Ready player one? Put on your Nike CryptoKicks and step into the metaverse as we explore the new phenomenon of NFT games.
To some, NFT games are a burgeoning digital economy bringing financial opportunities to millions of families around the world. To others, they’re our first taste of the virtual worlds that the next generation of the internet makes possible. And then some people simply see NFT games as a way to make a boatload of money. As you’ll see by the end of the article, they’re probably all right.
However, not many people actually know what NFT games actually are. So we’ll cover some key concepts and by the end of the guide, you’ll be more knowledgeable about NFT games than 99% of the universe. In fact, we think you’ll be ready to enter the metaverse.
- NFT games 101: Crypto games on the blockchain
- The 8 best NFT games in the universe… I mean… metaverse
- Ready player one? Your portal to the metaverse
NFT games 101: Crypto games on the blockchain
NFT games are simply crypto games built on the blockchain that let you enter the metaverse. Not making sense? It shouldn’t. NFT games are a brand new digital economy built on a revolutionary technology that 99.999% of people don’t understand. That’s why we’re going to touch on the key concepts of NFT games before we keep going.
1. What are NFTs? Prove ownership of a digital item
NFTs are Non-Fungible Tokens which means they’re one of a kind, unlike a bitcoin which can be swapped for any other bitcoin. For a deep dive into everything NFTs, check out our article; what are NFTs?
NFTs are used to represent ownership over a single piece of digital content, such as artwork, a video, or an in-game asset. Proving ownership of their in-game assets lets players buy, sell or trade them in blockchain play-to-earn games.
2. What are play-to-earn games? Crypto games and the digital economy
The gaming industry is currently worth hundreds of billions of dollars and is growing rapidly. Traditionally, all that money flowed towards the owners and away from the players. But in-game NFTs are giving players an opportunity to earn money thanks to unique, rare, and immutable tokens.
Already, the NFT play-to-earn gaming industry is already worth over AU$20 billion. Play-to-earn games are driven by in-game assets, such as player skins, weapons, or characters. Now, thanks to NFTs on the blockchain, they have become tradable goods like any other item in the real economy. As a player earns these items in the game, they can then sell them on NFT marketplaces for real money.
We need to look no further than Axie Infinity in the Philippines. As Filipino people have been breeding, battling, and trading digital pets called Axies, they’ve been earning extra money. In fact, some have paid their bills and even cleared their debts thanks to the crypto game. All they need is a phone and internet access to play.
3. What is the metaverse? The next generation of the internet
Metaverse is much more than a buzzword. The Washington Post called it the “next version of the internet” and Facebook wants to be a metaverse company.
The best way to grasp the concept of the metaverse is to watch Steven Spielberg’s film ‘Ready Player One.’ It shows how the internet will become so advanced we will be able to enter virtual spaces that are as realistic as real life itself, and in many ways, better. (As a quick aside for the word nerds, that’s where the ‘metaverse’ gets its name; it’s beyond the universe.)
NFT games like Decentraland and Sandbox are starting to make…