Your parents may have advised you to “stop playing that game and get a real job” when you were younger, but thanks to blockchain technology, you can now convince them that video games have matured.
Gamers can fully own their in-game assets, earn real-world rewards, and use blockchain marketplaces to buy and sell unique goods.
There are numerous ways to gain money with nonfungible tokens in play-to-earn games (NFTs). However, there is no assurance that you will earn money through blockchain gaming; how much you make will depend on the value of the in-game currency and NFTs, the time you have to grind, and the tactics you utilize.
What exactly is an NFT?
NFTs, or nonfungible tokens, are digital assets on a blockchain, a digital public record that allows all NFT transactions to be trace and validate. These cryptographic assets can represent art, music, in-game objects, and other things, and they include unique IDs and metadata that make them distinctive and provide proof of ownership. The majority of NFTs are purchase with cryptocurrencies. The original authors of anNFT game developmentcan receive royalties each time the NFT is sold via smart contracts.
10 methods to profit from NFT games
NFTs empower players in terms of how they use their in-game assets. There are numerous ways to profit in blockchain gaming, ranging from renting out NFT characters to staking tokens.
1. Obtaining in-game currency
Most blockchain games feature an in-game currency that can be trade for other cryptocurrencies or cash out for real money.
For example, smooth Love Potion, or SLP, is use in the cryptocurrency game Axie Infinity. It serves two purposes: in-game currency and an item used to breed characters. When you play Axie Infinity and win battles against Axies (axolotl-type monsters), you are award SLP, which can be switch or cash out. According to CoinMarketCap, SLP is worth $0.02632 at the time of writing.
Some games necessitate active participation, whereas others are passive. Players must engage in combat to make money in Axie Infinity, CryptoBlades, and Splinterlands. Other games, such as Bomb Crypto’s Treasure Hunt mode, require the user to begin the game mode in which the in-game characters perform all of the work to complete the level.
Create an account with a blockchain game and begin playing to earn in-game currency.
How much money can I make: It depends on the value of the in-game currency, how frequently you play, and, most importantly, how skill you are – though some games aren’t skill-based. Based on the abovemention parameters, new players in Axie Infinity can earn between 75 and 300 SLP per day. New players in Bomb Crypto can expect to make four to five BCOIN — the in-game currency — per run in Treasure Hunt mode.
2. Breeding
Breeding is another option to make passive revenue in blockchain games besides combat and exploring.
CryptoKitties, for example, is a breeding and collecting game. Players can mate a male and female NFT cat to produce new cats sold on NFT marketplaces. The new cat inherits characteristics from the parent cats, and its properties are determined by the parents and generation, influencing the new cat’s value.
First, sign up for the breeding blockchain game and learn how to produce top-tier, lucrative in-game characters or collectibles. Each game has its system for breeding and determining what makes a new NFT worthwhile.
How much money can I make: Breeding might be expensive initially. You may need to purchase valuable parent NFTs to increase your chances of breeding valuable NFT collectibles. In the case of CryptoKitties, according to Investopedia, the average CryptoKitty sells for roughly $65. On the other hand, some are worth hundreds of thousands of dollars, and a couple have sold for more than $2 million.
3. Making new coins
There are numerous ways to earn money by creating new things in blockchain games.
Players in metaverse games such as Decentraland and Cryptovoxels can build 3D objects, wearables, and other collectibles and earn royalties from secondary sales. Thanks to smart contracts built on blockchain technology, players in Cryptovoxels can earn up to 10% of a sale price with each subsequent deal.
Players in other games, such as CryptoBlades, can create new weapons and sell them on the CryptoBlades marketplace. Players will be able to submit NFT collectible designs to the upcoming massively multiplayer online RPG (MMORPG) Ember Sword, and if chosen, will be included in the game, allowing artists to earn royalties on secondary sales in perpetuity.
You’ll need a blockchain game, an account, the necessary cryptocurrency, and a digital wallet.
To begin, register a report in the game and generate new objects by altering or creating tools, forging, breeding, or other means. Read the fine print and determine how much you can earn through royalties, if appropriate.
How much can I earn: When it comes to NFT creation, your earnings are determined by the royalty proportion. Depending on the game and marketplace, designers typically make between 1% and 15% on secondary sales.
4. Scholarships
Scholarships are a fancy way of expressing “rent out characters for profit” in blockchain games. Scholarship guilds often have management and participants (scholars). The manager formally owns the NFTs, and the scholars utilize them to play the game. The awards are distributed among guild members.
