This article is specifically written for beginners in the NFT gaming technology journey. Similarly, the NFT games you want to explore have many exciting features, but their financial implications are the highest. In other words, the collections are referred to as play-to-earn games on different grounds. Above all, what exactly do the NFTs cover, and how do you acquire them?
NFT games refer to video games based on non-fungible tokens of blockchain technology. The non-fungible implies that each of these tokens is unique and not replaceable with something else, as you will. On the other hand, a fungible token can be easily replaced b another and still be considered as having the same value.
For example, the one-dollar bill is a fungible item. At the same time, diamonds, baseball cards, and land are examples of non-fungible items. However, in this case, we refer to non-fungible tokens in the crypto world having their own unique properties. Besides, there can only be one official owner of NFTs per time and only one transaction or secured contract. Ethereum blockchain hosts the NFTs.
How NFT Games work
Creating an NFT is referred to as minting and involves an intelligent contract recorded on blockchain technology. Also, the storage and management of this contract require having a uniqueID or a token wallet address that is only accessible to the current owner. But when a new owner buys the token, the uniqueID changes to reflect the wallet address of the new owner. It also registers on the blockchain online public ledger.
Therefore, you now have a verifiable, traceable, and public ownership of that digital asset through Ethereum technology. The general ledger also contains information on the sale, price, and transaction ownership. Meanwhile, the technology also acknowledges any transaction made on that particular token. Both the license, proof, and sale of the asset are safe and secure.
How can you Buy NFTs?
The process of acquiring a new non-fungible token is different but simple. We can consider specific steps as a brief summary of what it takes to purchase an NFT that players can use in games.
- Buy a cryptocurrency such as ETH from a marketplace
- Keep it in a cryptocurrency wallet that you can use when you log into the NFT game base. On the other hand, you can store it in the safe wallet and control it alongside other digital assets.
- You can also trade, transfer or sell your cryptocurrency such as ETH coins to another from your own digital wallet. Not only does this provide the opportunity to control your asset, but you can also further purchase NFTs across several other marketplaces.
- Join an NFT marketplace as a game player. An NFT marketplace provides the opportunity to interact with the other players and synchronize your digital wallet to the site. Moreover, you can store and purchase digital coins and other assets for the NFT games.
How to Value NFT for Games
It is essential to have a reasonable estimate of the value of your NFT before making a purchase at all. Meanwhile, most NFTs may never rise in value, which means you need one with a real-world value to make profits. Moreover, in the open marketplaces for NFTs, there are well over 4 million assets for sale. The number continues to rise every day.
The real value of a digital asset in the NFT games depends on three essential qualities of the tokens, such as
- Rarity or ‘Celebrity.’ This quality refers to the desirability with a limited supply of the NFT, which increases the value.
- Utility. How much of a use is the digital asset of an NFT game outside the gaming platform? It is alright to think of it as art, but the value can also be much more than that.
- Uniqueness. The uniqueness of the artwork or project also enhances the asset’s value.
Best NFT Projects to Watch Out for
There are millions of NFTs for sale in the marketplace, and new projects are being launched daily. This reality makes it difficult to cut through the pile and pick the right ones to invest in and earn a reasonable income. Therefore, the next question is which of these projects you invest in and how you distinguish them from the others.
To make things much more accessible, we have compiled a list of our favorite NFT projects for 2021.
- Meka Verse
- Crypto Baristas
- Moon Boyz
- Adam Bomb Squad
- Creature World
Most Popular NFT Marketplaces to begin your Gaming Experience
After setting up your digital wallet and funding it, the next important thing is to find the right marketplace to shop for your NFTs. But we can make the journey smoother by providing some of the largest and most popular NFT marketplaces to get you started.
The OpenSea.io platform is a peer-to-peer one that bills itself with a collection of different digital items and game collectibles. Start by creating a digital account with the venue and browse through their collection of NFT collectibles. They also allow you to sort the group by their sales volume or set on a journey to discover new artists.
Rarible is a similar platform to OpenSea.io, but it is a democratic, open marketplace that allows creators and artists to issue and sell NFTs. The platform issues RARI tokens that enable registered users to weigh in on community rules, fees, and other features.
The uniqueness of the foundation platform is that artists must get upvotes or invitations from fellow creators to post-digital art. And if they desire to mint their NFTs, they may have to purchase some ‘gas’ to boost their artwork status. Suppose artists and collectors want to capitalize on the existing demand in the marketplace. In that case, they must carefully choose the particular NFT. Click here to read about The New REVV Racing in P2E Model of NFT Games.