The gaming industry and blockchain first united a few years ago. Billions of dollars are circulating in the gaming and crypto industries. The number of users is in the millions, and some people are interested in both directions at once.
Following the explosion of DeFi in 2020 and NFT in the first half of 2021, a new stage is underway where these sectors merge. Today, we will find out what GameFi is and how you can make money while playing NFT games. Let’s get started!
What Is GameFi: Key Things to Know
GameFi is a set of mechanisms that combine Decentralized Finance (DeFi) and online gaming. The Play-to-Earn concept allows you to combine business with pleasure and entertainment with your daily job. In response to specific in-game actions, a game rewards users with digital assets that can be sold on the crypto market and, therefore, have real value.
Nevertheless, the gamification of financial mechanisms is aimed mainly at those who want to make money rather than gamers. The fact is that blockchain games still look pretty rustic compared to traditional ones and provide fewer entertainment opportunities. Still, developers are trying to bridge this gap by constantly improving their apps.
How Do Play-to-Earn Games Work?
It is not surprising that such a phenomenon as GameFi has emerged. Previously it was only possible to invest money in games, but now there is an opportunity to earn some! The summer of 2021 is called the ‘summer of NFT’ because several blockchain games using cryptocurrency as a background enjoyed multiple increases in the value of their tokens during this period.
For example, the hype around Axie Infinity was followed by an increase in the price of an AXS token. This Ethereum gaming platform gained more than 800 million in revenue in 30 days and became the leader in this indicator among all DeFi protocols.
The GameFi industry offers developers opportunities to create new metauniverses and game worlds filled with creatures, events, items, and, most importantly, their own in-game economy that attracts many players. Users can make money from in-game activities while enjoying the gameplay process.
As NFT tokens become an increasingly popular financial instrument (the market cap has already exceeded $14.2 billion), they attract the attention of collectors and celebrity fans. And since GameFi blurs the boundaries between games and finance, the in-game economy seems even more attractive than the real one.
7 Best Play-to-Earn NFT Games 2021
Let’s consider several popular blockchain games with the ability to make money:
- Axie Infinity is a game that combines the opportunities for breeding in-game Axie creatures of varying degrees of value and further PvP battles between players. You can make money on both activities so that a player can fully enjoy economic freedom.
- CryptoBlades. It is necessary to equip your character with weapons and armor to defeat other users in the arena.
- Alien Worlds. Currently, it is the most popular blockchain game, according to DappRadar. It is an innovative space metaverse full of NFT items like land plots, weapons, avatars, or in-game artifacts.
- Upland is based on the trading of land plots and in a world similar to the real one. There is an opportunity to build a dream home, start a digital business, and sell real estate on a free open market.
- Gods Unchained is a free-to-play game that gives you full ownership of your in-game items. Each player can build their own card decks, collect rare cards and sell them to other players.
- Splinterlands is also a card game with a collectible aspect. You can receive financial rewards for each win in a card battle, as well as trade cards of various rarities.
- Waves Ducks is a duck farm in the truest sense of the word, where you will breed NFT ducks raise eggs, which will allow you to generate additional income.
These games use NFT items: characters, weapons, skins, land plots, decor items, etc. Therefore, there is no doubt that the growth of the NFT and GameFi industries correlates with each other.
Gamification is exactly the kind of mass-market opportunity that cryptocurrency has needed for so long. People have been developing the gaming sector for several decades. It is perhaps the only branch of the crypto industry where the average user can participate without much technological knowledge.
If you are interested in the list of upcoming NFT games, make sure to check our complete review on the best ones! Make sure to invest only in promising games, and don’t think too long before the bus is gone!
What is your favorite NFT game? Feel free to share your thoughts in the comments below!