Tips for Online Gamers
Previously, only professional gamers could earn a living through gaming; blockchain has enabled anyone to do so.
In your childhood time, your parents advised you to put down the video game and find some meaningful work instead. You may now firmly inform them that such games have advanced as a result of developments in blockchain technology.
Using blockchain marketplaces, players may purchase and trade rare in-game things, gain prizes with real-world worth, and take genuine ownership of their in-game assets.
Nonfungible token based P2E games give players a number of ways to win prizes. However, your success in blockchain-based gaming is by no means assured. The amount of money you can make depends on a number of factors, including the worth of the virtual currencies and NFTs, the length of time you dedicate to grinding, and the strategies you employ. In general, there are a lot of free-to-play NFT games on the market, and they are also easy to play for beginners.
What’s NFT?
Tokens that cannot be exchanged for other tokens of the same kind or a different kind are considered nonfungible and are sometimes referred to by the acronym NFT. The blockchain keeps track of these tokens for use in the future. A decentralized, digitally distributed, and publicly accessible ledger system known as a blockchain has been built in order to record and verify all transactions involving NFTs. Some of these crypto assets can be used to represent a company, while others might represent a piece of music, or objects, such as tunes, paintings, and gaming currency. They come equipped with one-of-a-kind identifiers and metadata, both of which serve as proorf of ownership. The vast majority of NFTs are purchased using cryptocurrency. When an NFT is sold, its creators can get a cut of the profits through the use of smart contracts.
Here are ten strategies to think about if you’re interested in making money using NFT games.
When using NFTs, players are able to play the game in the way that best suits them. Token staking and the rental of NFT characters are two examples of how blockchain gamers can make money.
1. Acquiring virtual goods and currencies within the game
The vast majority of blockchain games provide their players with a playable currency that can either be cashed out or exchanged for other forms of cryptocurrency.
SLP is a currency that may be used in games such as Axie Infinity. Its primary purpose is that of the game’s currency while it also is employed in creating new characters. Axies are axolotl creatures, and if you play Axie Infinity then win battles, you will be awawith SLP. This currency can be cashed out or traded for other things in the game, as well as other monsters of the same type. As of this writing, CoinMarketCap showed that one SLP token was worth around 0.003547 USD.
Some games permit a player to take part in the experience without actively participating, while others require the player to do so. Battles are mandatory in Axie Infinity and other games like CryptoBlades as well as Splinterlands for players to level up and earn rewards. In certain games likes Treasure Hunt function in Bomb Crypto, mode must be activated where the characters do everything for the player to progress.
Things you must have: It would be best to have a cryptocurrency game, a digital wallet, and the necessary cryptocurrency.
Tips for Getting Started: Get yourself registered with the blockchain gaming platform of your choosing first.
Earning potential: That is subject to the game’s currency value, your playing frequency, and, to a lesser extent, your skill level (though not always, as some games are purely chance-based). An Axie Infinity beginner can earn 75 to 300 SLP every day, depending on the circumstances. The Treasure Hunt option in Bomb Crypto can award newer players with four or five BCOIN per run.
2. Virtual breeding
Along with fighting monsters and exploring new areas, breeding can be a lucrative sideline in blockchain games. Breeding in the context of blockchain-powered games means producing a new coin for use as a medium of exchange within the game.
One example is the popular online game CryptoKitties, which allows players to collect and care for virtual pets. An NFT male and an A player can breed a female and male NFT cat and sell the newborn kittens in NFT marketplaces. The qualities that a kitten takes after its parents are a significant factor in determining how valuable that kitten will be. To a large extent, the generation into which a cat is born affects the progression of these traits.
Things you must have: The catalyst and parent NFTs needed for the breeding process, along with your favorite blockchain game then create an account, the requisite cryptocurrency, and a wallet which is digital.
Tips for Getting Started: Now that you’ve joined the blockchain game’s breeding community and made an account, it’s time to learn the ins and outs of generating rare and powerful collectibles and virtual pets. The course of breeding pet is different in every game, as are the factors that determine the value of a newly obtained NFT.
Earning potential: It’s possible that you’ll need to make an initial investment that’s quite substantial, depending on the breed. It’s likely that purchasing rare and expensive NFT collectibles as parents will boost your odds of successfully breeding these items. Some individuals claim that individual cryptokitties have been sold for more than $400,000, as stated by Investopedia. A cryptokitty can be purchased on the market for an average price of $65.76 at the moment. Although some sell for tens of thousands, others can go for over two million.
3. Creating brand-new items through the minting process
New things can be “minted” and sold for a profit in a variety of blockchain-based games.
Revenue from reselling 3D models, clothing, and other items made in a metaverse video game is a real possibility for players. Because Cryptovoxels uses blockchain-based smart contracts, players can receive 10% of market price per sale.
Games like CryptoBlades have a market where users can buy and sell customized weapons they’ve made. The upcoming massively multiplayer online role-playing game Ember Sword will allow players to create their own NFT collectibles. Should their submissions be chosen for inclusion in the game, the artists whose work is featured will have a share of the game’s future sales proceeds.
