For decades, the concept of gaming has centered on entertainment. Players mostly focus on winning the games with little or no intention of earning in the games. The exception to this are the punter-focused games. Nevertheless, with NFT gaming, this approach to gaming is changing really fast.
You would stop wondering why these games have quickly become trendy with the understanding of what it entails and the benefits players derive from them. This is unlike what has been seen in the past with respect to gaming.
What is NFT Gaming?
The discovery of the blockchian has led game developers to the understanding of how it could benefit the gaming industry. Blockchain has certain desirable features such as immutability and transparency. Also, it is possible to sign or mint items on them.
Even though the popular use cases of blockchain relates to finance such as cryptocurrencies, developers have been able to mint non-fungible tokens (NFTs), unlike the traditional type of fungible tokens such as cryptocurrencies. The implication of this is that game players can actually collect valuable items that are unique in each of the games that they play.
The interesting thing about these non-fungible tokens is that they are unique and rare. This makes it possible for them to be valuable. In fact, collectors routinely strive to own them, so having them as in-game collectibles makes NFT gaming platforms among the most interesting for players. Not only are they interesting in terms of recency, they are also the most rewarding since the players collect or hold these NFTs in the course of the game.
How Does NFT Gaming Work?
Games that feature NFTs are built like many conventional games except that sometimes the player needs to be a holder of the internal digital currency of the gaming platform to access the games.
Furthermore, there are several ways that a player can earn with NFT games. Some of the tokens are collected as the game progresses while others are won if the player achieves a milestone progress. What is obvious is that all in-game activities are geared towards collecting collectibles that are non-fungible items.
Also the concept of the metaverse is accentuated with NFT gaming. It enables the monetization of virtual items that were hitherto in-game concepts that people owned in the past without the possibility of converting them to real-life value outside the gaming ecosystem.
Items in the metaverse such as animals, land, water and houses can be monetized using the NFT or any other token that drives the gaming platform.
In-Game Token Economics
When you play a NFT game, you have the opportunity to collect the unique items that drive the economy of the game’s ecosystem. The token economics of the NFTs are mostly designed to make the tokens valuable.
One of the mechanics employed is scarcity or rarity of the item. Makers of NFT games and the owners are aware that value cannot be divorced from scarcity. Scarcity drives demand and this causes people to want to own these items because they’re in demand and valuable.
In some platforms, scarcity is accomplished by pegging limits to the number of collectible NFTs that are available for the game. For instance, there could be a maximum of 10,000 collectible items within the game.
This implies that when the 10,000 unique items have been collected, the holders can then trade them in the secondary market or in-game while playing against other players or the computer. New collectors also can only get the NFTs if they play and earn by winning the holders or else, they can buy from the secondary market that supports the NFT of the gaming platform.
Equal Value NFTs
In practice, NFTs are unique items that their owners have ways of proving ownership on the blockchain. The creators also can prove that they are the makers of the token. When fixing the value of a NFT, some makers assign equal value to their tokens while others build tokens that do not have the same value.
In-game NFTs could also be of equal or variable prices. The value placed on a token is mostly determined by the vision of the game makers and what they hope to accomplish with the game and the governance of the gaming ecosystem. A holder of many tokens of equal value would have a greater voting power in the governance of a metaverse.
Buring NFTs For Value
Still on the value of the NFT, there are instances when the token has to be burned to get higher value NFTs. This is still a tokenomics mechanic employed in some gaming ecosystems. To increase the worth of a collectible NFT, the owner may have to burn some of them.
This activity merges the value of the burnt tokens to give the owner less number of tokens that have higher value. For instance, five NFT ducks can be merged to produce one Super Duck that has more value within the metaverse of the Sup Duck gaming platform.
Burning of low value NFTs to yield a higher value in-game item helps the player to accomplish more in their game. For instance, in combat games, a chimpanzee produced by burning two low level NFTs would definitely have more fighting skills and power than the lower level versions. So burning serves a dual purpose of giving the player more leverage and increasing the rarity of the collectible NFT within the gaming ecosystem.
Why The Interest in NFT Games?
The main reason why people love NFT games is that there are more benefits that are derivable from them. It is definitely better to play with the prospect of gaining some valuable NFTs than just play in games where the player has no way of converting their gains to real-world assets.
Every NFT in-game collectible can be converted to money at the marketplaces where such NFTs are listed. However, it is important that the player ascertains that the NFTs that they’re hunting for are popular enough and have been listed at the appropriate marketplace before playing for them.
NFT gaming is not like traditional gambling platforms where the player can only be rewarded if they actually won the game. The collectibles that are available at NFT gaming platforms are incentives to play and come out with something even if the player did not actually win.
Those NFT items can be sold later in the marketplace even a long time after the game was played by the player. Some will still be valuable many years after the game is no longer in vogue. This is one of the advantages of non-fungible tokens: their rarity and uniqueness gives them demand in the collectors market.
Some Examples of NFT Games
There are many games that have been built around the NFT ecosystem. These cover the same themes that we have seen in traditional gaming modules and more. Some of the popular games that you may want to play are:
You can earn the SLP token by playing this game. This stands for the Smooth Love Potion which the player earns as they combat other players or the computer. The axies or aliens can also be bred to gain other axies with desirable traits. Axies reside on the Ethereum ERC-721 blockchain.
This is a virtual platform that enables the players to build their businesses such as e-commerce and real estate on the metaverse. Building, renting and leasing of the acquired virtual property is possible on this platform built on the EOS blockchain. You can buy, sell and trade your properties as well as be involved in treasure hunts.
This is a Sci-Fi dystopia game that enables earning of collectibles as the player battles through obstacles. It is another role-playing game that encourages asset ownership through NFTs. Selected NFTs can be traded in the course of the game despite being in-game materials that prime the gamer for the next phase of the adventure.
This NFT game enables the collector to own a SKILL token, which is the in-game token of the platform. This essential part of the ecosystem is needed to acquire your first game character. The player can select and adjust their weapons for the battle. As the game progresses, the player collects more of these tokens.
This is a strategic battle game in which the player collects NFTs. As a role-playing game, the player combats opponents for the limited resources in a jungle metaverse. Items created, found or purchased are owned by the player. This could be gold items or expensive luxury items. NGL, the native token of the platform, can also yield passive income through a staking-like mechanism.
Benefits of NFT Gaming For Players
Instead of playing without rewards, the gaming process of NFT gaming enables players to collect unique, valuable and sell-able items that benefit them for their efforts.
Some platforms give the player early access which may be free. This enables them to own these NFTs freely before their values are appreciated.
Playing And Earning
This is a general feature of all NFT games. The players collect these tokens in the course of the games and actually benefit therefrom.