What are NFT games like and why some use them to make money

Recently, NFTs (Non-Fungible Token) have gained some fame, partly because some artists have bought some tokens as if were pieces of art, however, not all NFTs are images, they are also found in video games.

NFTs are files that contain an image, video, music, document, and even video games. In other words, any digital element can become an NFT and be unique by being associated with a blockchain key, usually associated with Ethereum.

With this network of blocks, the archive becomes unique, which is why there are those who acquire them as if they were art paintings, since they cannot be forged: something like a painting by Pablo Picasso.

Thanks to the fact that they can be any digital medium, there are those who explored its possibility within video games. These NFT games are also called by some as Play to Earn.

Similar to other games, in these there are coins to buy accessories or missions and when the player finishes a level or defeats their enemies, they are given a bonus to continue playing and acquire products from the store such as skill upgrades, skins, among others.

In NFT games, those currencies are cryptocurrencies that the user must buy with real money in order to play. The trick is that when you finish a mission or defeat a boss, you get a bonus with cryptocurrencies, which can be exchanged for real money - that's why they are also known as Play to Win.

In this case, the player by obtaining cryptocurrencies within the game, just as in an average video game, can use their “winnings” in character improvements. Supposedly, the more qualities it has, the more its value will be in cryptocurrencies and real money.

Although it seems like a “win-win”, the cryptocurrency and NFT market is very volatile, which is why experts on the exchange have recommended against investing in these digital media.

According to a Bloomberg report, one-third of NFTs are worthless and another third are marketed at a low cost, so you could say that more than half of these are failing.

As stated earlier, many of them are based on Ethereum and are marketed on the OpenSea platform. Despite the fact that most crawl on the floor, there are exceptions such as Bored Ape and CryptoPunk that have managed to take hold of customers and a market.

Business Insider notes that only 1% of NFTs were traded for more than $1,500, while 75% sold for less than $15. Therefore, if the user is looking to start playing in these types of games in order to “become a millionaire” by playing and defeating their virtual enemies, they should consider that their investment could fail.

The first NFT video games emerged almost 10 years ago, but they gained strength in recent times with the popularity of cryptocurrencies. One of the most famous games is Axie Infinity, which according to IEBS School, in the summer of 2021 moved more than US 485 million dollars in its own economy.

Axie Infinity has nearly 2 million daily users, is inspired by Pokémon and in order to play at least two Axies must be purchased. Other popular games include Decentraland, The Sandbox, and Samurai Dodge.

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