Things you must have: a cryptocurrency game, a digital wallet, and the necessary cryptocurrency.
Tips for Getting Started: Sign up for a player account and then customize or construct your own tools, forge, breed, or use any of the other methods to create new stuff in the game. In case the chance arises, read the guidelines and calculate your potential royalties.
Earning potential: Regarding the creation of NFTs, the royalty percentage determines how much money you can make, so your earnings potential is directly related to that percentage. Based on factors such as genre and market, creators can earn up to 15% of total revenue.
4. Scholarships
The term “scholarship” is used to describe the method by which users of blockchain games can profit from the rental of virtual characters. The standard scholarly guild has a single leader and a handful of members (scholars). While the manager owns the NFTs officially, players have free reign to use them during games. Every member of the guild receives the same share of the rewards.
There are several examples of guilds having their beginnings in scholarship programs. Guilds are groups of gamers who play together and share victory prizes. Axie Infinity hosts multinational guilds.
Things you must have: your preferred blockchain-based gaming platform, an active account with that platform, the appropriate coin, and a wallet which is digital.
Tips for Getting Started: Managers require NFT symbols for rent when forming or joining a guild. Scholars are tasked with finding a property manager with a supply of NFTs for lease.
Earning potential: Participants in some scholarship programs will benefit from virtual goods they’ve won. For instance, members of the Axie guild have the potential to earn between 50% and 70% of any SLP they make or a predetermined amount.
5. Token staking
One can stake their tokens for rewards. When you stake your tokens, they become instantly tradeable. Epochs are token lockup periods at the end of which rewards are distributed (typically a percentage of transaction fees).
One example of a blockchain RPG that uses staking pools is DeFi Kingdoms. Players stake JEWEL currency in the Gardens area of the game. Players can stake emissions in exchange for JEWEL. As the game progresses and the player “unlocks” different time periods, they will also be able to “unlock” more goodies.
The method of earning known as “staking” is one in which the earnings are passive. After you stake, you can’t use your tokens. You still possess locked things, but unstaked tokens won’t be paid at era’s conclusion. The return on your tokens may be lower if you stake them as opposed to keeping them in a wallet. The staker suffers temporary loss if the token’s value decreases while being staked. So, staking is risk-free.
Things you must have: You’ll need your favorite blockchain game, a stakeable account, and tokens.
Tips for Getting Started: A blockchain game’s staking pool could be termed a garden, a bank, or just a staking pool. Before committing to a staking pool, be sure you’re familiar with its rules and schedule.
Earning potential: In Epoch 1 of DeFi Kingdoms, staking a token, you’ll receive 5% of the total unblocked reward pool. An additional 2% of available rewards are claimed with each passing Epoch. Staking potential is different in every game. Subject to the game and the token’s value, annual returns on staked tokens could range from 10% to 20%.
6. Participating in the NFT Market
When we talk about trading NFTs, we mean that these instruments are being bought and sold. Although “buy cheap, sell high” seems like a simple way to make money in the gaming industry relating to blockchain, it requires much work in the form of study, patience, and perhaps even an initial investment.
Many players of cryptocurrency games are eager to part with real money to get virtual goods because of the significance of NFTs. It’s possible to make money trading cards for Splinterlands, for instance, if you acquire a particularly powerful card.
The ability to buy and sell NFTs is a staple of nearly all blockchain games. Games like Splinterlands or Axie Infinity as well as CryptoBlades and The Sandbox are just a few examples.
Things you must have: your preferred cryptocurrency game, an account with that game, a wallet which is digital, and the necessary cryptocurrency.
Tips for Getting Started: Before investing in a blockchain game’s NFTs, make sure you understand what makes them valuable. If you are interested in buying and selling tokens that are not interchangeable, you have arrived at the right location. A non-fantasy item’s worth is based on many elements, such as its rarity, its abilities, its utility, its qualities, and more. Thereafter, you can begin amassing goods, buying things, and selling them in the hopes of generating a profit.
Earning potential: There is no assurance that the value of your NFTs will increase and there are always gas expenses involved if you buy or sell them. Your earnings will be proportional to the current popularity of the game as well as the value of the NFT, the in-game currency.
7. Competitions and activities to participate in
When it comes to massively multiplayer online games, some offer players the chance to participate in tournaments and other special events. In exchange for their participation, they can earn one-of-a-kind rewards.
Multiple tournaments are held on Arc8, a gaming platform that is accessible through mobile app and features eleven unique crypto games. A tournament is a competition in which players pay a fee to compete; the winner receives all the funds collected. In addition, CryptoBlades has special events referred to as Boss Raids. Players can form alliances during these times to take on bosses and reap special prizes.
Things you must have: a digital wallet, cryptocurrencies, your preferred blockchain game, and an online gaming account.
Tips for Getting Started: Sign up for your preferred blockchain-based game’s service. After that, participate in social media activities such as posting on Reddit, subscribing to newsletters, and joining Discord servers in order to stay abreast of upcoming special events. It would be best if you got some practice before entering competitions like these because they require specific gear and a certain level of experience.
