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What NFT games are like and why some use them to earn money

In recent times the NFT (Non-Fungible Tokens, for its acronym in English) have gained some fame, in part because some artists have bought some tokens as if they were pieces of art, however, not all NFTs are images, there are also in video games.

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NFTs are files that contain an image, video, music, document and even video games. In other words, any digital item can become an NFT and be unique by being associated with a key of a chain of blocks (blockhain), usually associated with Ethereum.

With this network of blocks, the archive becomes unique, hence there are those who acquire them as if they were art paintings, since they cannot be falsified: something like a painting by Pablo Picasso.

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Thanks to the fact that they can be any digital medium, there are those who explored their possibility within video games. These nft games They are also called by some as Play to earn (play to win).

How do they work

Similar to other games, in these there are coins to buy accessories or missions and when the player finishes a level or defeats his enemies, he is given a bonus to continue playing and purchase products from the store such as skill upgrades, skins, among others.

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On the nft games those coins are cryptocurrencies that the user must buy with real money in order to play. The trick is that when finishing a mission or defeating a boss, a bonus is made with cryptocurrencieswhich can be exchanged for real money -that’s why they are also known as Play to Win-.

In this case, the player, by obtaining cryptocurrencies within the game, just as in an average video game, can use their “earnings” on character upgrades. Supposedly, the more qualities it has, the more it is worth in cryptocurrencies and real money.

Although it seems like a “win-win”, the cryptocurrency and NFT market is very volatilewhich is why stock market experts have recommended not investing in these digital media.

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According to a report from Bloomberg, a third of NFTs are worth nothing and another third are traded cheaplyso it could be said that more than half of these are failing.

As stated before, many of them are based on Ethereum and are traded on the platform Open Sea. Although most crawl on the ground, there are exceptions like Bored Ape and CryptoPunk that have managed to establish themselves as clients and a market.

Business Insider notes that only 1% of NFTs were traded for more than $1,500, while 75% sold for less than $15. Therefore, if the user wants to start playing this type of game to “become a millionaire” by playing and defeating his virtual enemies, he should consider that his investment could fail.

The first NFT video games emerged almost 10 years ago, but have gained momentum in recent times with the popularity of cryptocurrencies. OROne of the most famous games is Axie Infinitywhich according to IEBS School, in the summer of 2021 moved more than US$485 million in its own economy.

Axie Infinity has close to 2 million daily users, it is inspired by Pokémon and in order to play you must buy at least two Axies. Other popular games are Decentraland, The Sandbox and Samurai Dodge.

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