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.
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.