The meteoric rise of NFTs has led Web3 users to wonder how to make money with NFTs . The answer can be summed up in two words: NFT games. Thus, the play to earn gives the possibility of earning money by playing games .Play to earn, or P2E for short, is an economic model that allows NFT game players to earn money through video games. Players must register to play NFT games. While registration is free, playing generally requires the initial purchase of playable content in the form of NFTs . The principle behind play to earn is relatively clear from there.
The goals of NFT games can be summarized as: finding, creating, or buying the highest valued items or creatures . Since the game elements are NFT, it is possible to resell them. Supply and demand play a key role: the more players a game has, the more rare artifacts gain popularity in the game. Rare artifacts can be bought and sold at different prices. This is why the profits generated with P2E are often very fluctuating .
NFT games: what are they?
Most people don’t usually associate NFTs with gaming. In fact, the most popular NFTs belong to the category of NFT art . An equals sign is often drawn between non-fungible tokens and digital artworks. However, the scope of NFTs also extends to gaming, and unique tokens are the ideal format for rare in-game items that players can find and acquire.
Nevertheless, NFTs are rarely used to collect rare artifacts scattered throughout the game but form the bedrock of what are known as NFT games . These are games that are played on the blockchain and that work mainly according to the principle of play-to-earn . One of the most popular blockchains for NFT games is undoubtedly Ethereum.
Criticisms of blockchain gaming
Despite the enthusiasm that surrounds NFT games, the games themselves and the play to earn are the target of violent criticism.
One of the frequent criticisms of blockchain and NFT gaming is the heavy environmental impact of blockchain itself . The fact that all transactions carried out with non-fungible tokens, such as the creation and sale of NFTs or the purchase of tokens at auction, require calculations on the relevant blockchain and therefore consume large volumes of electricity is undeniable.
The blockchain of the famous altcoins currently uses the Proof of Stake algorithm. This can significantly reduce power consumption, making NFT games more environmentally friendly.
In addition, the play to earn strategy has also come under fire from critics. With traditional PC games, users pay a fixed fee to play. Registrations for NFT games are often free, but to play the games an initial investment is required. Since the gaming and cryptocurrency market is subject to fluctuations, investing in NFT games is a speculative and risky operation.
The three best NFT games
Regardless of what critics think, the blockchain gaming market is large and ever-expanding. Several NFT games already implement play to earn. Here are three of the most famous blockchain games.
CryptoKitties is an NFT game based on the Ethereum blockchain. Players buy virtual cats as Non-Fungible Tokens in order to have them mate and breed cats of even greater value. To do this, players must first purchase the cats to be paired through ETH. NFT cat mating is paid for through Ether currency.
The game aims to obtain rare and even higher value cats through strategic breeding . Raised cats become NFTs that can be sold . This is where the Play to Earn aspect comes in. Players who have bred particularly rare specimens may have the opportunity to sell them to other CryptoKitties players for a profit.
Axie Infinity is similar to CryptoKitties in that it is also based on the Ethereum blockchain. Axie Infinity is the most played game in the world on the blockchain .
The central element of the game are the so-called Axies, which are purchased by players as NFTs. These must then be bred and can be mated during the game. The game mechanics are reminiscent of those of the Pokémon games. Users can battle each other through their Axies. Each Axie is unique. Similar to CryptoKitties, players can earn money by breeding rare and powerful Axies and reselling them.
Football fans also have a chance to get their money’s worth with Sorare . This game, found on the Ethereum blockchain, allows players to make a name for themselves by becoming managers of their own football team . A team consists of five football players represented by NFT trading cards. Each group of players includes NFTs which are based on real footballers. Players participate in matches with the teams they have formed. Each victory brings more trading cards and more Ether.