How NFTs Change the Game
Fantastic Axie Infinity, Splinterlands, Sandbox, Blankos Block Party, CryptoKitties Beasts and Where to Find Them. Bet you’ve heard about at least one of these hyped-up titles in the context of gaming or cryptocurrencies. But what’s the buzz? Is gaming meeting NFTs a big deal? Let’s dig this up!
Noft Games is here to answer all of your blockchain games-related questions in one post:
➡️ What is GameFi?
➡️ What is the point of GameFi?
➡️ What is the difference between GameFi compared to traditional games?
➡️ How to play crypto-earning games?
Play-to-Earn Phenomenon in Gaming
As we approach the end of 2022, the global video gaming sector worth reached $220 billion, way more than the silver screen and music industry generate combined. So what do NFT and blockchain games have to offer to an industry that immense?
What are NFT games?
NFT games go under many definitions: Web3 and blockchain gaming, P2E, or simply crypto games. All these revolve around a simple concept — earn crypto playing games. GameFi ( “gamefy” or “gamefish” in auto-correct language😀) would be a perfect concise definition combining all the above.
What GameFi does is it marries gaming with finance. Let’s see how GameFi works to make it possible.
Traditional Games vs DeFi
Crypto games are built on blockchain, meaning they bring all the merits of blockchain technology to traditional gaming.
Computer games such as Elden Ring, Half-Life, and League of Legends are all developed and controlled by video game publishers. Gaming codes are kept on centralized servers, meaning access can be restricted at these companies’ sole discretion.
Blockchain gaming is shifting the power from game development companies to the gamer community. NFT games are powered by smart contracts – codes that exist on the blockchain – and run by DAOs, decentralized autonomous organizations. It means gamers have a say in development decisions, while blockchain provides safe storage and anonymous logging into the game with only a cryptocurrency wallet.
2️⃣ Play to Earn crypto vs Pay to Play
Traditional games are all about fun and entertainment. Sometimes we have to purchase them and pay money on fancy skins, inventory, and level-ups without having a chance to see the revenue or cash out (except for decidedly illegal black markets).
NFT games don’t solely focus on delivering enjoyable gaming experiences but allow making money thanks to the play-to-earn (p2e) model. Since crypto games run on the blockchain, they give players access to blockchain-based operations such as withdrawing rewards and exchanging them for fiat, paying for in-game assets with crypto, as well as trading with other players.
3️⃣ Asset ownership
The most groundbreaking p2e gaming advantage is it gives control over all in-game inventory to a gamer. Tools, power-ups, armor, and all the things used in the game are tokenized and stored in your cryptocurrency wallet.
Each asset being an NFT makes it easily provable that you are the legitimate owner. That makes them tradable, transferable, and available across different chains and even games.
For example, Noft Games’ cute alien creatures entering battles and earning BNB for you are also collectibles and tradeable at the local marketplace or OpenSea. Same with all the weapons and armor to be added. Likewise, one of the top crypto games Decentraland sells lands in their metaverse in the form of NFTs.
By contrast, items in traditional gaming have no IRL value nor can be used anywhere besides that particular game.
4️⃣ the Metaverse
Ultimately, NFT games create their own metaverse, including:
👉 gaming coins — native gaming tokens that are used to pay entry fees, exchange items, reinvested in the game or cashed out for real money;
👉 their own economy powered by the game crypto coin
👉 NFTs valued beyond the game
👉 in-game marketplace for blockchain operations without leaving the game
👉 the game itself to have fun and earn while playing
How do I get started with GameFi Games?
All you need is to set up a crypto wallet, connect it to the game, and actually play. You can start exploring the Noft Games Metavere by connecting a MetaMask or any other wallet.
Some gaming projects demand you have their NFT to access the gameplay. For instance, Axie Infinity metaverse is open for at least three Axie owners. With Noft Games, you can kick off without having a Noft and start earning our in-game cash right away.
Is play-to-earn gaming legit?
Blockchain game development is about taking control of the gaming experience. Potential for profit is pretty much exciting but comes second. I truly enjoy playing my favorite Solitaire (oh yes, so much relaxing) and seamlessly earn crypto.
The Web3 gaming sector hasn’t been able to thrive yet because of the development time required to make them as successful as our beloved video games. Predictably, they will become more popular once they see more development time.
The advantages of playing NFT games are worth making your due diligence and Do Your Own Research (DYOR) to explore gems.
Follow the Noft Games blog to learn more about P2E gaming and explore the metaverse with us! GG WP🙋