with the metaverse, and it will be the trend of the future gaming industry.
Since these blockchain-based games are still in their infancy, it is better to give time for the industry to get acquainted with the evolving technology. With Metaverse technology rising as the future of gaming, the new trend is in line to take up the position anytime from now.