Blockchain-enabled non-fungible tokens (NFTs) are increasing in popularity in the crypto space. You don’t need the stats from Google Trends showing a steep rise in the number of users searching 'NFT' to know this for a fact. Instead, the buzz from your local or online gaming community will be enough to give it away.
NFT is a developing idea in Crypto, with many still ignorant of its possibilities and earning potential. However, some have a basic idea combined with a desire to explore opportunities like collecting and earning NFT tokens.
This article will cover some of the basics of NFT gaming, including buying NFT's and earning financial rewards while playing NFT powered video games.
Want to know the top play-to-earn Crypto Games in 2022? Check the Coinbase article here.
What is Play-to-Earn?
Play-to-Earn (P2E) games are decentralized apps run on a blockchain that reward players' game efforts with Crypto and non-fungible tokens. P2E games build on the concept of NFT platforms featuring digital arts and collectables, adding the functionality of interaction with other online players and rewards for game activity.
Usually, only the artists and gaming companies profit from video game productions. However, the impact on gaming since the introduction of cryptocurrencies is evident. Crypto’s ledger, known as the blockchain, gave birth to the idea of tradable, virtually backed in-game assets on the said blockchain.
Seeing the mass interest in Crypto (a market now worth over 30 trillion dollars), many developers saw the business opportunity of adopting NFT's into games, creating in-game cryptocurrencies and tokens for virtually trading them within the game environment.
As a pioneer of NFT standard interfaces, most NFT-enabled game projects are hosted on Etheureum's blockchain. NFT records are stored on the blockchain. Much like the ETH coin, the only difference is the extra information attached to NFT data entries. Each entry is a packet of data consisting of an owner's ID, metadata, safe file links, and more, making them unique. Programs that run on Ethereums blockchain are known as dApps.
According to Investopedia, decentralized applications (dApps) are digital applications or programs that exist and run on the blockchain or peer-to-peer (P2P) computers instead of a single computer. As a result, DApps (also called "dapps") are outside the purview and control of a single authority. DApps—which are often built on the Ethereum platform—can be developed for various purposes, including gaming, finance, and social media.
Although Etheureum mostly dominates the NFT sector, other blockchains are introducing NFT standards to support potential Dapps (Decentralized apps) on their platform.
TRON, for example, recently launched their first non-fungible token standard, which despite minor limitations, is expected to make room for Chinese dApps, and hopefully, compete with Ethereum's massive NFT network in the near future.
As we have it now, gamers (aside from live-streamers or pro-gamers engaging in tournaments) stand a chance to generate income from this blockchain-based technology, earning rewards as they play and swap their winnings for cryptocurrencies on supported NFT marketplaces.
Brief Review of Popular P2E Games
Due to the incentive to earn crypto rewards, a fleet of games that encourage engagement from more mature users has quickly taken on the gaming community.
Axie infinity remains the highest-ranked play-to-earn game for the time being. Other close follow-ups are Alien Worlds, Splinterlands, Arc8 by GAMEE, and Famers World. Usually, P2E games require some amount of financial commitment. Before you start to play and earn, purchasing in-game characters or objects for interacting with the game and other users is necessary.
Let's review the top five most popular play-to-earn games.
Axie Infinity
Axie Infinity is currently on top of the NFT gaming space and has been for a long time. Developed by Sky Marvis, the game revolves around collectables called 'Axies' (usually nothing more than side attractions on typical video games). Users can build, battle, and hunt for treasure within the vast Axie universe.
The game integrates a reward system for players in Axies, and proof of ownership of an Axie is stored on the Ethereum blockchain. Axies exist as non-fungible tokens, meaning game assets can be traded between players and exchanged for Crypto on any marketplace, making it convenient for players that have lost interest in the game and want to salvage their assets for cryptocurrency.
A user is required to purchase three Axies, which cost over $1,000. However, your sacrifice is very much worth it in the long run. After setting up your account, you can earn your investment back and profit by selling bred Axies and smooth love potions or receiving Crypto for complete game challenges.
Alien Worlds
Alien Worlds is an outer space-themed P2E game packed with adventure. Users go on interstellar quests to discover rare NFTs used to connect with other players on the Metaverse while racking up Trillium earnings along the journey. Trillium is a cross-chain fungible token (FT) that possesses playable value within the game and can be monetized on an exchange.
The game is interactive and strategy-based, allowing users to collaborate, make formidable allegiances, and purchase NFT game cards that suit their game plan on Binance Smart Chain (BSC) or WAX.
The game creates an absorbing fantasy for players by adorning its virtual space with several entrancing in-game objects.
Splinterlands
Splinterlands, formerly called Splinter Monsters, features a collection of cards that can be traded or used to place bets. Splinterlands runs on the Steem blockchain.
The most important asset in this game is its digital cards. One of the upsides of Splinterlands is the relative ease and affordability of setting up an account and purchasing game cards. A starter pack costs only $10, and Monster cards can be acquired using PayPal or whatever preferred cryptocurrency. However, you can only trade Monster Cards inside the Monster market exchange.
