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Are NFTs and Play to Earn Blockchain Games the Way to Go?

Play to earn blockchain games

How NFT Gaming and Play-to-Earn Blockchain Games Are Changing Gaming

Many gamers are curious about how non-fungible tokens (NFTs) will affect how they play different games. With the revolution of blockchain technology, it’s now easier for gamers to benefit from playing their favorite games.

Game developers are making it easy for players to earn coins and use them in a real-world setup. Play to earn blockchain games allow players to transfer their wins to other players in exchange for cryptocurrency. Plus, gamers can transfer their earnings to other games.  

How NFTs Affect Game Owners

Game owners work hard to develop a game and market it to their potential clients. Most of the games that are currently in the market have different difficulty levels. It takes practice and interest to become the best in any video game and proceed past the game’s various levels. With the world’s obsession with cryptocurrency and blockchain, game owners are on the verge of maximizing their revenue. So, what impact do NFTs have on game owners?  

NFTs Are Excellent for Attracting Venture Capital

Cryptocurrency markets have a huge potential for those seeking to invest in the gaming industry. When your game takes off, you can increase your earnings by teaming up with venture capitalists who want to use your game for marketing their products and services. According to the World Economic Forum, venture capitalists will invest $52 billion between 2021 and 2022 alone. This is great news for game owners and developers who can customize their games to market the blockchain-reliant business startups. 

NFTs Will Revolutionize Gaming Solutions

A game’s ratings depend on how many people log in and play the game. Right now, players are looking to benefit from their favorite games. With cryptocurrency-based games, game owners will attract more players to their platform. 

Game Owners Can Earn from Charging Transaction Fees

With NFT gaming, users can opt to exchange their wins for cryptocurrency. If your game attracts more users, you can charge them a transaction fee. This added revenue can add up to millions of dollars over time. 

Game Owners Can Earn from Play Store or App Store

Play Store and App Store pay game developers and owners some amount depending on the number of downloads they have on their games. NFTs will increase the number of downloads from potential clients, leading to an increase in revenue. Game owners will also earn from in-app purchases, leading to a continuous flow of income. 

NFTs Will Facilitate Company Mergers

Sometimes, when your business isn’t doing well, you can merge with a competitor for a market takeover. NFT gaming tokens will make it easier for game owners and developers to identify those with a similar goal in their line of business.

How NFTs Affect Players

The COVID-19 pandemic hit the world economy heavily, and most players had to reduce their spending capacity. With NFT gaming tokens, gamers take the opportunity to maximize their gaming efforts and earn good money. Here’s how gamers will benefit from NFTs and play-to-earn blockchain games: 

Gamers Can Own In-Game Assets

Gamers have complete control over what they earn when playing NFT-based games. You can even decide to convert your in-game assets to cryptocurrencies. Through NFT gaming, players can turn their hobby into a consistent source of income. For example, the NFT Axie Infinity game is popular in the Philippines because of players’ rewards.

Though there is a cost to purchase NFTs in order to join many of these kinds of games, there are guilds that sponsor new players by renting them NFTs to start out. For example, you can rent an NFT from Yield Guild Games and use that NFT to start playing and earning your own in-game assets. 

NFT Games Are Highly Secure

Nothing attracts gamers more than knowing that their in-game assets are secure. Blockchain has a sophisticated technology that ensures that players’ digital assets are safe and won’t be compromised. 

NFTs Are Transparent

Blockchain technology ensures that users can have a transparent look at their digital transactions. This is especially important because it ensures that NFTs are rare, increasing their demand for those looking for something unique. 

Are Players Ready for NFT Games?

NFTs have become increasingly popular over the last few months. Right now, most celebrities, politicians, and other high-profile artists are cashing in on NFTs. If you love social media, you will have probably come across NFT Logan Paul or NFT Jake Paul tags. 

With the impact of COVID-19, people are turning to video games to pass their time. However, gamers want to play virtual games that they can relate to in a real-world setup. Let’s face it, time is money, and if you can earn something from playing the game you like, consider that an investment. Game developers and owners are researching ways to make NFT gaming more flexible for players who now want role-playing games. 

Some Problems with NFT Gaming

There is little regulation on how players can earn from their effort. Currently, there is no precise formula for how much value a player should earn from playing particular games. This makes it easier for some players to earn more using little effort, while others struggle to make any money. 

Also, NFTs have a substantial environmental impact because blockchain technology requires a lot of power to generate and maintain. The role-players in the industry should look for environmentally-friendly solutions to run blockchain technology. 

Another problem that NFTs face is the lack of awareness from gamers. Most players are still new to this concept. Therefore, there’s a need to market the idea properly and to the right people. The concepts of creating wallets and trading for NFTs are pretty green to some video game fanatics. 

Final Thoughts

The gaming industry is quickly growing with new concepts like NFT gaming and play-to-earn blockchain games coming from different game developers. 

However, there needs to be a clear plan to monitor the impacts of video games on users. Players should have some form of balance to ensure that the NFT games don’t affect their general well-being.

Game developers should also come up with user-friendly projects that will enable players to play and withdraw their earnings without any major inconveniences. If these issues are addressed, NFT gaming can certainly be a win-win situation for players and game owners.

Featured Image: Twenty20

About the author: Liam McGillivray is a writer and editor at Wealthy Millionaire. He holds a Master's degree in Public History from the University of Victoria and a BA in History and Classical Studies from Queen's University. His interests include fantasy literature, NFT gaming, and film studies.