How to cash out your rewards from NFT play to earn games

How to cash out your rewards from NFT play to earn games

At a time when the cryptocurrency industry is seeing worldwide growth, the sector of non-fungible tokens (NFTs) is generating interest. NFTs, which are based on blockchain technology, are virtual representations of real-world products – such as video play to earn games, music, and art – that have actual monetary values and can be bought using cryptocurrencies. Recently, the NFT sector has found its way into the multibillion-dollar gaming market, resulting in the establishment of – NFT play to earn games. Several of these play to earn games offer players the opportunity to earn significant crypto-assets.

These play to earn games‘ in-game assets have been tokenized, enabling players to gather them as non-fungible tokens (NFTs). To compensate gamers for their time spent playing, NFT games enable players to collect and exchange playable characters, weapons, vehicles, and other in-game assets known as NFTs. Depending on the game’s regulations, participants may either sell their NFTs for profit or amass them until they get crypto prizes without having to surrender their assets.

Individuals with an affinity for gaming as well as the crypto world seem to be embracing the NFT gaming feel.

For example, Sky Mavin, the Vietnamese parent company of the NFT game “Axie Infinity,” has attained a market price of about $3 billion (approximately Rs. 22,377 crores). Additionally, on October 4, the Axie Infinity game’s native Ethereum blockchain-based crypto coin, dubbed “AXS,” reached an all-time high of nearly $155 (approximately Rs. 11,500).

The following are five play to earn games in which you may earn cryptocurrency.

Unchained Gods: This is a free-to-play card game that mixes elements of NFT and classic card trading games. Players must get high-ranking cards from other players via victory in matches.

The high-quality cards may then be exchanged on the platform’s marketplace for bitcoins. Because the game is based on the Ethereum blockchain, participants must execute transactions using Ethereum.

Sorare: This one is for the soccer fanatics out there. Sorare is a fantasy soccer game in which users are tasked with the responsibility of purchasing, selling, trading, and managing a virtual club. The game’s participants are represented by digital cards generated on the Ethereum blockchain.

Players may earn cash or Ether cryptocurrency by assembling a squad utilizing football player cards and competing. In this 2018-developed game, players are awarded with ethereum tokens as rewards. Ether is the second-most valuable cryptocurrency in the world.

Evolution Land: Evolution Land is a new-world game in which the elements of land, fire, gold, water, wood, and silicon are used to create 26 continents. In a player-versus-player scenario, players must engage in tasks such as building, mining, and science. Players must build crypto wallets in order to transmit, receive, and manage crypto assets received from other players and as game incentives. Click here to read about How to play to earn games is revolutionizing the economy.

F1 Delta Time: F1 Delta Time is an Ethereum blockchain-based vehicle racing game in which players must gather fungible tokens — tiny, divisible tokens that may be combined to create greater crypto values. Additionally, the game components may be sold as non-fungible tokens (NFTs) that can be stored or sold for Ether prices.

Zed Run is an NFT horse riding game in which players must acquire the NFT cards for their preferred horse. Players may benefit significantly from winning races by exchanging their NFTs for cryptocurrency.

How can I withdraw funds from a play-to-earn game?

We said before that there are two primary ways to earn money while NFT play to earn games: discovering NFTs to sell or playing consistently to generate an in-game cryptocurrency stream.

These activities will provide you with NFTs, tokens, or a combination of the two, which you may sell on the secondary market. You may be able to sell both your NFTs and tokens on Binance, depending on the specific cryptocurrencies and products you own. While Ethereum and Binance Smart Chain (BSC) non-fungible tokens may be readily added to the Binance NFT Marketplace, you must first verify that the non-fungible tokens you want to sell are listed by Binance in your jurisdiction. Additionally, you must complete the KYC procedure to validate your account.

Exchanging cryptocurrency earned via play to earn games

To withdraw a token such as SLP or SAND, you’ll need to use an exchange that offers your play to earn games cryptocurrency in a tradeable pair. If you want to spend your profits in real life, you must also examine if you can swap the tokens for fiat money (such as US dollars or euros) and withdraw them to your bank account. Another option is to spend your cryptocurrency via a crypto card (e.g., the Binance Visa Card).

You may also change your profits to a stable coin, however, this will need an additional step to convert to cash. Your funds will be more secure in a coin such as BUSD than they will be in a volatile cryptocurrency such as SLP, SAND, or Bitcoin (BTC). Consider a brief illustration.

You’ve earned some SAND while playing The Sandbox and now wish to sell it. To cash out your SAND, you must first fund your Binance account with them.

1. If you’re using MetaMask or another cryptocurrency wallet, copy the deposit address into the sending wallet. Bear in mind that you will need cryptocurrency to pay your fees, including BNB for Binance Smart Chain and ETH for Ethereum.

2. Next, on the exchange pane, choose an appropriate SAND pair to trade. SAND/BUSD is an attractive alternative since BUSD is readily convertible to fiat currencies and may be utilized to lock in profits.

3. After that, sell your SAND using whatever order type you like. We’ve used a market order here, but a limit or stop-limit order might also be utilized.

4. At this point, you’ll have BUSD, which you may exchange for money on BUSD marketplaces such as EUR/BUSD. Once you’ve sold for fiat, the process of withdrawing your funds from Binance varies by jurisdiction and method accessible.

Concluding remarks

Play to earn games are a relatively recent phenomenon in terms of earning cryptocurrency. With the majority of new ventures and ideas, you often have to be first in line to benefit from them. However, play-to-earn allows gamers to make money. However, caution is always advised, since many play to earn games might be high-risk, unsustainable due to poor tokenomics, or even fraud.

