What Makes the Top NFT Gaming Platforms Tick? A Deep-Dive Into the Play To Earn Ecosystem
With the rise and fall of numerous cryptocurrencies, PayPal, MasterCard, and even Tesla have shifted their focus to Blockchain technology. Although the use of blockchain in recent years is still in its infancy, there are certain things that can be predicted about its expected impact in 2022.
By Adewale Opeyemi
May 26th, 2022
Blockchain is changing the world as we know it. People are now coming up with creative ways on how to use it. One of the latest ideas is to use it in the NFT gaming industry. Gamers and developers are slowly but surely incorporating Blockchain technology into their games; Play to earn. Is this really beneficial to the gaming industry?
What is Non-Fungible Gaming All About?
What? Do you mean gaming isn’t always about having fun and playing games? Yes, the gaming world is rapidly expanding, with an increasing number of individuals taking up gaming as a hobby. At first look, the combination of non-fungible tokens with games may appear strange.
Non-fungible tokens are digital collectibles with a trackable ownership history. They are among the most widely used new blockchain token specifications.
Do you enjoy playing video games on your Android or PC? A new gaming genre is now conquering the world by storm. These games are one-of-a-kind and will blow your mind.
Non-fungible gaming on the blockchain has permanently altered the gaming environment. Unique tokens representing your in-game character are produced in these games. For example, if you are a superhero in a game, you will see that your superhero has its own unique token.
What Decentralized Gaming Means for the Gaming Industry
Decentralized gaming has been a big trend in the gaming business in recent years. This might be perplexing because many gamers are accustomed to centrally placed servers while playing video games, but what exactly does it imply?
The worldwide gaming industry is valued at more than $300 billion. The video game business is valued at more than $175.10 billion on its own. For the next several years, the industry is predicted to increase at a rate of more than 8%. This is due to the world’s high demand for gaming. With the advent of online gaming, the internet has become a gathering place for thousands of gamers from all over the world.
The gaming sector is being swept up by decentralized cryptocurrency. Game makers and gamers may now earn money by playing their favorite games. Decentralized games are being utilized to get more individuals to participate in the cryptocurrency ecosystem. The prospect of earning money by playing video games is a truly innovative concept.
Why NFT Gaming is the Next Big Thing
Non-fungible tokens (NFTs) are Ethereum-based tokens that are distinct in some sense. They are not fungible in the same way that traditional ERC20 tokens are (such as GNT, REP, etc.). Instead, each token is distinct and has its own set of features. NFTs, like stocks in a firm, are transferrable, buyable, and sellable, and they can confer ownership rights.
Online gaming looks to be growing in popularity. Furthermore, the gaming business has seen a surge in growth in recent years. With the advent of blockchain technology and its concept of virtual assets, the industry’s prospects have improved even more. Several firms, like Enjin, GameCredits, and NFT, have emerged intending to make cryptocurrencies available to developers, gamers, and gaming communities while playing video games.
The growth of online gaming has been hampered by poor graphics, boring games, and rampant cheating. It is time to usher in a new game experience, and non-fungible tokens can contribute. Without a doubt, blockchain gaming is here to stay, but what shape will it take? NFT (non-fungible tokens) allow even basic games to gain a new level of involvement and gamer delight.
Non-fungible tokens are causing games to become unplayable off-chain. Once the blockchain reaches a certain level, it should be possible to design experiences that cannot be repeated on centralized servers. This is the beginning of a new game economy. We’ll go at the topic of NFT token design and discover why this emerging blockchain gaming technology has the potential to push gaming to previously unreachable heights.
The State of Non-Fungible Gaming in 2022 and Beyond
The state of non-fungible gaming has experienced rapid growth in 2022. The future of blockchain technology (powered by non-fungible tokens) has begun to impact the bigger gaming business. By 2025, non-fungible-based gaming apps will be the most purchased gaming app in the app store.
Nft games are a great way to relax and unwind. At the end of a long day, it’s nice to play a game. Here are some of the best Nft games to hop on.
Axie Infinity is an NFT play to earn game inspired by Pokémon mythology and built on the Ethereum blockchain. On the site, there are several hacks for gamers; players may purchase and nurture their unique creatures, known as Axies.
