As more blockchain apps and NFT markets have appeared this year, NFT games have grown in popularity. As traders hunt for new ways to earn money, digital currencies that are specific to new NFT games are moving up the ranks of the top cryptocurrencies. Despite the fact that the “play to earn or the NFT conversation is still very, very early,” video game maker Electronic Arts (EA) said during its Q2 2022 earnings conference call on November 3 that collected NFTs would be “an significant component of the future of our business.”
What are NFT games exactly, and why do they have such a cult following? The most popular non-fungible token (NFT) games are which ones?
If you’re interested in learning more about the importance of NFT games, we’ve put together a thorough list of everything you should know.
NFT games: What are they exactly?
NFTs are being hailed as having the ability to advance one sector, gaming. They let content creators to monetise their work, while gamers who participate may profit from it.
Blockchain ledgers are used by NFTs to verify special digital items. The operation of NFT games depends on this.
The characters, avatars, and things that players may own and exchange with other players in video games are made using NFTs. The value of an object is influenced by its usage and scarcity. Smart contracts have been used by the developers to specify how NFTs function in the game. In a blockchain, contracts are kept. Items may also be exchanged, much like actual things. The blockchain keeps records of every transaction.
In 2017, CryptoKitties, one of the first games to feature NFT characters, made its debut on the Ethereum network. Users may acquire, breed, and sell virtual cats on CryptoKitties. Each cat is a distinct NFT. Their characteristics and distinctiveness, which are defined through smart contracts, determine their trading market worth.
After being distributed in a limited number via games like CryptoKitties, NFTs are only accessible on secondary markets. To use in other games, players may develop their own NFT game objects.
The metaverse nature of certain NFT-earning games allows users to get incentives for engaging and improving their abilities. Players get cryptocurrency tokens that may be used to purchase NFTs as payment for their efforts.
To get money, gamers may sell their in-game items on secondary marketplaces, rent them out to other players, or just quit the platform. Due to investors aiming for big returns becoming interested in lesser-known cryptocurrencies, tokens from games like Axie Infinity have seen a spike in value on cryptocurrency exchanges.
The potential for financial gain is one factor that affects the success of NFT play-to-earn games. On exchanges, players may convert their tokens into fiat money. For those who earn money playing NFT games in developing nations, this might be a source of income.
Which NFT games are the most popular ones?
NFT games started on the Ethereum blockchain and have now migrated to other chains, with some of them even operating on several chains. Numerous games are among the most popular NFT applications, which have swiftly risen to the top of the list.
According to statistics from DappRadar as of November 23, 2021, these are the top five NFT games by user count.
On the Hive blockchain, a card-based strategy game called Splinterlands was developed in 2018. With almost 300,000 players, it is the NFT game that is most played.
Players in Splinterland gather cards that show numerous creatures with different traits and abilities, which they then use in combat with other players. Open Sea, PeakMonsters, and Monster Market are just a few of the online merchants who take the cards.
The game’s SPS governance token, which will be issued over a 65-month period, became accessible in July. In July, Splinterlands secured funding from a second round of private equity.
The Trilium token is used by players in the metaverse Alien Worlds to take part in missions, vote in elections, and run for seats on planetary council. December 2020 marked the release date. The WAX, BSC, and Ethereum blockchains are used in the game.
On the BSC blockchain, a new Alien Worlds Missions game was released in October. Players fight for a piece of a reward pool of Trilium tokens while missions provide NFTs. The NFTs are necessary for the game to operate. Community game developers may also design games using information from missions or NFT game cards. At debut, eight distinct NFT game cards were offered.
CryptoMines is a science fiction video game that was released in September 2021. On the BSC blockchain, it has become the most popular game.
Players build employees and spaceships in order to journey across space in pursuit of ETERNAL, a mineral that enables them to mint spacecraft, prolong the lives of their characters, and earn money from the game.
The workers and spaceships are constructed of ERC-721 NFTs, which may be traded on exchanges or used in peer-to-peer transactions with other participants.
ETERNAL tokens may be staked in liquidity pools in order to gain additional tokens and raise the value of one’s holdings.
One of the most popular NFT video games is Axie Infinity. With a little under $8 billion in market value as of November 23, 2021, the native AXS coin is the 25th biggest cryptocurrency.
In the related metaverse known as Axie Infinity, users may buy, raise, and fight NFT creatures known as Axies.
Axie Infinity requires new players to pay ether to purchase at least three Axies from the market, unlike a free NFT game. Since the price of Axies has escalated, gamers have developed an unofficial “scholarship” system in which “managers” rent out their Axies to “scholars,” who then use them to play and divide any winnings.
Smooth love potion (SLP) tokens, which may be traded, are available for players to gain. AXS, the metaverse’s governance token, is used to build axes.
In June 2021, the agricultural simulation game Farmers World was released on the WAX blockchain. Players may choose out equipment and purchase land in order to construct farms and harvest crops.
Players may use their agricultural activities to mine native tokens from the game and mint NFT products. Farmers may use their GOLD tokens to buy their own NFTs to defend their properties from wild creatures. Membership cards were introduced to the game in August, offering players additional chances to earn prizes.
Tools may be bought on AtomicHub by new players, or they can make their own via the game’s crafting system. Farmers World Wood (FWW), Farmers World Food (FWF), and Farmers World Gold (FWG) are the three major resources, and each has a specific token (FWG), which participants may buy and sell on decentralized exchanges.
This material is not intended to be investment or financial advice. Always do your own research before investing in any cryptocurrency, NFT, or other financial instrument. Remember that your choice should be based on your risk tolerance, market knowledge, portfolio diversification, and degree of comfort with losing money. Never put more money at danger than you can afford to lose. Additionally, remember that previous success does not ensure future success.