Scholarship schemes have given rise to guilds. A guild is a group of players who join forces to play a game and split earnings. Axie Infinity has guilds in a variety of countries.
You’ll need a blockchain game, an account, the necessary cryptocurrency, and a digital wallet.
How to Begin: Managers require NFT characters to rent out, create, or join a guild. Scholars must find management that has NFTs accessible for leasing.
How much money can I make: Scholarship programs share earned in-game rewards. Axie guild members, for example, can earn 50% to 70% of their earned SLP or a fixed sum.
5. Tokens for staking
Staking is the process of locking your tokens to collect incentives. Staking your tokens means making them available for trading by other users. Tokens are locked away for a set length of time, called an epoch, after which you earn rewards, mainly from transaction fees.
Many blockchain games, such as DeFi Kingdoms, a role-playing game, include staking pools (RPG). Players visit the Gardens to stake tokens such as the JEWEL in-game currency. Players bet JEWEL to gain JEWEL emissions, which refer to the rate at which new tokens are released. As they progress through Epochs, gamers who bet “unlock” greater benefits.
Staking is a type of passive income. When you stake, your tokens are locked, and you can’t use them – but you still own them. You will miss out on rewards if you remove your tokens from the staking pool before the end of an epoch. And there’s a danger that staking your tokens will yield you less money than simply having them in your wallet if the value of those tokens lowers while you’re risking them — this is known as transitory loss — so it’s not entirely risk-free.
The staking pool in a blockchain game may be refer to as a garden, a bank, or simply a staking pool. Make careful to understand the staking pool’s terms and conditions and schedule.
How much money can I make: Each staked token in Epoch 1 earns you 5% in unblocked rewards in DeFi Kingdoms. The fraction of claimed awards increases by 2% every Epoch. The amount you can make by staking varies every game. Overall, depending on the game and token value, you could earn 10% to 20% of your staked tokens per year.
6. NFT trading
It may appear as simple as “buy low, sell high,” but this strategy of earning in blockchain gaming necessitates knowledge, patience, and even a significant initial commitment.
NFTs are important in crypto games. Thus, many players are prepared to pay to gain the stuff they need to succeed in the game. If you obtain a rare and powerful Splinterlands trade card, you may be able to sell it for a profit on the market.
Almost every blockchain game, including Splinterlands, Axie Infinity, CryptoBlades, Legacy, The Sandbox, and others, has its market with movable NFT assets.
You’ll need a blockchain game, an account, the necessary cryptocurrency, and a digital wallet.
How to Begin: Learning what makes NFTs lucrative in the blockchain game you want to trade is an excellent place to start selling NFTs. What makes an NFT valuable depends on the game, including rarity level, abilities, utility, qualities, and more. You can begin collecting, purchasing, and selling to earn money.
How much can I make: Keep in mind that purchasing and selling NFTs incurs gas costs, and there is no certainty that an NFT purchased will appreciate. The amount you earn is determine by the value of the NFT, the in-game money, and the game’s current popularity.
7. Competitions and events
Some MMO games provide special events and tournaments, which allow players to gain special incentives for participation.
Arc8, a mobile app with 11 different crypto games, hosts several tournaments. Players pay an entry fee to enter a contest, and the top player wins the pot. Boss Raids are special events in CryptoBlades where players can team up to combat enemies and receive special rewards.
You’ll need a blockchain game, an account, the necessary cryptocurrency, and a digital wallet.
How to Begin: Create an account with your preferred blockchain game, then keep an eye out for special events via newsletters, Discord servers, Reddit, or social media sources. These competitions may necessitate good equipment and some expertise. Therefore practice before entering is advise.
How much money can I make: The incentives vary depending on the game. In tournaments, there is normally an entry fee – in this case, cryptocurrency — so the more people who enter, the larger the pot. Tournament prizes in Arc8 can range from $8 to $500, depending on the day, number of players, in-game money value, and game difficulty.
8. Virtual property
Metaverse properties are virtual real estate or virtual reality parcels. There are numerous crypto games in which players can purchase, sell, and construct a virtual property. NFTs, which are frequently ERC tokens, are virtual properties.
