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How Do These NFT Games Make Money?
Game NFTs continue to take shape since the blockchain lets you alter “pay-to-win” games into “play-to-earn” types. NFT game development is the solution to engage more people and boost revenue opportunities with high-demand and unique rewards.
These games have functions allowing you to buy, sell, trade, or even exchange your collectibles. So far, such games have yet to gain high popularity, the potential is obviously great.
Interestingly, NFT game developers are also ambitious NFT producers. And with this, things just might bring the NFT technology further into the limelight.
Unlike other NFTs such as fashion, artwork, or trading cards, game NFTs are considered the most advanced of these. It’s because these are fully interactive and complex, yet continuously change with time. These are necessary for upgrading and leveling up to match the changes undergone by a player’s character.
The Uniqueness of NFT Games
These games are entirely different from just keeping crypto-collectibles in the wallet. Such games will utilize NFTs in their mechanisms, rules, and even player interactions.
An example would be your unique avatar or character. The game can represent it as an NFT. That also goes for all the other digital items you’ll find while playing. The beauty of this is that you can trade NFTs you have with those of other players for gains.
As for the blockchain, it keeps all the information about the gaming environment. These include the owner of the in-game items and even the worth of these. This guarantees secure trade of items where you can trust that these are genuine.
Also, sellers have access to the record of sales that took place. Another thing to note would be smart contracts which can also be used by game developers. They need this to make processes more efficient and transparent for users.
Ways NFT Games Make Money
NFT games are even more fun and interesting, but you’re probably thinking, “how do these games even make money?”. To be specific, the approach in blockchain gaming is primarily in the game’s transaction of assets.
Transaction Fees
This is one of the ways NFT games earn money. When a token is transacted via a gaming solution, the game’s owner can charge a fee from the wallet’s owner. This is if he/she wants to sell or trade it with others.
Another way is by charging a transaction fee from an intermediary exchange or wallet. There are times when transaction amounts zoom up to millions of dollars which will immediately attract a generous transaction fee.
App Store or Play Store Earnings
Everyday, the number of downloads on the Play Store or App Store change. From there, the game will earn a percentage from the download fee.
Every new download brings more revenue for the venture, while in-app purchases also bring continuous earnings for the game. Festive sales and special events contribute in a huge way while simultaneously earning during these events.
Capacity to Captivate Venture Capital
Smart investors know the huge potential of earning via the blockchain and crypto markets. And with that, gaming is seen as a new great way to market products and services efficiently. With blockchain game NFT solutions, these can become a possible Tencent in the future.
Both owners and game developers want to grow and gain more popularity. This is why they aim to join the bandwagon of blockchain-based game solutions to captivate venture capitalists.
A report from the World Economic Forum predicted something related to venture capital funds in blockchain-based solutions and startups. They claimed that over $52 billion would be invested this year until 2022.
Via Mergers and Takeovers
A lot of times, pneumatic solutions interrupt the industry, so current players look into merging or buying out these ventures. Generally, it’s to save their current business.
Gaming isn’t an exception. If blockchain gaming solutions disrupt the current industrial arrangement, industrial peers can purchase the venture or be part of it. With that, bringing both NFT game tokens and game development can take owners to new heights.
Is It Safe to Invest in These Games?
Just like other investments you can get into, NFT games are safe but there are certain risks to them too. That’s the reason why you need to sit down and do your research before getting into any new investments.
The Blockchain is a Secure and Safe Environment
This is true especially for game developers and entrepreneurs. Why? Because the blockchain platforms utilize extremely powerful data encryption tools such as private key-public key for securing crypto token transactions.
With how our computing technology is today, it’s impossible to hack and access these data encryption processes. Also, hackers can’t wreck the decentralized blockchain network since they won’t have a server to destroy.
Nodes retain the assigned databases in a shared process. There, each of the nodes need to complete information on the database.
Hackers, no matter what they do, won’t be able to modify or delete current transactions in the blockchain. Plus, it’s impossible to fake a DDoS (Distributed Denial of Service) attack against the networks.
Blockchain networks use the PoW or Proof of Work and other consensus algorithms to keep the work protected. As game developers or entrepreneurs, you’ll have a protected environment when you create your game on the blockchain.
Helps in Securely Purchasing and Selling In-game Assets
Due to the immense popularity and interest of people in cryptocurrencies, purchasing and selling crypto tokens is much easier. Let’s say you develop a game on the blockchain and let players purchase and sell in-game assets via digital currencies. They will be able to securely do and commence with those transactions.
If players can protect their private keys, all transactions they make are safe. Yet they need to keep and follow a disciplined approach for their computer security. These include regular back-ups, avoiding visiting risky sites, and refraining from keeping lots of cryptocurrencies in mobile or web wallets.
