Throughout 2021, NFT games became famous and the reality is that they are here to stay, but do you really know what they are and how they work? Today we tell you all the details about the NFT games and why they are different from the others.
Basically these are games that have an internal economic system, they ask you for an investment to enter and once inside you generate money in the form of cryptocurrency. But not all of them work the same, that is why you should pay attention to what we will tell you next. If you already know one like Axie Infinity, don't forget to take a look at how to invest and earn money with Axie Infinity, since it will surely interest you.
NFT games: what are they and how do they work?
The first thing you should know is what are NFTs? These are nothing more than the acronym for No Fungible Token, which translates to Spanish as Token No Fungible. Namely, a digital asset that has a unique identification and that, Thus, has a market value. In other words, an electronic good that is unique and that no one else can get but you. An NFT can be as simple as a digitized drawing or painting.
Starting from this, the NFT games -as its name says- are games that use NFTs as their main asset so you can play. One example is the Axies from Axie Infinity, who are the monsters you must get to play. When you buy one, what you are getting is an NFT with an identification number that makes it unique and different from the others. Another example is the plants and trees in the game Plants Vs. Undead.
Looking at it another way, while in common games like Pokémon you catch Pokémon for free, in NFT games you need to invest to be able to get a character-monster-object that allows you to play said game. Basically, you are buying an NFT in order to play.
NFT games have their own apps to access them. They vary by project, some may be available for Android, iOS, Windows and Mac, while others only run on Android and Windows. So pay attention to this because you could be investing in a project that you could not play because you do not have the right device.
How to make money with NFT games
All NFT games have their own economic system. They can have one or several tokens and these in turn can be finite tokens that vary in price on supply and demand or infinite tokens that fluctuate based on speculation. Knowing this, our first recommendation is to inform yourself well about the NFT game, what its project is and how reliable it is, since no one will guarantee that your money will be returned in profits.
An example of this is Plants Vs. Undead, a game that became popular even before its release. This caused the value of their coin to rise so much that everyone made huge amounts of money in a short time and with a low investment. As a consequence of the immense and constant withdrawal of money by the players, the developers made some decisions that made the token will drop from $20 to $0,06.
The common thing is that you enter a certain game by buying its token and that in turn -with this- you can buy an NFT that will allow you to play said game. While you play you generate rewards in said token that after being withdrawn to your electronic wallet you can exchange it to another cryptocurrency or a stable coin like USDT.
While the basis of each NFT game is much the same (you buy NFTs to play and then earn), each game has its internal legislation: how often can you withdraw profits, taxes, etc. Example: In Axie Infinity you can withdraw your SLP earnings whenever you want, but in Plants Vs. Undead it was every 72 hours.
Although it can be risky, the truth is that NFT games are a real solid alternative if the projects are good. If you are more interested you can take a look at top 10 NFT games to earn money, we are sure that they will serve you.
Journalist in the technology sector for more than 3 years, with extensive experience writing in some of the reference blogs on Internet browsing, apps and computers. I am always informed of the latest news regarding technological advances thanks to my documentary work.