Gaming is becoming a great way to earn free cryptocurrency in the Blockchain industry. The popularity of gaming platforms has led to the popularity of NFT gaming play-to-earn.
NFT gaming is the future of gaming in the Blockchain industry as most NFT gaming play-to-earn platforms use it to reward gamers.
What are NFTs?
Before diving into the future of non-fungible tokens, it is good to give you an overview of non-fungible tokens. The word Non-fungible simply means unique or better put non-replaceable.
Still, confused about what NFTs are?
I’ll use an example of a Crypto coin like Bitcoin. If you borrow $1000 worth of Bitcoin from your friend you can decide to pay back the $1000 two times in a token of $500, the value remains the same. This is what is referred to as fungibility.
However, when it comes to art items like the painting of Michelangelo or the artwork of Da Vinci, cannot be replaced with that of Picasso because it’s a unique works of art and non-fungible.
Why are NFTs Gaming Platforms Becoming Popular?
The popularity and the increase in the adoption of cryptocurrency are due to the adoption of the NFT gaming platform.
A lot of technological games have reigned supreme in the technology space, however, the increased popularity of NFT gaming platforms is a result of the increased demand for NFTs in the blockchain industry.
As the metaverse is expected to be the next big thing in the Blockchain industry, a fact that alludes to this is the rebranding of the Facebook brand to Meta in a statement released by the CEO, Mark Zuckerberg.
NFT is one of the driving forces in the adoption of Metaverse, this has led to the adoption of NFT in the gaming industry.
NFT gaming platforms
If you are a gamer and love to put your hat in NFT gaming investment, I’ll intimate you with the popular NFT gaming platforms where NFT gaming coins can be used to earn for free.
Coinfantasy is a prize-pool-based fantasy game where users can win prize money for predicting outcomes of their chosen set of coins that they believe would result in maximum points at the end of each game inside their respective pools.
Coinfantasy is free to play, however, to participate in the game you must go through the following steps:
Join a contest: To become a gamer and earn free tokens on the Coinfantasy platform, you must join a contest that interests you just like traditional gaming platforms.
Select Crypto Tokens: Select crypto tokens for whom you think the price will rise in the future and profitable investment.
Win Real Money: As a gamer on the platform you stand a chance to win amazing prizes if you win contests. Gamers on the Coinfantasy platform can have access to NFT gaming cards by playing more games.
One of the pioneer NFT gaming play-to-earn Platforms in the blockchain ecosystem that is based on the metaverse. On the Axie platform as a gamer, you can either sell, mutate or sell your axies. The reward you earn as a gamer on Axie Infinity is an NFT.
Axie Infinity is one of the few NFT gaming crypto platforms that has its marketplace. Gamers on the Axie Infinity NFT gaming platform don’t need to make use of a third-party marketplace before trading their NFT.
Decentraland is one of the giant NFT gaming crypto platforms that are presently used by gamers in the gaming industry to earn NFT gaming tokens.
Decentraland is an open-world game where gamers have a variety of communities to join. Gamers on Decentraland can create their scenes, arts, and even challenges for the future.
Decentraland is a free-to-play platform that also allows gamers to earn free crypto coins while having fun.
Is NFT Gaming investment Profitable?
An analytic platform DappRader, NFT gaming investment soared in the third quarter of 2021, which is an increase of about 704% from what was obtained in the second quarter of 2021.
One of the reasons for this is the increase in the popularity of NFT investment is the increase in NFTs gaming play-to-earn platforms worldwide.
DappRader reported that the play-to-earn game generated $2.3 billion of trading volume during the third quarter of 2021, which accounts for about 22% of the total NFT trade volume.
These statistics show the profitability of NFT gaming despite NFT gaming play-to-earn still in the infancy stage. NFT gaming is undoubtedly the future of gaming in the world and a worthy investment.
With an increase in the popularity of the metaverse token, NFT gaming investment is expected to increase rapidly. The statistics by DappRader and the increase in the demand for metaverse tokens have shown that NFT gaming investment is profitable.
Investors are using NFT games as a way to make money from the NFT wave presently hitting the Blockchain ecosystem.
The financial model incorporated by the NFT free-to-earn game serves as the game-changer as it gives investors the incentives of earning as they play. The increase in the adoption of NFT gaming has led to increased investment in NFT gaming.
What is the Importance of NFT in Gaming?
The importance of NFT in the gaming industry cannot be underemphasized as NFT play to earn games is making waves in the gaming industry. The year 2021, saw an increase in the demand for NFT play-to-earn games like Coinfantasy, Axie Infinity, and Decentraland which has led to an interesting use case for NFTs.
NFT games also referred to as crypto games or Blockchain games have made it possible to earn on Android or iOS devices. NFT in gaming offered a lot of advantages to gamers such as transfer of ownership, branding opportunities, and tokenization.
NFT is used in gaming in different ways, one of which is the tokenization of assets in the gaming industry, which allows gamers to make additional money via gaming. For example, most play-to-earn gaming platforms each have special characters that have unique values.
The uniqueness of NFT in the gaming industry is that unlike in traditional gaming, where the game developer is the only one that has the power to add new items, this is different for the NFT gaming platforms as gamers can input their character.
If the games cease to exist gamers still have access to their character unlike the traditional gaming model that ceases and every benefit is over once the game developer decided to do away with the game.
How CoinFantasy is Building the Future of Non-fungible Tokens in Gaming?
The future of the Play-to-earn game depends on the number of solid projects that stem from it, for an industry that is still in its infancy stage it is normal for there to be a lot of skeptics and also projects that are around for rug-pulling.
One of the solid projects shaping the future of gaming in the world is CoinFantasy, you can read about the amazing work they are doing here.
So far, we’ve only seen a bit of what NFTs can achieve in gaming. The Metaverse will be the infrastructure to greatly maximize NFTs. Hence, it’s important to start learning about the industry now. Not understanding how to maximize NFTs in the future can make you leave cash on the table.
Frequently Asked Questions (FAQ)
The advent of blockchain in gaming has made it possible for gamers to earn on NFT play-to-earn platforms while having fun. An example of this platform is CoinFantasy. However, not only can you earn from actively playing these games, you can also stake in them for RoI.
You can earn money playing NFTs games on Play-to-earn platforms. You can monetize your gaming skills by participating in Play-to-earn games and exchanging the NFTs won for money. In crypto games, when you collect items, you can sell them to other players on exchange platforms.
NFTs are non-fungible tokens, they are digital valuables, mostly works of art, and not coins like Bitcoin, Ethereum, and Solana. However, we have NFT coins like Axie Infinity, Decentraland, CoinFantasy, Theta network, Flow, etc. These are mostly gaming platforms with their respective tokens.
Every crypto gaming platform is somewhat of an NFT platform. The characters, in-game utilities, etc. are all NFTs, which you can subsequently trade on exchange platforms. If you are interested in the NFTs play-to-earn gaming craze, Coinfantasy is the best play-to-earn NFT platform to kick start your NFT gaming Career.
According to economics, for there to be a supply a demand for the product must be available. The increase in the demand for NFT all over the blockchain ecosystem has increased the value of NFT and also shows there is a market for NFT sales.