Upland, Decentraland, and The Sandbox are popular metaverse games using NFT parcels. The name of the game in the real estate blockchain game Upland is buying and selling virtual boxes, developing 3D structures that will become viable enterprises, and collecting properties to make passive income. Upland’s metaverse is linked to the real world, with places such as San Francisco, Detroit, and New York City available for users to explore, buy, and construct.
You’ll need a blockchain game, an account, the necessary cryptocurrency, and a digital wallet.
To begin, research what makes a package important in your game. Properties near roadways are more valuable in Axie Infinity’s metaverse. In Upland, properties with high real-world worth can have a higher game value.
How much can I make: The amount of money you may make virtual trading parcels fluctuates. Similarly to trading gaming NFTs, your profits are determined by the price you pay and how much it appreciates over time. Players in various metaverse games can build play-to-earn games or attractions on parcels, charge admission fees, and earn money.
9. Streaming
Twitch and YouTube are two popular gamer streamer networks, while Twitch is more geared toward gamers. Though the industry is saturated, becoming a streamer can be a real job.
Subscriptions are the primary source of income for Twitch streamers. The streamer chooses subscription fees, and many take donations to keep the stream going. Subscribers may be granted access to unique content or other benefits. YouTubers make money mostly through advertising, sponsorships, and views, but they may also take donations from subscribers.
Many blockchain gaming streams concentrate on the financial aspects of crypto gaming, including tips on how to profit, blockchain game walkthroughs, or hilarious moments while playing. Crypto Gamers, Go Shiny Hunter, and On Chain Gaming are prominent blockchain gaming channels.
A blockchain game of your choosing, a streaming setup (camera, PC, platform account, microphone, headset, and soundboard), cryptocurrency, and a digital wallet are all required.
How to Begin: A smart place to start for beginner crypto streamers is to educate yourself on how blockchain games work and investigate new crypto games and discussion points for your streams. It is also vital to select a platform, with many crypto influencers focusing on YouTube, Twitter, Discord, and Twitch. Creating social media accounts for your brand, investing in a good setup, and concentrating on an audience will help you decide where to direct your material.
How much can I make: If you’re brand new to streaming, it can take a long time to start making money or gaining subscribers. According to Business of Apps, expert Twitch streamers can earn anywhere from $3,000 to $5,000 per month, but it may take a long time to see consistent money when you’re just starting.
10. Mining
You’ve probably heard about Bitcoin mining. Mining a coin is the process by which hardware “mines” new coins for circulation. The mining phase in blockchain gaming often begins with the initial introduction of a new game. Miners start circulating the new game’s currency so that it may be use in the game. Mining in cryptocurrency refers to hardware completing complex arithmetic problems to construct the next block. It’s an expensive and time-consuming operation.
Remember that mining cryptocurrencies significantly strains your graphics processing equipment (GPU). This method of making money is often reserve for those with well-equippe computers capable of handling the intricate process of mining coins and those who can purchase a mining setup.
Consider the cost of your hardware, computer, energy, rig, and mining software. You can start mining once everything is in place and the mining software is set up.
How much can I make: A miner’s earnings are determine by how much they invest in this setup from the start. If they don’t already have it – a professional mining rig can cost up to $15,000. Mined coins are taxable, the coin’s value is not guarante after mining, and the rewards for joining a mining pool fluctuate. Mined coins, on the other hand, can be sold or poole to generate passive income.
Considerations for Crypto Gaming
Crypto gaming might be a dangerous venture. There’s no way to ensure you’ll win, but blockchain gaming can provide the gratification of having fun if you choose a game that interests you.
There are numerous blockchain game genres to pick from, such as:
Royal combat
Games for breeding and gathering
Card games for collectors (CCGs)
Simulators for farming
Monster-fighting games
Playing role-playing games (RPGs)
Simulators of real estate moguls
Games with trading cards (TCGs)
Some of the most popular crypto games are monster-battling games and trading-card games, but you are not compelle to play those if they are not your cup of tea – there are numerous games to look at before investing your time and cryptocurrency.
In conclusion
Getting into blockchain gaming takes time, but so does normal gaming. Many cryptocurrency games are free to play, which means no initial investment is necessary. Some games, such as CryptoBlades and CryptoKitties, require the purchase of NFTs. Consider how much time you’ll need to plan and the strategy you’ll employ to earn. We advise investing what you can afford to lose. NFTs are becoming the digital world’s magic. If you are an aspirant entrepreneur, there is good news for you! Our NFT Token development company can assist you.