An option of six different Steem Monster choices is presented to the user. A player is expected to pick from the alternatives wisely to improve their winning chances.
Arc8
Arc8 is a P2E game powered by Gamee and stands out for its diversity of offered games to interested players. In addition, it boasts of a whopping number of 80+ addictive games. The prize, in this case, is a GMEE P2E token, existing under the Games ecosystem, minted on Ethereum and Polygon blockchain.
Arc8 has a large database of over 30 million registered and active users. Here you clash with fellow online players in a contest to win GMEE. Winners aren't simply decided by luck; only the party that displays the most skill becomes the victor.
This game is highly entertainment intensive. The focus of its developer is providing an exciting gaming experience for the users on mobile devices, even as they earn GMEE tokens.
Farmers World
Farmers World has a large game community of more than 150,000 players, much like Axie Infinity regarding the nurturing of virtual Axies to increase their value. Only this time, you are nurturing virtual farm livestock.
Players are charged with the duty of the upkeep, expansion, and protection of their farm animals and crops from jungle monsters. You earn NFTs by mining on farms and successfully breeding your pets to ward off jungle monsters after attack attempts.
Start-up costs for the game are the reasonable price of $500, which is required to fetch one Stone Axe and staking asset in a Wax Cloud Wallet. Investment can easily be recovered in a month, with a $570 earning if you mine up to 20 times daily.
How do Play-to-Earn games Work?
Earning in-game rewards while playing video games is not a new concept; in fact, a reward system is an essential algorithm that video game developers have incorporated for a long time. However, the items offered to users are utilized inside the game environment and have zero worth elsewhere.
The major model change in this pre-existing rewards system lies in the presence of Crypto's economy, which enables the sales of rewards in the form of virtual tokens outside the game for real money.
Earning In-Game Rewards
In-game earning is an underlining principle implemented by all play-to-earn games. In a nutshell, players are awarded rare items local to the game space by mining, betting, and competing with other players online. Afterwards, players may sell them in a relevant crypto marketplace for money.
These tradable items available on a play and earn video game are NFTs (non-fungible tokens). Players consistently strive to amass these tokens due to their exchange value for cryptocurrency. In a P2E game, an NFT encompasses several in-game characters and objects, including stickers, skins, rare items, and so on, which pass as digital assets with proof of ownership.
Earning Cryptocurrencies
There is a very large market for trading NFTs, where gamers could easily sell their NFTs for the currency supported on the platform.
Splinterland, for example, is a popular NFT game that allows users to collect Steem Cards and use them to battle or place bets with other players. Steam Cards are non-fungible tokens, which give you a winning edge in the game when strategically traded. It is noteworthy that not all cards can be sold; some are specifically reserved for only playing within the game domain. The same applies to most play and earn games; each one has an agreed class of NFTs that can be sold.
Benefits of Play-to-Earn Games
For Developers
As aforementioned in the introduction of this article, many game developers have seized the business window of P2E games and made enormous profits out of them. In addition, the incentive of earning possibilities while playing has bridged the age demographic of video games, appealing to adult gamers as well.
Furthermore, P2E games enable developers to beat Apple's stringent advertisement policies. As a result, targeted advertisement is now possible.
For Gamers
The opportunity to share in the profits of game production is an undeniable advantage to game users, transforming them from mere consumers to probable earners. Video games, typically criticized as a means of squandering time, are now seen as a potential income-generating tool. Gamers can now try out their luck on P2E games, win NFTs and sell them for a fortune.
There are testimonies of players winning over one million dollars by discovering rare NFTs in a P2E game. Although the probability of striking this kind of rare gold is quite slim, many games offer decent income for a player's time commitment.
Note that most P2E games charge sign-up costs. It’s only fair and healthy for the DeFi ecosystem if users make at least an initial investment before playing and earning. Initial investments are recovered if the players engage committedly in the game.
Despite the small amount of NFT games in the market (estimated around one thousand), the concept is still relatively new, and many other developers are in the works. Nevertheless, P2E games are performing well in the gaming scene, and although most are presently mobile apps, many see the likelihood of more sophisticated NFT games on PCs in the future.
Although one can never be sure of the future, it is safe to say that P2E games are here to stay when you consider the newly found support of the Metaverse.
Getting Started: How to Buy Gaming NFTs on Binance NFT?
Now that you've been given an overview of NFT gaming: what they mean, their advantages, and how they work, let's get to the core purpose of this article; how to purchase gaming NFTs and join the earning wagon.
Binance being a notable leader in the crypto industry, launched a marketplace for trading in-game assets and NFTs sometime last year to increase the accessibility of gaming NFTs in the market.
The Binance marketplace serves as a one-stop shop where people can buy, sell, and withdraw NFTs to be utilized in their respective NFT platforms. Additionally, Binance charges low fees for handling these transactions, and the interface is easy to use. Tutorials for NFT trading are also available on Binance to promote a good learning curve.