Furthermore, the creatures can help in player combat and can be sold as digital pets. Without a doubt, every participant will not only have fun, but they will also profit if they are willing to give the game what it takes to win a fight round.
Due to the game’s distinctiveness, around 9 million players are registered globally, with more than 9.5 percent of the overall community playing it every day.
Surprisingly, Southeast Asia has benefited from a crypto-based digital economy due to the game’s value and structure.
Meanwhile, being one of the most important Nft collections in the Blockchain area, Axie Infinity has a market worth of around $42 million in sales in June 2021. As of April 1, 2022, there were around 60.9 million AXS in circulation (23 percent of total supply), with a single share of AXS worth roughly $66.2.
It is also compatible with the Mac, iOS, Windows, and Android operating systems.
Decentraland is one worth mentioning because it has been a play to earn game from its start and continues to be so. As a metaverse pioneer, the hacks on this platform can only be compared to those who are also the best in their respective fields.
Notably, as a pioneer in the NFT concept too, the platform consistently releases excellent games that pique the curiosity of its community members. As a result, community members are not bored with a single sort of game. They have a lot of fresh stuff to get their hands on to receive incentives.
To get into the game’s nitty-gritty, Decentraland allows its users to purchase virtual land for construction purposes. Yes! For the construction of real estate properties. Furthermore, an NFT token is utilized to represent all real estate for open market transactions.
Have you ever heard of MANA? All NFT transactions are made possible by this token, which the platform provides. The MANA token is available for purchase and storage in an Ethereum wallet. While a single MANA share is worth $2.66, around 1.8 billion of the token were in circulation as of April 2022.
It’s remarkable how the majority of players anticipated the Lucky Box platform! Why was it so anxiously anticipated? It is worth noting that this is owing to its daily prize drawings, which are accessible via a smartphone app.
Every player can use the app to purchase tickets to the daily prize drawings. Furthermore, its prize pool is financed by ticket sales as well as the tax levied on each LBlock (Lucky Block’s native coin).
Wow! The team has committed to donating 10% of the daily jackpot to charitable causes. The Platform’s Charity Foundation is a significant landmark upon which Luckybox was founded.
A more solid reason why everyone relies on this platform is that it is hosted by the Binance Smart Chain. As a result, transactions are open and transparent. Furthermore, awards are distributed fairly and consistently.
In sum, playing games of chance is speculative, as it gives players the chance to win rewards or a jackpot. Most games last a set amount of time, and entry is just the purchase of a single ticket, with successive purchases boosting odds. Lotto-style games with personalized number picking, on the other hand, may result in shared wins. Because of the low entrance barriers, these types of games are popular worldwide and legal in over a hundred countries, albeit subject to local regulation.
Lucky Block envisions a global gaming platform with participants who use Blockchain Protocols and run on the Binance Smart Chain.
Here is another popular platform where you can purchase land, play games, as well as create a game. The Sandbox is indeed a virtual style play to earn metaverse.
The Sandbox allows its participants to buy and as well sell NFTs. This is achieved by the combination of strategy, creativity, and survival abilities.
Being an Ethereum-based metaverse, users develop and sell in-game objects in the marketplace and get the native token in reward – $SAND. This token can as well be used to conduct trades within the community.
Since April 1, 2022, over 1.2 billion SAND (or 36% out of its supply) currently are in circulation and a fragment of SAND shares is worth around $3.53.
Having a large presence in the metaverse, the sandbox platform is one of the best games to hop on to acquire digital land and real estate.
Are you searching for a Sci-fi adventure? Alien Worlds is that platform to hop on. It has a compelling game experience. To design your mission plan in this game, you must choose NFT game cards on BSC as well as WAX. The top-rated NFT game lets you acquire virtual lands in their most basic form.
Alien Worlds’ land plots are marketed as NFTs. You may either start mining the land personally or delegate tasks to someone to earn incentives and commission. Aside from land, there are NFTs such as houses, animals, vegetables, decorations, and cosmetics for an avatar.
