The Rise of NFT Games With Play To Earn Schemes

NFTs or non-fungible tokens (NFTs) are getting more attention over the last year. These have been around since 2013 when it was realized that not only Bitcoin and other cryptocurrencies can be traded as digital assets. However, it wasn’t until 2017 when NFTs started to get linked to gaming. This was the year when games like CryptoPunks and CryptoKitties were released.

It was surely exciting and interesting for cryptocurrency holders to have games that they can play with their coins. Before all this, they can only really use their coins on gambling sites if they want to play games. Bitcoin casinos and sportsbooks have been around for a while and cryptocurrencies have become great payment solutions for gamblers who would also deposit and withdraw rupees in 10CRIC and other Bitcoin gambling sites. It’s become a convenient way to gamble as it lessens the limits that fiat currencies have.

The release of NFT games in 2017 was somehow a glimpse of the potential that NFTs have and today, there are just plenty of people who are now hopping on this train. Especially that many NFT games have the play-to-earn scheme. Who wouldn’t want to play games and earn money at the same time? 

The Sudden Interest in NFTs

NFT gaming didn’t exactly blow up when it started in 2017 as many cryptocurrency holders seem to have ignored it. Some would even say that it was a poor use of the Ethereum platform and most NFT games are based on this cryptocurrency.

However, when 2021 came in, there was suddenly a surge of interest in NFTs and many would connect this to Bitcoin’s bull run. Ever since Bitcoin hit a new all-time high last year since 2017, many people have started to show more interest in cryptocurrencies and some found their way into NFT gaming.

Aside from gaming, the sports industry is also starting to adopt the use of NFTs as there is a market for it. People who are big fans of sports and athletes are usually interested in collectibles and NFTs are basically the digital version of these things.

The creators of CryptoKitties, Dapper Labs, eventually released NFTs of NBA Topshot highlights. Today, Topshot is now on the top spot when it comes to the source of volume for the NFT market. Other sports leagues are following this trend and it’s likely that this trend is here to stay.  To date, the most expensive sports-related NFT is worth 21.6 million USD and this is a photo of LeBron James in a tomahawk dunk post.

Popular Play to Earn NFT Games

When it comes to gaming, people are showing enthusiasm for NFT games with the play-to-earn scheme. Here are some of the games that people are now playing.

  • CryptoKitties

This is a cute game that allows players to collect and breed digital cats. Like any other NFT game, you will have to invest in this as when you sign up, you will immediately need to purchase cats on the market. Once you have them, you can start breeding them to have more cats which you can also breed with others or sell. The value of the cat will depend on its generation and how well the genes are. It is estimated that CryptoKitties brings in a revenue of over 5.2 million USD each year.

  • Axie Infinity

Axie Infinity is a lot similar to the popular game Pokémon. In this game, players get to have adorable monsters called Axies which are NFTs because you can sell them on the market. Many players earn money through breeding and selling Axies. The game also allows players to send their Axies to battle where they can win Smooth Love Potions (SLPs) which is what they can use to breed Axies. SLPs also serve as the cryptocurrency of the game. As of July this year, this game has already generated over 485 million USD of revenue.

  • Splinterlands

This game somehow has the same mechanics as how Axie Infinity works but instead of monsters, you get to play with digital collectible cards. The cards are the NFTs here and you get to buy and sell them on the market. You can also level the cards up and create decks for ranked battles where winners could get one of the game’s currencies: Dark Crystal Energy (DEC). 

The other currency in the game is called Splintershards or SPS. Currently, you can earn SPS based on your account’s inventory. The more DEC and cards you own, the more SPS you can get daily. Players also have the option to stake their SPS tokens to earn more daily. In August, Splinterlands was able to log over 300,000 new users.