To learn more about GameFi and play-to-earn, visit the Binance NFT website. There are frequent releases of NFT Mystery Boxes from companies such as MOBOX and My Neighbor Alice, all of which include usable NFTs for use in the gaming industry.

How centralized in GameFi?

How centralized in GameFi?

GameFi cannot avoid some type of centralization because of the need of developing and designing characters, write a story and rules, and generally structure a game world. However, many play to earn games is increasingly attempting to integrate greater player interaction. This might include voting on possible character stories, new NFTs, or regulations. As a result, players that own a greater number of tokens will have a greater voting power than others, which, although not democratic, does contribute to the creation of a more decentralized game experience.

The concept of providing other narratives is also quite popular in the entertainment business. Numerous television programs, for example, have effectively included plots with various endings into their shows – most notably, the television series Black Mirror’s Bandersnatch. While there may not be various possibilities for GameFi users, in the end, the active engagement in determining which tale will be told is certain to attract more players to the platforms.

To improve decentralization, GameFi apps make use of decentralized autonomous groups (DAOs). However, the use of DAOs to decentralize GameFi is still regarded to be a developing technology.

Can GameFi’s Online Universes Support a Self-Sustaining Economy?

There is considerable potential for digital economies to become self-sustaining and profitable. There are many explanations for this possibility:

  • GameFi’s value and user base continue to grow, producing more revenue. In August 2021, Axie Infinity, a popular NFT GameFi platform, became the first blockchain game to sell over $1 billion in total tokens and has over 1 million daily players.
  • As game worlds develop, they begin to contain legitimate revenue-generating assets. For instance, a player may use cryptocurrency tokens to purchase land in a virtual environment and construct a casino where other players can wager. Additionally, by using blockchains that allow DApps, GameFi apps have opened up an infinite number of opportunities for development.
  • The addition of new assets and functionality to these play to earn games has necessitated the employment of actual humans as characters inside the game. This may sound unusual, but when we consider how many people engage with others more in play to earn games than in the real world, we can understand its use and future expansion. 

To this aim, positions such as metahuman physicians, smart contract attorneys, fashion designers for avatars, and travel agents for the gaming world (to mention a few) will begin to develop, all of which will be filled by actual people. Along with professions inside the game world, GameFi has produced a plethora of opportunities for designers (costume, the universe, and NFT design, for example), software developers, and management.

Who Is the Founder of

Hai Duong, a Vietnamese cyber security expert at the top of his profession, leads the team behind GameFi’s official yield guild. The “official” platform is marketed as a central location for all GameFi play to earn games and their associated requirements.

To maximize the benefits to its players and investors, GameFi established an environment in which players may collaborate across play to earn games:

  • Gaming aggregator: Provides a repository for users’ in-game assets and NFTs, as well as the ability to rent, trade, and sell them across all play to earn games.
  • Accelerator for gaming: Includes built-in tools and templates for creating on the blockchain. Additionally, it enables factory contracts for Non-Financial Transactions (NFTs) and Play2Earn methods.
  • Yield guild and scholarship: Provides passive revenue potential through staking, yield guilds, and profitably renting out stuff to other players. Additionally, early access to freshly published projects and play to earn games is provided.
  • Launchpad for play to earn games and Early Game Offerings: Provides a platform for initial game offerings (IGOs).
  • Multi-chain NFT marketplace and NFT auction house: Similar to ECOMI, this GameFi platform enables users to purchase and sell NFTs.
  • GAFI token: On September 10, 2021, the ecosystem’s native token (GAFI) was created with the goal of increasing the platform’s value and visibility. It will be utilized for a variety of purposes, including fees, governance, staking, and liquidity support for GameFi.

The Origins of GameFi

GameFi-like concepts have existed for years, with World of Warcraft, SIMS, and FIFA all including the purchase of in-game tokens, and CryptoKitties using blockchain technology in 2017. However, the word GameFi was popularized in 2020 by Andre Cronje, creator of, and the cryptocurrency market quickly adopted it. From simple in-game tokens to complete integration of DeFi, the idea progressed. With its rapid growth and popularity, GameFi is demonstrating that DeFi is capable of more than merely renaming current financial ventures as crypto, demonstrating that it can be implemented in a variety of areas.

What Does the Future of GameFi Look Like?

GameFi provides a means of profiting in the cryptocurrency realm while simultaneously providing entertainment, which is a selling feature in and of itself. Add to that gaming’s addictive nature, as shown by research on dopamine release while gaming and the sheer amount of online players, and it is sure to continue expanding. Additionally, by diversifying into other fast-growing industries, such as DeFi and NFTs, it positions itself to gain from its triumphs. NFTs, in particular, are intended to be seen as visual collections. Thus, if a player can integrate a rare NFT into a game, garnering visibility, profit, and praise in the process, they are also more inclined to participate.

Another factor that may indicate further development is the game’s future decentralization, in which anyone will be able to influence how play to earn games are played, therefore promoting more involvement. Click here to read about How to play to earn games is revolutionizing the economy.

Finally, an intriguing concept is the possibility of future occupations on GameFi. With the globe experiencing a more insular and digital lifestyle in recent years as a result of Covid, things like consulting a doctor through virtual reality have become more feasible. Other possible uses range from legal consultation to fashion exhibitions. Mark Zuckerberg, for example, has indicated support for a metaverse, or digital reality, that incorporates such principles. This may also appeal to those who suffer from anxiety, agoraphobia, or just prefer to remain at home for a particular activity.

Without a doubt, there will be significant movement and change inside GameFi. With its capacity to diversify in response to market trends and implement new DeFi and DAO initiatives, it is well-positioned to grow profitably.