This game concept enables players to collaborate on a common objective and earn rewards, combining enjoyment and function. It occasionally holds community gatherings with interesting activities and competitions.
A single share of the TLM has a value of over $0.14 as of April 2022. Further, we have 9% of the coin in circulation. Wrapping up, a reputation system compensates players who acquire goodwill in the ecosystem.
Expected NFT Games
Right now, all and sundry need to keep an eye out for the diverse type of emerging NFT games in the blockchain ecosystem. As we know that these games use an in-house token to run their community, hence some of the upcoming NFT games have made these tokens available this time for investors and gamers before they finally release the game to the entire populace.
Worth of investigation are a few of these games listed below:
This game has been released but it has tons of new features for its ecosystem to future gain more insight to fulfill its mission as a “play-to-earn” irresistible game. The thesis of this game is a pirate-themed game in which superb and valuable benefits in the form of PXP tokens are received by the finest crew and ships.
Coming from another perspective, this game will bring more worth as it is a “move-to-earn”. This game is particularly for folks that are into health and fitness. The structure for playing is straightforward, a player buys NFT footwear for jogging and as well in crypto reward. With just a phone and a GPS, the play will be effective and successful.
Looking for a play to earn where you can race vehicles and earn incentives while racing against other players? RaceFi is the right plug! Players win an in-game reward from the platform whenever they emerge as the winner of a particular race.
NFT Investing and Trading
Since the advent of CryptoKitties, NFT trading has grown in popularity. NFTs function similarly to cryptocurrencies, however, they are tokens that cannot be divided. So, how do you exchange them? In the same manner that you would trade a tangible object, such as a vehicle. If you own a Nissan GT-R, you must be able to sell it in the same condition; nothing may be changed or added.
However, the value of NFTs appreciates based on the condition of the market. For instance, “CryptoPunk # 3100” was initially sold at the price of $ 2,127 in 2017, but as of 2021, the initial collector made a profit of over $ 7.5 million.
The Benefits of NFT Games
Are you considering how to play to get money? Playing games can be used to make money in a variety of ways. You can participate in activities that are frequently organized on different platforms.
These platforms provide prizes to the ecosystem’s top participants. Several events offer substantial prizes to players who put up the effort required to win them. In short, the NFT gaming platform enables you to compete against professional gamers while also receiving incentives.
While the ERC-721 standard is used by the majority of NFTs, other NFTs are based on different networks. Tron is worth noticing.
Playing NFTs as stated in this article comes with tons of opportunities. We will quickly dive into the benefits that folks are going to explore as they play the games.
NFT games allow players to own their in-game assets rather than creators. This goes against the grain of traditional games. Furthermore, thanks to the benefits of blockchain technology, gamers can save, move, or sell in-game purchases to other players.
Authenticity is one of the main qualities that distinguish the NFT gaming structure from its traditional and centralized equivalent. More specifically, the in-verifiable game’s scarcity is evidenced by its blockchain structure and network, particularly its immutable records. As a result, every NFT is rare, as it cannot be duplicated.
When centralized games end, players have nothing left to own. Virtual points that cannot be transferred into tangible assets or money will be varnished as well. However, in this new phase of decentralized NFT games, players have complete control over their in-game possession, which is independent of the game. Even when the game is closed, players retain ownership of their in-game assets, which they can sell at any time.
The blockchain and NFTs have been on the lips of many investors because it is shaping the future of gaming. Mobile games specifically have been one of the biggest industries affected by the blockchain. Blockchain games is a combination of two great industries and features some incredible ideas that will revolutionize the industry, especially in playing video games.
Developers can take advantage of a variety of benefits presented by the blockchain. Using a blockchain allows for transparent transactions, frictionless transactions, global participation, and no duplication. In addition, developers can achieve consensus easily and release games with smart contracts.
Recently, decentralized games have taken the world by storm, making the gaming industry much more exciting. Now you can have a more enjoyable, faster gaming experience.
About The Author
Notably, Adewale Opeyemi is dedicated to help blockchain projects with writing, and marketing.
“As a blockchain writer, my goal is to ensure a successful launch of crypto projects through a well written one-pager, ICO website contents, press release, case studies, blog post and pitch deck.”