Since NFTs have entered the gaming market, many things have transformed. Starting from hate and misunderstanding, many individuals and enterprises ended up noticing great potential in play-to-earn games. For an average person, NFT games became an efficient way to join the crypto world and earn money by conquering gaming quests. For corporations, it’s a beneficial field for investment and gaining extra income to finance the company’s operation.
NFT games are part of the Game-Fi world, meaning the mix of gaming and finance. Basically, the main factors of NFT games are the blockchain foundation, decentralization, and the use of non-fungible tokens as in-game assets.
Being unique collectibles, NFTs can be in the form of gaming characters, props, cards, and the like. The worth of such NFTs is defined by their cosmetics, rarity, and game specifics. Accordingly, gaming NFTs can be bought, earned, and sold.
Yet, there’s plenty of information that has to be clear in mind before entering this market. Thus, you are welcome to get the most common questions on how NFT games work answered by a professional NFT game development company. Are you ready to explore? Then, let’s get straight to the point.
If you are interested in how to create an NFT game, it’s better to figure out what it can be like first. Thus, let’s take a look at the most popular genres and mechanics used in blockchain games.
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A typical NFT gaming experience isn’t the same as a traditional one since it’s a kind of business that needs to be set up. First, a player should create an account to enter a game. Usually, it goes on a web platform or mobile application. In order to get started, it’s essential to have a crypto wallet and install an NFT wallet that is used in a game.
In fact, there are multiple other steps to do in order to start playing, and the detailed guide can be found on a game’s site. But how do NFT games work, and what aspects are vital to know for a satisfying experience? Let’s dive deeper into it.
There’s how an NFT game works from the financial side. In contrast to traditional games monetization, where players buy a game or watch some ads, the NFT games economy is built on in-game asset purchasing.
In order to start playing an NFT game, players often should buy some gaming NFT assets. There are also in-game assets placed on a marketplace by game developers to purchase throughout a game. Additionally, game owners charge fees for any transaction made on a platform.
The main point of play-to-earn games is collecting NFTs and specific tokens. Once a player gets some GameFi collectibles, they can be withdrawn to a player’s NFT wallet. Depending on a game’s features, there are also two options to turn your NFTs into real money:
Cash out cryptocurrency rewards. Basically, this option requires trading your game tokens on another cryptocurrency. In this step, it’s vital to choose an appropriate pair for trading in order to get a type of cryptocurrency that can be traded on a traditional currency like EUR or USD.
Sell in-game NFTs. As a first option, gamers can sell their in-game NFT assets to other players via a game’s marketplace. The other way is to sell gaming NFTs on a trustworthy platform for a cryptocurrency exchange like Binance. There, a player can conduct an auction or set the price for an instant sale.
Essential: in order to successfully withdraw and cash out earned tokens or NFTs, it’s better to have at least basic knowledge of trading and how NFT games work.
Working on professional NFT gaming platform development, specialists’ primary mission is to create a project that would benefit both game owners and players. So, the entire system is usually adjusted to gain profit. However, some nuances can affect your fortune.
Playing an NFT game, gamers earn in-game NFTs and the game’s brand tokens (like AXS by Axie Infinity) powered by a particular blockchain (often, ETH). Accordingly, the worth of gaming NFTs and tokens depends on the exchange rate. In terms, the exchange rate is defined by the demand for a cryptocurrency. This way, a player who holds NFTs or tokens can lose money if the price for certain blockchain crypto is low and vice versa.
Like traditional money or valuable items, players can lose their gaming NFTs due to imprudence. For example, it’s crucial to understand the types of blockchains that your game, wallet, and other platforms support. Otherwise, it’s possible to lose NFTs trying to transfer them on an incompatible platform.
Besides, while planning and conducting any financial operations, a player should take the essential security measures in order to avoid scams or mistakes leading to the loss of NFTs. In order to prevent any of these, it’s recommended to choose creditable platforms and explore their safety guides for users.
Before jumping into the future of NFT games, let’s explore a bit of statistics to understand the market more deeply. Launched in 2015, the first-ever NFT game Etheria hasn’t reached the desired success due to a lack of understanding. Later, in the year 2017, NFT gaming rose up with the CryptoKitties game, when its first crypto-cat Genesis was sold for ETH246.9255 (~$117,712 atm). Thus, the GameFi market started developing rapidly, eventually hitting NFT game sales to $5.17bn in 2021.
Considering the backstory of blockchain gaming and many factors affecting it now, researchers from AbsoluteReports indicated that the global NFT gaming market would reach $2845.1m by 2028 with a CAGR of 20.4% during 2022-2028. Basically, these figures predict significant success for blockchain games and those investing in the field from the early stages. Thus, if you have ambitions to launch an outstanding NFT game, 2022-2024 is the right time to join the GameFi market.
As you can see, NFT gaming can be extremely profitable for both players and game owners. However, it’s not so easy to become a successful NFT gamer as well as a game developer. Considering the predicted growth of the GameFi market, it means not only more opportunities but also a higher level of competition for entrepreneurs entering the field. Thus, creating a game that will get ahead of opponents rapidly is crucial.
The good news is that facing such a challenging mission is much easier with professional support. So, you are welcome to partner with Game-Ace — an experienced game development company providing top-notch services to clients worldwide. Operating since 2005, we’ve mastered all the advanced principles of proficient game creation for different platforms and succeeded in building remarkable NFT games.
Contact us to get a detailed consultation and discuss the prospects of your future project.