Earning potential: Game rewards vary by choosing. Because tournament players pay an entry fee, the prize pool is fair. Depending on the number of competitors, value of in-game cash, and difficulty of the game, an Arc8 tournament’s prize pool may be $8 to $500.
8. Investing in “virtual” property
There are many names for the digital representations of real estate found in the Metaverse. Multiple crypto games allow players to trade and develop digital land. ERC tokens, or NFTs, are the cryptographic representations of digital assets.
Upland and The Sandbox utilise NFT parcels. Upland is a real estate market simulator built on the blockchain. In this game, players invest in virtual land, develop commercial structures in 3D space, and acquire portfolios of properties from which they can profit passively. Upland’s metaverse is based on actual places like San Francisco, New York, and Detroit, and players may use these places to travel to, shop in, and build whatever they can imagine.
In games set in the metaverse, the value of a virtual parcel is based on its characteristics. A property’s worth may increase if it’s near well-known land. A home that is conveniently located near a busy area may also have a large number of interested buyers. Location, size, history, and attributes affect a parcel’s value.
Things you must have: a digital wallet, cryptocurrencies, your preferred blockchain game, and an online gaming account.
Tips for Getting Started: You should start by learning the mechanics of the game and how a parcel’s value is calculated. In the metaverse of Axie Infinity, a real estate close to roads tends to command a higher price. In the game Upland, real estate that commands a high price on the open market may also fetch a higher price in the virtual world.
Earning potential: Virtual parcel trading can earn different amounts of money for different people. In a manner analogous to trading in gaming NFTs, the profit you make is proportional to the value of your initial investment and the amount it has increased over time. Players of certain types of metaverse games have the ability to construct their own P2E games and other types of parcel attractions, then collect admission fees and generate money off of their creations.
9. Streaming
Viewers flock to Twitch and YouTube to watch live gameplay broadcasts, although Twitch caters more directly to gamers. While there is a lot of competition in the streaming sector, it is possible to make a living doing it.
Subscription fees are Twitch streamers’ principal source of income. Streamers set the subscriptions cost and also often take donations. Paid subscribers can enjoy a range of benefits, including early access to new releases and other special material. YouTubers make money primarily from advertising and sponsorship deals, though some also take viewer donations.
Most blockchain broadcasters share content related to making or spending money, whether that’s how-to guides for popular games or just humorous anecdotes from the world of blockchain gaming. Popular gaming-focused channels on YouTube cover blockchain technology and video games including Go, Crypto Gamers, Shiny Hunter.
Things you must have: cryptocurrency, a digital wallet, your preferred blockchain game, a computer, a streaming platform, a camera, a microphone, headphones, and a soundboard.
Tips for Getting Started: Learning about blockchain games, looking into new blockchain games, and coming up with topics to discuss in your videos are all great places to start if you’re just getting into the crypto streaming scene. Most cryptocurrency influencers focus their efforts on social media sites like YouTube, Discord, Twitter, and Twitch, thus the important choice is a suitable platform. You may better guide the content you present on your website by establishing a firm presence on social media, investing in a professional-looking setup, and zeroing in on a target audience.
Earning potential: If you’re just getting started in the streaming industry, it could be a while before you start making money or even gain subscribers. Business of Apps estimates that the average monthly income for a successful Twitch streamer is between $3,000 and $5,000, while new streamers may have to wait a long before they see consistent revenue.
10. Mining
It’s still worth bringing up, even though some people might be reluctant to try it.
Perhaps “Bitcoin mining” is a term that is familiar to you. Hardware performs the “mining” of coins, creating more of the currency for circulation. Mining is the method by which new currencies are generated. Mining in a blockchain game typically begins soon after its release and can last for months. The new in-game currency is “mined,” or released into circulation, by the players themselves. “Mining” is the method through which new cryptocurrency is created in the cryptocurrency network by using specialized technology to solve complicated mathematical problems. The process takes a long time and costs a lot of money.
Remember that mining cryptocurrency is hard on your GPU. Only persons with powerful computers and enough money to buy mining equipment can generate money using this strategy. Check out the comprehensive guide to coin mining for more information.
Things you must have: For solo cryptocurrency mining, you’ll need a robust personal computer, a cryptocurrency wallet, mining hardware in the form of rigs, and, maybe, participation in a pool for mining.
Tips for Getting Started: It would be best to calculate how much it will cost to mine Bitcoin using your equipment, including your mining rig, computer, hardware, and electricity costs. After you have finished preparing your mining equipment and installing your mining program, you are prepared to start mining.
Earning potential: Experienced mining rigs can cost even more as $15,000, therefore a miner’s success is directly proportional to the initial investment they make in the venture. Mining rewards are not standardized, there is no way to predict the coin’s worth once it has been mined, and governments can tax mined coins. However, a miner might make passive revenue by selling or pooling the coins they have mined.
Conclusion
It may take some time to become used to playing blockchain games, but that’s no different from playing any other kind of game. Many crypto games have the advantage that they may be played without spending any money up front. However, to get started playing games like CryptoKitties and CryptoBlades, you will need to purchase some NFTs.
Before deciding how you’ll spend your time and what you’ll do to increase your profits, plan ahead. In order to not lose all your money, spread it out.