In a world where everybody is looking for ways to earn money by doing something they love instead of the typical 9 to 5 desk job, NFT games come as the solution gamers have been waiting for.
Play-to-earn crypto games have opened the doors of game monetization for game developers and players. With NFT games, you make money playing games. At least half of the world's population must have had this as a childhood dream. Remember when you were doing boss raids or taking care of your virtual pets and hoping that one day you would be able to earn money like this? Well, it's all possible now, thanks to crypto NFT games.
The gaming industry never stops evolving, and NFTs are a big part of it now. Let's check out what you can do with your NFTs and how many options you have to earn rewards and get some extra money with NFT gaming.
All the ways you can earn income with play-to-earn games
When you think about NFT games, you're probably imagining a blockchain game that rewards you with crypto for completing quests and winning battles. You're not far of, as most crypto games reward players with in-game currency and NFTs for their gameplay.
But NFT games are more than just making money by winning a game against other players. There are many ways to generate income with NFTs and play-to-earn crypto gaming, and we will walk you through all of them:
Earn NFTs as in-game assets
The gaming industry introduced the option to buy in-game items that will advance your gameplay a long time ago. Sometimes, you can earn these items, like skins, weapons, potions, and more, through different actions performed within the game. Until here, nothing's new.
Playing NFT games brings users an extra feature: the possibility to earn in-game assets that are NFTs. Just think about the play-to-earn game Axie Infinity and their Axie creatures. Axies are NFT creatures that you can buy, sell, breed in the game and use to win battles against other users. Players earn Smooth Love Potion tokens that can be exchanged for Axie Infinity Shard tokens, the primary utility tokens of the NFT game.
Copyright © Axie Infinity
Earn crypto rewards in the in-game currency
Most popular NFT games reward users in the in-game currency that can be swapped for other currencies in any crypto exchange.
The Win.app play-to-earn crypto games reward players with FTW coins, the native Win.app cryptocurrency. The game's currency can be used to start playing different rounds, buy NFT collections from the NFT marketplace, trade for other currencies or sell for extra cash.
While some games call for interaction, others are passive. Players must battle each other in Axie Infinity, CryptoBlades, and Splinterlands to earn. In other games, like the Treasure Hunt mode in Bomb Crypto, the player must first choose the game mode where the game's characters do all the hard work to complete the level.
NFT staking is a new form of making money by locking your tokens in a smart contract. You are simply putting your NFT collection to work. While you sit back and play games, the locked NFTs from your digital wallet make money for you.
Staking pools are a common feature of play-to-earn NFT games like the role-playing game DeFi Kingdoms (RPG). Players go to the Gardens to stake JEWEL, the in-game currency.
Other NFT games that enable NFT staking are Mobox, Splinterlands, and Wolf Game, to mention a few.
Earn money by flipping NFTs
If you've never heard about flipping NFTs, you should know it means to buy low and sell NFTs high on NFT marketplaces, earning money from the transactions. Flipping is done over short periods of time, as opposed to other strategies like hodling that require the user to hold the NFT cards in his crypto wallet much longer.
If you are considering buying and selling NFTs for profit, you should factor in some things. You should have the token's utility in mind since this will be one of the key factors that other investors will look into. Along with the project's development team, the support of the local community should also be taken into account. Another essential aspect when flipping NFTs is their visual appeal, as many investors use their digital art as social media profile pictures or display it in a virtual gallery.
Mint your own non-fungible tokens
Another way to make money with an NFT game is by minting new in-game items.
The blockchain game, Decentraland, allows users to create 3D objects, wearables, and other collectibles and earn royalties from secondary market sales.
Another NFT game, Cryptovoxels, enables players to earn up to 10% of a sale price with each subsequent sale, thanks to smart contracts built on blockchain technology.
In CryptoBlades, players can forge neew weapons and make money by selling them on the CryptoBlades marketplace.
Copyright © Decentraland
Hold on for dear life to your NFTs
One of the most popular investment strategies in crypto and trading NFTs is called HODL-ing ( from the phrase "Hold on for dear life"), which implies that you collect NFT cards without selling them, no matter what happens in the market.
