Thanks to the introduction of non-fungible tokens (NFTs), it has become way easier to earn money from cryptos such as earning while gaming. This may sound like some sort of a scam or a Ponzi scheme, and I won’t blame you if you’re thinking that right now. But no, what I’m telling you is 100% true and there are lots of people out there earning tons of financial rewards playing games like Cryptokitties, Pepe Cash, etc. If you’re looking for some Bitcoin trading strategies, this is the ideal strategy for dealing with digital tokens.
That isn’t something you can do with your average games. That’s why below, we’re going to take a look at exactly how it’s possible to earn money by playing games online.
How it Works: The Magic of NFTs:
The earning process of money by playing cryptocurrency games works totally on the concept of Non-Fungible Tokens or NFTs. These tokens are digital and they provide you the ownership of items you hold.
In the case of CryptoKitties, it’s a cat, a digital kitty. They’re not just cute and cuddly. They can also be sold for thousands of dollars. And yes, you can buy them in exchange for cryptocurrency.
So, how the game works? Well, each kitty is unique, so it has its unique ID number, which lives on the blockchain. When you breed two cats together, you get a new one with different attributes (color and fur patterns). You can then sell or trade your new cat on any exchange that supports NFTs.
The same goes for CryptoCelebrities: a virtual celebrity that has its blockchain ID number and lives on an exchange where people can buy and sell them.
What Is an NFT?
Non-fungible tokens (NFTs) are a new form of crypto asset that can be owned by one person. This is in contrast with fungible assets such as currencies or commodities which have no distinction between one unit and another.
For example, if you have 1 BTC and we have 1 BTC then we own the same thing – there is no difference between ours and yours. However, if we own a rare collectible car and you own one too, then our cars are not interchangeable – they are different because they have different ownerships.
Each NFT has its unique ID number, which allows it to be tracked through the blockchain network so that anyone can see how many units of each type exist at any given time.
Benefits of Using NFTs :
NFTs, or Non-Fungible Tokens, have a couple of particular benefits in this situation. Because these are unique and one-of-a-kind, they make it easier to prove which player has what. Here’s a better rundown of the advantages of using NFTs for cryptocurrency-based games:
NFTs make it easy for players to prove their ownership of the items they have in-game.
- No Single Point of Failure:
Because NFTs are tokens that can be bought and sold and are listed on exchanges, there is no single point of failure. Even if the game company goes under, the items will still exist.
- Counterfeiting is Hard:
NFTs used for blockchain-based games are usually things like outfits, plots of land, or in-game items. That means because these tokens are designed to work with the game and are inherently unique they are very hard to counterfeit.
What You’ll Need to Play These Games:
To play games that award you with cryptocurrency, you’re going to need a few things:
- A wallet:
The first is a wallet. Not the leather kind, but the online kind you make at a website to store your cryptocurrency. Most people choose a wallet that is native to the Blockchain game or the crypto game that they are going to use for hosted on.
- Starter Items:
Starter levels are generally free from most of these games and thus aren’t worth anything on the market. Some games, though, require you to purchase something with crypto before starting.
To GET those starter items, you’ll have to load your crypto wallet with whatever token or coin the game accepts. Cryptoblades, for example, requires players to purchase Binance Coin.
If you’re interested in dabbling in the world of cryptocurrency and earning, why not do so literally while playing one of your all-time favorite mobile games? As with everything related to the newest technologies, however, there’s a learning curve involved, so keep that in mind before expecting rewards from these games.