How to make money from NFT Crypto Gaming
NFT (Non fungible Token) is a cryptographic token on the blockchain that represents a valuable asset in the crypto market. You can trade or play games to earn this token and sell it on the market.
What is NFT?
Compared to real money, cryptocurrency has nothing to distinguish between two coins of the same kind like Bitcoin or Ethereum. A Bitcoin in one person’s wallet is the same as a Bitcoin in another’s wallet, while a coin of the same denomination is distinguished by the serial number printed on it. In addition, virtual currency can also be broken down to units below 1 (and still be tradable) while obviously no one can tear a 1,000 dong bill to spend.
To overcome this limitation, NFT (non-fungible token) was born based on a cryptocurrency-like algorithm. It is anonymous, decentralized and cannot be tampered with because it is encrypted with the digital signature of its creator on the blockchain.
NFTs are also virtual but unique items that are made public for all to see and cannot be manipulated, removed or copied by anyone. With online games, virtual items are things that can be duplicated infinitely (duplicate), easily controlled by the publisher/developer, and have no value at all when the game is closed.
Just like other blockchains, NFT’s will exist on one address. The difference is that the NFT cannot be copied or transferred without the permission of the owner, not even the issuer of the NFT.
NFTs can be traded in open markets, like OpenSea. These marketplaces connect buyers with sellers, and the value of each token is unique. Naturally, NFT prices are subject to changes according to the laws of supply and demand in the market.
History of NFT
NFT has a history of being born around 2012, but then many people still did not pay attention to it. Around 2017, memes and memes were posted to the decentralized marketplace for trading in Ethereum. The same year, the virtual cat game on the blockchain platform CryptoKitties was officially introduced in the Ethereum community.
From here, the boom of the NFT ecosystem took place with countless games, cards, and auction floors. In a nutshell, NFT is like a 4.0 technology collectible that is extremely safe for both sellers and buyers thanks to the advantages of the blockchain platform.
However, NFT has only been mentioned a lot in the past few months because of recent news that surprised the technology world. First, the NFT digital painting by artist Beeple became the world’s first virtual item to be auctioned at the prestigious Christie’s auction house (United Kingdom, established in 1766). Thanks to that, it became known that the artist had previously sold a painting called Crossroads for $6.6 million on the NFT digital marketplace.
A few days ago, netizens continued to be surprised when they heard that billionaire Elon Musk’s girlfriend, musician and singer Grimes, sold a collection of NFT digital paintings for more than $5.8 million in less than 20 minutes.
Most recently, rock group Kings of Leon announced the release of a digital album with 6 special NFT versions for 50 USD. With the characteristics of NFT, the buyer will fully own the original album, transfer it at any time to anyone and be absolutely safe.
In basketball, the NBA Top Shot platform, which sells a collection of digital cards and player clips, has recorded a total transaction value of up to $280 million to date.
Today’s NFT Market
According to Coinmarketcap, there are now 76 NFTs tied to the respective virtual currencies that have been listed on the exchange. The total NFT lifetime volume on Ethereum has exceeded $120 million according to Non Fungible vendor data and is likely at least $10 to $20 million higher if Nonfungible counts excluding some platforms like Rarible which have surpassed 10 million volumes. USD compared to the past few months.
In addition to the NFT volume traded in the past month, one most notable indicator is the average price. The average NFT purchase price increased significantly quarter-on-quarter, reaching an average of $161, the highest since the launch of CryptoPunks and Cryptokitties in 2017.
The average NFT spend has surpassed the historical average of $23 for 150 consecutive days.
Practical Application of NFT
NFT can be used by decentralized applications (DApps) to issue unique digital items and cryptographic collectibles. These tokens can be a collectible item, an investment product, etc.
The gaming economy is not new as many online games already have their own economy. Using blockchain to tokenize in-game assets is just another step forward. In fact, the use of NFT has the potential to solve or mitigate the common inflationary problem many games have.
While the virtual world is flourishing, another application of NFT is the tokenization of real-world assets. These NFTs can represent fractions of real-world assets that can be stored and traded as tokens on the blockchain. This helps to increase liquidity for many poor markets such as fine arts, real estate, etc.
Digital identity is also an area that can benefit from the properties of NFT. Storing identity and ownership data on the blockchain will increase privacy and data integrity for many people around the world. At the same time, easy and trustless transfers of these assets can help smooth the global economy.
Why is Non fungible Token special?
Non-fungible Tokens have unique attributes, they are usually associated with a specific asset. They can be used to prove ownership of digital items such as game skins through ownership of physical assets.
Other tokens are fungible, like coins or banknotes. Fungible tokens are identical, they have the same properties and value on exchange.
Is it possible to invest in Non fungible Token?
The idea of NFT as an investment portfolio has gained wider recognition. It is catalyzed by RARI liquidity mining and a new understanding of the potential applications of digital ownership through NFT.
- There are currently several major categories to capitalize on the growth of the NFT Region:
- Collections and individual NFTs
- Financial Products, Derivatives and Indices NFT
- Layer-1 and layer-2 platform tokens that support NFT-based protocols and projects
- Governance token of the NFT platform
- Social tokens related to NFT
- NFT Platform and Infrastructure
Non-fungible Tokens are being implemented in gaming and crypto collectibles. For games, NFTs can be used to represent in-game items such as skins. Also, allow them to be transferred to new games or traded with other players.
Non-fungible Tokens add the potential to create security tokens that encode digital assets as well. This security token is non-fungible so asset ownership is fully traceable.
Additional NFTs can be certifications, software licenses, warranties, or both birth and death certificates. The smart contract of a Non-fungible Token always proves the identity of the recipient or owner. It can be stored in a digital wallet for easy access and transactions.
How to make money from NFT Crypto Gaming
NFT Crypto Gaming: Here are the Top Earning Games (Fighting Monsters, Plowing Game, Making Money)
- Axie Infinity: Axies, Lands, and other in-game items that are NFTs are currently deployed on the Loom Network and will be migrated to the platform’s Ronin sidechain to expand the technical infrastructure. Ronin is an application-specific sidechain specifically designed for Axie Infinity and is currently in the testnet.
- Decentraland: Decentraland is a decentralized virtual reality world where players can own and trade virtual lands and in-game NFT items. Cryptovoxels is similar, where players can build, develop and exchange virtual assets.
- Gods Unchained: Gods Unchained is a digital collectible card game where tokens are issued as NFTs on the blockchain. Since each digital card is unique, players can own and trade them with the same level of ownership as if they were physical cards.
- My Crypto Heroes: My Crypto Heroes is a massively multiplayer role-playing game (RPG). Players can level up historical heroes through quests and battles. Heroes and in-game items are issued as tokens on the Ethereum blockchain.
- Binance Collectibles: Binance Collectibles is released in partnership with Binance and Enjin on special occasions. If you want to own one, follow Binance on Twitter and search for giveaways.
- Crypto Stamps: Crypto Stamps are issued by the Austrian Postal service and connect the digital world with the real world. These stamps are used to ship mail just like any other stamp. They are also saved as digital images on the Ethereum blockchain, making them a tradable digital collectible item.
Epilogue
Gamers are probably too used to buying and selling virtual items in the game. The value of virtual items is measured in in-game currency and can be overvalued depending on the rarity of the item and how hot the game is. The introduction of the NFT token can help items in a game have value beyond that game for global trading.
Virtual items have made a strong comeback in the world of technology thanks to the presence of cryptocurrencies (cryptocurrency). NFT will probably be a trend in 2021 and crypto money-making games will explode. Let’s catch up with the trend to get rich, everyone.
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