NFTs are the hottest trends nowadays. Everyone seems to be talking about them, from celebrities to big corporations to deep-pocket investors. They have even transformed the gaming world in an unprecedented manner. NFT projects are sprouting here, and there is a dramatic fashion. The year 2020 brought a total NFT revenue of $250 million. This has grown eight times ($2 billion) in quarter one of 2021 alone.
If you want to jump on the bandwagon as an investor or player, be aware that NFT projects are not created equal. Some are better than others, and there are those not worth pursuing. Therefore, before you take the plunge, performing due diligence is key.
This article will find out if you can really earn money in NFT projects as a player and how to get started. You will also learn some of the best existing and future NFT projects to participate in.
What are NFT projects?
People engage with them for their monetary values; what makes NFT games valuable is the combination of secure ownership, limited supply, and transferability. As more and more traders and investors flock toward NFT projects, crypto demand in the gaming space is constantly growing.
Can you make real money in NFT projects?
NFT projects allow you to earn money while having some fun. The amount of earnings might not appeal to you, but others living on the other side of the world find them lucrative and worth spending their time on. For them, NFT gaming is a good substitute for traditional work.
For example, you can earn around $15 a day (or around $450 monthly) playing Axie Infinity. However, there are accounts of people earning around $2,000 monthly from this game. Most stories come from Axie Infinity gamers, but you could find similar narratives for other games in the crypto space.
How to earn with NFT projects?
To earn money in NFT projects by playing games, you have to do the following steps.
Step 1. Open a crypto wallet
The wallet you will use on the blockchain network supports a particular game. For instance, if you play a crypto game running on the Ethereum network, you can use MetaMask as your wallet, which will store your NFTs and crypto and will facilitate in-game transactions.
Step 2. Fund your crypto wallet
You need to buy certain crypto assets using fiat money so you can buy starter items in your games of choice. For example, if you want to play Cryptoblades, you must download and install MetaMask, buy a BNB coin, and swap it for SKILL, the game’s native crypto.
Step 3. Buy starter items
You can download NFT games for free. For starting, most games require you to buy avatars or characters, a deck of cards, indigenous tokens, or other items. You have to put up an initial investment before starting making money. For example, you need to buy three Axies in Axie Infinity for about $800 to get started.
Top existing NFT projects
Here are the top four best NFT projects to keep on your radar.
No. 1.Axie Infinity
It is undoubtedly one of the best NFT games in existence, considering its income potential. Released in 2018, the game is one of the early proponents of the play-to-earn business model. You can gather, breed, train, and put Axies to battle with other players in this game. Axies are NFTs themselves. You can sell them for real money or use them in the game to earn tokens.
No. 2. Lightnite
It is a combat game with a twist. Every player does not earn the same amount of rewards. One player may not reap the rewards but instead lose coins. If you are a good player, you can engage in one-on-one battles and earn Bitcoin when you win. If you fail in these battles, you could lose your BTC and might get penalized.
No. 3. Fantom Wolf Game
Fantom Wolf Game is not for free. However, it is one you can enjoy. The challenging part comes when you buy an animal. You can either get a sheep or a wolf when you do it. You have no control over this. Take note that sheep abound while wolves are scarce. Another challenge is that while buying an animal, a wolf might attack your barn and get your livestock.
No. 4. Idle Cyber
The concept of Idle Cyber is that you should protect your territory. The game setting is futuristic (i.e., 2088). The game involves humans controlling a pack of mutants to defend the territory, destroy cyborgs, and defeat gigantic bosses. This game runs on Binance Smart Chain and shows some promise. It provides plenty of ways to make money, such as staking and trading NFT items.
Top three best upcoming NFT projects
New NFT projects are being produced every day. Below are three of the best upcoming projects to watch out for.
No. 1. RaceFi
It is a car-racing game. You can join races or own in-game assets in this game and monetize them. You can only hold those assets that are NFTs. This game runs on the Solana network. If you like racing games, this is for you. If you are good, you can unlock various levels or modes.
No. 2. Rainmaker
It is a stock and crypto fantasy game. It allows you to make money by trading and to speculate in the virtual crypto and stock markets. You are like trading in real-world markets because the game attempts to mimic actual markets as closely as possible. Developers are looking to add more commodity and stock assets in the future.
No. 3. Polygonum
This ecosystem uses a real virtual coin (POG Coin). This game has a survival theme similar to the popular Squid Game and Hunger Games movies. You can buy and sell in-game assets, establish your territory, build a community, and unearth minerals and coins in this game.
NFT gaming has already established a strong foothold, with the industry reaching a record-breaking $14 billion in market cap. Still, new gaming firms and crypto companies are constantly coming to life at every turn, while existing companies are moving toward NFT and Metaverse integration.
The gaming industry does not show any sign of slowing down at the moment. As investors pour in more funds, this sector will see more growth in the future.