NFTs (Non-Fungible Tokens) have exploded in recent years, resulting in massive marketplaces and new, more level playing fields for players. NFT sales have increased from 14 million in the first six months of 2020 to more than 2.5 billion in the second quarter of 2021.
There is little question that there will be more expansion.
What factors have contributed to the expansion of the NFT gaming industry?
Companies and game development have taken what were once simple components and turned them into fully playable, well-designed nft games that are on par with anything else available on mobile devices.
Basketball’s Top Shot by Dapper Labs entered the market and, within a year, had generated over 700 million dollars in sales, demonstrating that sports lovers are prepared to part with money in order to possess memorabilia on the Blockchain.
With Top Shot and other digital artwork selling well and producing substantial income, gaming developers saw their chance and joined the area, appealing to men and gamers, who already account for large proportions of the industry’s overall population.
Several nft games, including Immutable’s Gods Unchained, were able to sell out of NFTs, granting players 6.2 million USD in in-game assets while also raising 15 million USD in their Series A investment round.
Other major nft games have hit the market as well, such Splinterlands, Sandbox, and Axie Infinity, which take well-known gaming experiences and put them on the blockchain in an innovative way. The selling point is that gamers and developers now have ownership of their work and can earn money for it. It is not enough to merely loan out game components that are kept by the gaming corporation.
Earn money by participating in NFT games.
According to SensorTower, the mobile gaming business produced over $7.6 billion USD in revenue from player spending across both the App Store and the Google Play Store in 2015. There is a tremendous demand for high-quality nft games, with people of all ages and backgrounds interested in unwinding and enjoying some good old relaxation.
While it is true that these nft games are well-developed and provide players with a great deal of joy, it is unfair that for every billion dollars spent by gamers on their 2nd worlds, on in-game stuff, they do not truly own anything in the real world. They have access to the objects and can utilize them, but that’s about it. When you are through with the game or wish to move on to something else, the money and stuff you have may as well be useless since you have spent all of your time earning them. You are typically prohibited from selling anything, including your gaming account, as outlined in the game’s terms and conditions.
Playing for money is a whole different experience. Because to Blockchain technology, players and developers now have complete ownership of their things. When you purchase that weapon, new kitchen table, or character, you have the option to sell, trade, or earn money from it in the future. While having a good time playing nft games, you may earn money back from your purchases.
What is the procedure for Play to Earn? (5 Steps to Making Money While Playing Video nft games)
To begin, you must first build a cryptocurrency wallet (which is completely free), then locate a play to earn game on the blockchain (P2E), and then link the two.
Following the download of the game and the connection of your wallet, you will be able to store and earn in-game products that can be sold in exchange for bitcoin on several markets. If you wish to make money in USD, GBP, YEN, or another currency, you may sell your bitcoin for that amount of money.
1. Download a cryptocurrency wallet.
2. Select a P2E game to play.
3. Integrate your wallet with the game.
4. Participate in the game to earn cryptocurrencies or NFTs (in-game items)
5. Sell and buy on online marketplaces
To join the world of play to earn gaming, follow these five simple steps. You will be able to choose nft games that you like while earning money at the same time.
While this industry is still in its early stages, you may believe that the nft games and settings are complicated. However, this is not the case.
Blockchain Technology is a Gamer’s Dream!
With the Blockchain came the introduction of NFTs, which have paved the way for players to reclaim ownership of their pricey in-game stuff. Gaming behemoths have been able to maintain their grip on power and revenues for far too long. Since 2019, Ubisoft, a prominent video game company, has been researching non-financial tokens (NFTs) and collaborating with other game creators on blockchain technology in order to keep the innovation and nft games coming for gamers.
The difficulty is that, although blockchain may provide players with more power, why would huge corporations want that to be the case?
There is no doubt that gaming generates significant income, and with the world wanting more transparency and the opportunity for ownership, the industry is in for a fascinating battle in the years ahead.
Conclusion – Is Investing in Gaming Tokens and Coins a Good Investment Decision?
In accordance with the most recent data from Coin Market Cap, as of January 8, 2022, there have been billions of coins and tokens in circulation over the course of the previous week. However, even if their market capitalization decreased last week as a result of the general fall in the cryptocurrency ecosystem, the tokens and coins listed above have a value ranging from US$ 0.34 to US$ 74.28, depending on the cryptocurrency.
Even taking cryptocurrency into consideration, gaming coins and tokens are considered to be high-risk investment products. Despite the fact that the numbers above reveal that these gaming currencies and tokens had a fantastic year in 2021, skeptics often point out that this is not a widespread trend but rather a one-time fad that will pass quickly.
However, the ongoing development of the blockchain gaming sector, as well as the creation of the metaverses, indicate that this is not the case. Gaming currencies and tokens are still in the early stages of development, and as a consequence, there are no findings to report that have been tried and proven. As a result, it is critical that you do thorough research and thoroughly grasp the fundamentals of each game currency and token before making a decision to invest.