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The World of NFT Play to Earn Gaming

Gaming has been around for centuries. In the modern era we think of console and PC gaming, in the past the rage was card games and board games. It’s clear that the gaming industry continues to evolve with new technological advancements. One of the latest groundbreaking technologies is undoubtedly the blockchain. It may come as a surprise to many that the gaming world and blockchain industry intersect in what is now called the NFT for gaming industry.

Alright, now there’s a lot to digest here because when most people think of Blockchain they immediately think cryptocurrency. There’s a newsflash for all, blockchain is more than just bitcoin and ether. It’s here to revolutionize gaming too. And here’s how.

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What are NFTs

Before we jump into the world of NFT play to earn gaming, let’s consider what NFTs are. NFTs or Non Fungible tokens are unique digital assets. This means if someone owns an NFT they have a proof of ownership of that token, stored in a digital ledger on the blockchain and it is not interchangeable. They are the sole owner of that asset. It can be anything from images, in game rewards to music as well. On the contrary, something like bitcoin is interchangeable or fungible because you can trade one bitcoin for another and it would be exactly the same. So in a nutshell NFTs are unique digital assets.

How do NFTs Relate to Gaming

Okay now that we’ve gotten the technicalities out of the way. Let’s apply this same logic to gaming. Essentially NFT games are the same as any other game except;

In a typical game, players earn tokens or rewards for achieving milestones, these rewards are confined to the gaming ecosystem. This means they can only make use of these tokens within the game itself. Whereas with NFT gaming, players can transfer their tokens or rewards to another game environment, or sell their rewards for cryptocurrency. The key thing to note is that, the reason why gamers can do this is because some rewards are rare in the gaming sphere. Therefore giving them unique or non fungible status.

Gaming Community Response to NFT Gaming

According to research done by Displate.com, As the play to earn space continues to grow, public interest in purchasing high end gaming equipment has increased. It seems that now more than ever it’s important for gamers to have an awesome gaming setup. Because gaming is now a sure way to earn a living through blockchain technologies. Hence the popularity in researching cool video game room ideas across the internet.

Gaming has evolved from something only kids and a few “geeks” do to something competitive and respectable. Google trends reports an increase in worldwide interest from 6% in 2010 to a whopping 90% interest in January 2021 for the keyword “gaming room ideas”. Google expects this trend to increase over the next few months to a 100% interest according to their trends projection.

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NFT play to earn gives players incentives for great gaming performance. This is because tokens and rewards are won by winning games and unlocking achievements. This explains the increase in popularity of search keywords related to “gaming bedrooms” and “gaming room ideas” etc.

Let’s take a look at what the benefits of NFT gaming are for both game owners and game players.

So, Why is NFT Play to Earn Gaming valuable for game owners?

It’s no secret that game owners invest time and money into making a gaming platform popular. They handle marketing and put forward capital to ensure a game can reach its full potential in profitability and player satisfaction. The perks offered by integrating blockchain technology into games provide the following benefits to game owners.

The most notable benefits for owners are:

  • Money earned from transaction fees

When players transact tokens over gaming platforms, owners can charge transaction fees. This can be done through intermediate wallets, or upselling.

  • App store royalties

We all know that most games are bought through app stores such as origin, steam, google play store etc. Owners can earn great commissions from the download fees of their listed games on these stores. In app purchases also provide an additional stream of income.

  • Venture Capital attraction

Venture capital funds have allocated billions of dollars into investing in blockchain startups, according to the World Economic Forum. Games provide great marketing opportunities as they attract massive audiences.

  • Game growth

Games can grow their existing player counts through offering enticing NFT in game products. Gamers can end up earning a living from a craft that they enjoy through future reward trades. Making it a great incentive for devoting time to playing.

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Why is NFT Play to Earn Gaming valuable for gamers?

As the world shifts into the digital landscape more and more. People are searching for new ways to earn a living through the internet. Amidst the outcry of job losses caused by economic shifts and co-vid 19. Some game enthusiasts have turned to NFT gaming as a means to earn a living.

The most notable benefits for players are:

  • Ownership of Game assets

Players get full control of their earned rewards, being free to choose what they do with them and who they sell them to. This exclusivity makes the dedication to gaming worthwhile.

  • Transparency and Security

NFTs are highly secure as they are protected by sophisticated blockchain technology. Gamers can rest easy knowing their hard earned tokens are safe. Additionally, all assets are kept on transparent ledgers that can be viewed by owners at any time.

Notable Play To Earn Data & Statistics

NFT Play To Earn games with the highest player count.blank

Supply of the Top 10 Play to Earn NFT Tokens in Public Hands

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Notable NFT Play To Earn Game Development Investor Fundraises

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NFT Play to Earn Market Capitalization Leaders

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NFT Play To Earn Market Capitalization Gainers & Losers

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Notable NFT Play to Earn Games to Watch In October 2021

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Considering that the play to earn space is still in its infancy. The data on the highest earning players is still hard to come by. However, there are reports of a DAO (decentralized autonomous organizations) raising millions of dollars in funding from Investors. A DAO is an organization that promotes blockchain-based games by providing a platform for users to invest NFTs in virtual worlds. Yield Guild Games, an organization that recently secured $4Million dollars in funding. Blockchain platform creator Polygon has recently set up a $100Million fund for projects aimed at merging blockchain technology with gaming. As the space continues to grow, we’ll see more prominent game development studios releasing their own play to earn games and investing millions of dollars into them.

As for the most prominent games available to play at the moment. The top game is undoubtedly Axie infinity, where top players earn $435USD per day. Developer Sky Mavis has reported over 350,000 daily active players in Axie. Additionally, the Play to Earn game is now reporting a $170Million monthly trading volume. This translates to roughly $11Million in total monthly revenue shares among players. The game has a total of $250Million total trading volume of its NFTs.

Blockchain asset trading platform Coinmarketcap lists over 59 different play to earn games. The top 8 of which report to have done over a $1Million in all time transaction volume. The top Play to Earn game listed on the platform with regards to sales value is God’s Unchained which has done over $22Million dollars in asset sales. It’s clear that the NFT gaming space is in the beginning of what could potentially become the “leisure earning space”, a career sector of the future where people can literally make a living playing games.

Conclusion

Now that you’ve got an insight into the world of NFT play to earn gaming. If you’re a gaming enthusiast, there’s no reason why you shouldn’t try your hand at earning from your play time. Be sure to do more research and become aware of the opportunities in your favourite gaming genre. Play to your strengths.