The objective is to make money in the long run, but as with any other investment strategy, it isn't risk-free. The crypto market is quite volatile, and there is no way of knowing when and how prices might go up or down.
Generate royalties from NFT sales
Let's imagine you don't just trade NFTs; you're actually a creator that mints his own non-fungible tokens. That means you can earn money from royalties every time your NFT is sold on the NFT marketplace. How exciting is that?!
The NFT creator can choose their own royalty rate during the minting process. Therefore any secondary sales will result in a payment to them. The majority of NFT royalty fees are set at 5% or 10%. However, some are higher.
Expensive NFTs usually have a royalty percentage embedded into them. In order to keep these assets appealing to potential investors, certain NFT marketplaces would cap royalties, often at around 10%.
Rent out your digital assets
Did you know that you can rent out your NFTs to other players? Axie Infinity, among other games, gives players the option to rent out their Axie creatures to other users.
Renting out NFTs is one of the finest methods to make money with them. For those that create and collect NFTs, renting them out might be a lucrative passive revenue source.
You may even rent or lend NFTs to other people via websites like reNFT.
There's nothing to worry about—all of the NFTs you rent are governed by smart contracts, but the NFT owner has the right to choose the length of the rental agreement and the NFT's lease price.
Sell NFTs as licensed collectibles
Your tangible valuables can be safely stored as digital assets on the blockchain and sold for the same or a higher price.
Sports cards are the most well-liked category of authorized NFT collectibles so far. To capitalize on NFT, however, brands are gradually hopping on with their authorized collectibles.
For example, NBA Top Shot allows users to trade and collect NBA NFTs that showcase influential “Moments” minted on the FLOW blockchain. Collecting these virtual trading cards is not only fun, but it's also a great way to make money with NFTs.
Copyright © NBA Top Shot
Invest in NFT projects early on
The secret to investing in NFTs is to buy in a project as soon as possible before the value of the NFTs skyrockets.
Most games and NFT projects initially mint their tokens at a low price, so the earlier you buy them, the better. You can consider some games like Blankos Block Party, Gods Unchained, CryptoBlades, or The Sandbox.
With Blankos Block Party, users can have fun and earn NFTs that can be traded for other cryptocurrencies through external exchanges.
The NFT game CryptoBlades runs on Binance Smart Chain and allows users to purchase characters, forge weapons and battle each other. The more you win, the more SKILL you make, the native in-game currency.
The metaverse game, The Sandbox, allows users to own virtual plots of land that they can sell to get the SAND token or trade with NFTs.
Copyright © The Sandbox
Where to invest in NFTs
Selecting a secure and trustworthy marketplace is essential to making your purchase possible, whether you're looking to invest in brand-new NFT projects for flipping or want to buy an NFT and HODL. Let's check some options:
Since the site provides both investing and minting services, NFT LaunchPad is the best option for individuals wondering how to start making money with NFTs. NFT LaunchPad offers interaction with the Polygon and Binance Smart Chain (BSC) networks.
The marketplace offers various NFTs, such as digital art, animations, games, music, and films. Every NFT is priced in wBNB, readily available from many altcoin exchanges. The NFT LaunchPad offers complete support for MetaMask wallets, with Trust Wallet compatibility soon.
Copyright © NFT Launchpad
Crypto.com NFTs Marketplace
Crypto.com is one of the world's leading cryptocurrency exchanges that has also launched its own online marketplace for NFTs in 2021. The market's NFTs in CRO and ETH offer a wide range of feasible investment options.
One of the most affordable venues to invest in these assets is on the Crypto.com marketplace, where there is no transaction fee when buying an NFT. The platform enables users to purchase NFTs using a credit or debit card.
As you can see, there are plenty of ways to make a passive income with NFT games while also having the most fun you could imagine.
Whether you're planning to stake one or two tokens, play some crypto games that reward you with NFTs, or simply flip NFTs for profit, you have all the tools you need to earn that extra cash.
There are so many games worth playing out there and so many NFTs that represent art worth collecting. Make sure you do proper research on the projects before investing money into them, as it's always better to be safe than sorry.
You're now ready to dive into the fascinating world of play-to-earn games and NFTs.
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