Potential Issues in NFT Gaming
Generally, the crypto community is quite a fickle bunch, so finding common ground can be a potential issue.
This is a highly particular user base and is easily categorized over a lot of things. Like gamers who are fans of RPGs, they would flock over to a new RPG game.
However, the crypto community would be split over the class system. Thus, would cause a gap and inequality on the player base.
Another issue would be the scalability potential of the blockchain. Will it be able to sustain itself? That’s the question usually hypothesized by game developers and users.
The decentralized approach to gaming and gaming assets is undeniably attractive. But it sets the blockchain at an instant disadvantage unlike other established games and systems. How can it hope to handle a huge increase in developers and users?
The last issue is already a common problem in the community and its slow speeds. The good thing is, the blockchain is still going through its evolution and we’re still pretty much early on this.
Luckily, these issues can still be fixed. That’s because there isn’t anything preventing it from pushing forward into the industry with a bang.
Upcoming and Current Play-to-Earn Games
By now, you’re probably interested in these types of games. So, why not check out these up and coming, as well as currently available (but still in development) play-to-earn games?
Illuvium
This is one of the most anticipated NFT games because of the potential it has based on the trailers released. Simply put, Illuvium is an auto-chess based game and simultaneously, it’s inspired by Pokemon.
If you’ve played these types of games, then you may likely enjoy and fare well in this particular game.
The way the game works is you’ll have the chance to get 159 Illuvials within the game. These are what you’ll use to battle with others. Whoever wins in the match will get the rewards.
There are still no specifics on how much you can earn when you play this game. However, it’s said that 1 ILV (Illuvial) token is $518.22
Osiris
Osiris is a game that uses Opal or OPAL as their game currency. This is a 2D type of game that starts with you choosing a Cosmic Kid.
Currently, there are only 10,000 available Cosmic Kids available in the game. A lot of games can be played in Osiris such as RC Racer, Star Saber, Mini Golf, and tons more. What’s enticing is that you have randomized prizes by winning these games.
Here, a Cosmic Kid can acquire OPAL from the game. But if you haven’t registered to Osiris, you can only wait for the other Cosmic Kids’ release.
Passive income can be earned through the game as well. This is done by renting out properties to other players.
The amount you can earn on the game all depends on the exchange rate and the amount of OPAL generated. If you have an OPAL, then you can have around $0.39.
Blood Rune
This is an RPG card game where you select different heroes with a variety of goals. Options you can choose from include fame, power, fortune, and love.
Although it’s still in active development and yet to be opened publicly, it’s one of the highly-anticipated play-to-earn games today.
The rarity of its cards shows how much you can trade these for. And with that, it will surely allow you to potentially earn anywhere from hundreds – thousands once it finally starts.
Rabona
This is an NFT game that’s ideal for players who are soccer enthusiasts. In Rabona, you’ll manage a soccer team to win against different groups. As the head coach, you can also search for potential characters to train, giving you better chances of winning.
To earn RB, you can also trade the characters you have to other players. Technically, the game utilizes RBN (Ribbon Finance) as its currency.
Other than training characters, you can build hotels, stadiums, parking lots, offices, buildings, and a lot more. Doing these will help increase your income.
A lot of players around have long favored soccer simulator games. It’s ideally a hit for those who want to manage and control all aspects of soccer.
Although it’s still in development, the game already has the play-to-earn function. Plus, you can also acquire Hive Rewards if you’re the best club for each season.
Kurai Metaverse
This game uses a KURAI token as the in-game currency. It’s a multiplayer game that needs at least six players and a maximum of 16.
Kurai Metaverse begins with two teams where an Impostor is present in each. The Impostor on each team will side with other crews on the other teams.
The goal of this Impostor is to kill all crew members without getting caught or killed. As a crew member, you should be suspicious and wary of everyone around. That’s because anyone can be the Impostor.
Currently, it is still under development, and there’s still no data for the amount needed to invest in the game. But despite this, you can purchase KURAI cryptocurrency on Panckaeswap.
The Future of NFT and Blockchain in the Gaming Industry
We can’t deny that the adoption of NFTs in gaming comes with a ton of benefits. But of course, it presents a number of significant obstacles that you have to overcome.
Most importantly, it’s necessary for NFTs to be more appealing to mainstream consumers who may not be technically oriented. Since NFTs have inherent value, there’s a possibility of these being used as speculative assets. These could motivate gamers to purchase in-game assets for reselling instead of using them within the gaming ecosystem.
Despite the challenges, the potential for profit within the gaming industry will encourage more brands to experiment with NFTs. They will likely form partnerships with third-party blockchain projects with technical expertise.
Simultaneously, the bigger success of decentralized gaming apps will likely contribute to further NFT infrastructure improvements. This can promote the development of innovative solutions for mainstream adoption.