What are NFTs and how to make money on it
Non-exchangeable tokens became especially popular in 2021 and continue to be in demand among the cryptocurrency community: according to The Block reports, this market grew by 43000% last year. Both then and now, it offered numerous users an opportunity to make good money. And we at Crypto Webz are all testing and reviewing!
Features of NFT
NFT or non-fungible tokens are a special type of digital asset that is unique and impossible to replace with an equivalent unit. In a classic cryptocurrency system, every coin within a blockchain is identical: 1 Bitcoin is worth the same as another Bitcoin, can be used for the same purpose, and if two users exchange their Bitcoins, it is a fair exchange.
Non-exchangeable tokens are exclusive. Properly, they are linked to a specific digital object, thereby moving the latter into the digital space. This property has allowed NFT to be actively used in the field of art, digitally rendering paintings, animations, or even songs in this way.
By purchasing NFT, the user becomes the owner of the digitized object and can sell it later on. It has little to do with the financial markets and is much closer to collecting.
NFT in Play-to-Earn games
In 2021, non-exchangeable tokens were sold predominantly at auctions. Artists from all over the world monetised their creations on platforms such as OpenSea, earning sometimes unreal amounts of money: for example, Bipley’s “Every Day: The First 5000 Days” sold for over $60 million at an NFT auction.
In 2022 there are more ways to make money. Play-to-Earn games are now particularly popular: in them a player can make a completely real profit just by having a good time.
NFTs in this regard are most often tied to collectibles within the game or items directly affecting gameplay: these can be exclusive avatar outfits, plots of land, artefacts, weapons and much, much more. The game usually provides several ways to obtain non-exchangeable tokens — they are not only sold, but can also be picked up randomly or given out for some achievements.
In addition to NFT, the game usually also has classic tokens, which can be earned in battles and for selling any in-game items/objects. The value of the service cryptocurrency can also grow, providing profits with no or minimal investment.
Famous games
There are already several NFT game projects on the market today that have successfully proven their potential as a source of income. Let us list the most famous of them:
1. Axie Infinity.
Probably one of the most famous games of the Play-to-Earn model. The mechanics of the game require the player to collect unusual characters and then dispose of them at their discretion — for example, to use them for battles with other players in the virtual arena or to create new characters. These can then be sold and form the basis of income.
2. CryptoKitties.
Another popular option for those who want to spend their time in a fun and rewarding way is to collect and raise digital kittens, and then sell them at auction. This is one of the oldest NFT games — it was created in 2017 and got a second life and a new round of demand in 2021.
3. Gods Unchained.
Gameplay-wise, this game is slightly different to the previous two — it’s a card game. It’s a bit like an improved version of Hearthstone: players have their own decks, unique or rare cards that not only allow them to gain an advantage over the enemy, but also to make money by selling them.
Many more projects are still in development — some of them closely related to the concept of meta universes. Over time, users will have even more opportunities to profit.
Earnings prospects
Player earning potential in NFT games depends on the specific game, experience and market demand. Today, the average user earns up to $50 per day by collecting and selling non-interchangeable tokens, as well as making transactions with the native tokens of the game platform.
It is common practice to progress through multiple games at the same time, which also allows you to earn more.
Choosing from the plethora of NFT games is not easy. We play many ourselves and do in-depth reviews. By the way you can earn in NFT not only from games, more info in our channel:
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