Binance IGO and NFT drop provide the foundation for a gaming metaverse that connects high-quality blockchain games and NFT assets to the largest and most passionate crypto community in the world. In addition, this platform increase exposure and hype for a wide range of gaming projects not housed on the Binance Smart Chain.
To buy gaming NFTs on Binance NFT, you need to have a Binance account. If you haven't created an account with Binance, follow this link. It won't take more than a few minutes.
There are two approaches to purchasing NFTs on Binance:
Binance NFT Mystery Box & Weekly IGO launches
In the last quarter of 2021, Binance launched its very first IGO. Since then, Binance has been lending popular games a platform for NFT games to showcase and market their in-game assets to the world.
According to Binance, IGOs, or Initial Game Offerings, are NFT collections from top-tier gaming projects available exclusively on Binance NFT. The collections can launch via auction, fixed price, or mystery boxes. Additionally, IGOs can be conducted over several rounds, offering a different number of assets each round with a tiered price structure.
All IGO offerings set for a specific date are showcased on a dedicated landing page. Binance adopted this method of singling out each offering to allow users to focus on one particular drop at a time. Instead of distractedly perusing through a cluster of different drops, users can tunnel their attention to one game project and its available NFTs for purchase.
Every Binance user has the opportunity to partake in an incoming Binance IGO. A special algorithm later trims the initially enlisted users during the final NFT allocation.
Step-by-Step Instructions for Participating in an IGO on Binance
First and foremost, log into your Binance account.
Click on Binance NFT on the homepage. For users that haven't used this feature before, there's a chance that Binance NFT won't be on the homepage. If that be the case, click on 'More' on the homepage. You’ll see a display of all services offered by Binance on your screen. Next, select 'Common Function,' then scroll to the trade section. Finally, click Binance NFT under this section.
You'll be redirected to the subscription page, and a 'Binance NFT Marketplace Terms and Conditions' menu will pop up. Read the terms and conditions, then click 'Accept.'
You’ll see soon-to-come events displayed on a slide. Next, click on the project of your choice. Binance will redirect you to the project's dedicated page, where you can subscribe to its IGO and view the full details of the project.
It is important for interested buyers to thoroughly read the details of the NFT gaming project in question; to see if it meets the criteria of purchase purpose their minds are set on. People buy gaming NFTs for different reasons;
For a keepsake, merely to hold on to a piece of NFT as a collectable
For investment purposes, buying with intentions to sell later when the asset is expected to accrue value in the future.
Buying in-game assets like weapons, skins, or characters to use for gaming.
Binance IGO entails four phases: Preparation, Subscription, Calculation, and Distribution.
Binance IGO features only gaming NFTs and consists of core in-game assets such as early-access passes, game objects, characters, exclusive Binance cosmetics and skins.
For devoted NFT buyers, Binance IGO drops provide the opportunity of getting early access to exclusive NFTs via auction, meaning they will only be available for sale on Binance NFT, enhancing their inherent rarity. On the other hand, sellers enjoy the increased value of their gaming NFTs.
Additionally, game developers benefit from exposure of their project to a wider audience, an increase of in-game assets value, and capital raise.
In a nutshell, all parties involved in the Binance mystery box and IGO offerings part with a smile on their face.
Binance NFT Marketplace
Besides lending their blockchain to crypto gaming projects to store NFT entries, Binance has a marketplace dedicated to trading fresh NFT creations. Unlike its IGO, Binance NFT Marketplace is compatible with NFT art and gaming. Buyers can acquire NFTs through Auction or Fixed Price sale methods via several different cryptocurrencies.
Creators and depositors are entitled to a 1% royalty payment for all subsequent trades. The same goes for secondary NFT depositors, re-trading a previously bought NFT.
Step-by-Step Walkthrough for Purchases NFTs on Binance
Here's a guide for buying NFTs either by Auction or Fixed Price.
Prerequisite Steps
Before jumping straight to trading NFTs, you must go through rudimentary steps. If you are already registered on Binance and have funds in your spot wallet, please skip steps one and two.
Create an account with Binance.
Next, you complete two of the three-step Identity Verification Process.
Buy Crypto (preferably BNB, BUSD, or ETH) into your spot wallet.
After completing these steps, you are ready to buy assets on Binance NFT Marketplace.
Via Auction
Go to Binance NFT on the home page and select an NFT of your choice.
Binance will take you to a page displaying the NFT auction sale's details, including the creator's name, NFT's name, NFT's description, current bid, buy-out price, and a countdown until the end of the bid. Then, click on the 'Place a Bid' button.
A box for inputting your bid will pop up. Enter the amount you desire to raise the bid and click 'Place a Bid.'
Once this is done, you have successfully placed a bid for the asset.
Via Fixed Price
This method is straightforward. After locating an NFT you like, simply press 'buy.'
Conclusion
Looking at all the benefits of gaming NFTs, it is understandable why people are eager to join the trend. Luckily, the doors are open to interested participants, either gamer, investors, or mere collectors. Whichever category you fall into, nothing is stopping you from joining the rally.
CLICK HERE to go to the NFT Marketplace at Binance.
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References
https://trends.google.com/trends/explore?q=NFT