Online gaming is currently the world’s most popular form of entertainment, having surpassed other forms of entertainment such as film, music, and traditional sports. This is an exciting time for esports players, fans, and bettors because there is always something new to discover as the industry continues its phenomenal growth. Aside from that, people all over the world are enthralled by the way blockchain technology and NFTs (non-fungible tokens) are revolutionizing the global nft games industry.
Gaming on the blockchain: A crucial component of the metaverse
The concept of the Metaverse is one of the coolest, most fascinating, and most lucrative concepts to emerge from the digital world. It gets its name from a portmanteau of the words ‘meta’ and ‘universe,’ and it is a virtual world that combines several technological aspects to allow you to work, shop, socialize, and, in this case, play nft games free to play in the same environment.
Metaverses are frequently powered by a public ledger known as blockchain, which is the same technology that allows for the creation of digital currencies and, more recently, non-financial tokens (NFTs). In total, NFT games developed in it, as well as the use of the aforementioned tokens, are classified as blockchain gaming — a world governed by smart contracts. In the blockchain, these are self-executing transaction protocols that allow all participants to benefit from nft games free to play while also earning money themselves.
How is gaming on the blockchain made possible?
Video NFT games created and stored in the traditional manner are controlled by a closed-loop control system, which mechanically controls a process without the need for human input or intervention. This means that no one other than the administrators of the centrally managed server will be able to access or modify their program.
In contrast, because blockchain is decentralized, the nft games free to play that run on it are not owned or managed by a single organization or authority. Smart contracts, on the other hand, enable members to save and transact their activities, as well as examine and reuse their assets, all through the use of blockchain technology. This is the method through which gamers earn money. Not only do they get NFTs as a result of their participation, but they also effectively and securely sell and exchange them with other players in bigger quantities, which is explained below.
What are non-financial transactions (NFTs) and how can you profit from them?
NFTs are digital assets that may take the shape of collectibles, artwork, or anything else that is valuable to the owner of the asset. However, although both are written and kept on a blockchain, NFTs are distinct cryptographic assets that may be used to represent both physical and immaterial goods. If you’re talking about video NFT games, it may be anything from in-game assets (such as a skin, bow, or staff) to prize packages and digital collectibles that game creators and esports organizations use to interact with and attract new fans.
In other words, the value of NFTs is derived from their particular authenticity, which cannot be readily replicated, hence granting the buyer the right to possess the original work of the creator.
While still a relatively new idea in online gaming, the market for non-financial transactions (NFTs) is now twice the size of the esports business. Starting at more than $250 million lately, it has swiftly risen to $2 billion in the first quarter of 2021 as a result of the large number of organizations and investors that have come on board with the trend.
Based on market capitalization, the top four NFT games and tokens are as follows:
Industry experts may be unanimous in their belief that nft games free to play are the future of online gaming, but which of the tokens now available on the market is worth your time and money? The top four cryptocurrency coins, as determined by market capitalization and coin value as of December 2021, are given below.
Axie Infinity (AXS)
- Coin value: $107.23
- Market capitalization: $6,541,215,490
- Axie Infinity (AXS)
The pay-to-play-to-earn paradigm is used in NFT games, and Axie Infinity is the most popular and successful product on the market today. This play-to-earn game, developed by the Vietnamese company Sky Mavis and first launched in March 2018, is based on the Pokémon franchise and uses cryptocurrency tokens named Axie Infinity Shards (AXS) and Smooth Love Potion (SLP) (SLP).
• The coin’s value is $6.25; the market capitalization is $5,747,280,454.
It is greatly sought for by gamers since it allows them to take their creativity to a whole new and profitable level. The Sandbox has its own native currency, which is SAND. It was created by the game company Pixowl and is a large metaverse that allows people to play, develop, own, and monetize their virtual worlds. It is now in beta testing. They may construct a variety of constructions out of materials such as water, lava, sand, and glass in order to achieve a certain aim or mission objective.
• The coin’s value is $3.78; the market capitalization is $6,861,045,501.
Decentraland is a phrase that means “decentralization” (MANA)
In contrast to Axie Infinity, which is now the most popular NFT game, Decentraland is the largest virtual environment in the world of NFTs. It is a 3D virtual reality platform that is represented by two key ERC-71 tokens, LAND and MANA, which are both traded on the exchange. Because it consists of 90,601 pieces of land, each piece of LAND is distinct and allows its owners total discretion over anything they want to do with their parcel of land.
Land, on the other hand, may be acquired via the usage of MANA. The catch is that the total supply of Decentraland is set at 2.6 billion, and the currency will never surpass this limit at any point in the future.
Enjin Coin (ENJ)
- Coin value: $2.91
- Market capitalization: $2,454,398,008
- Coin value: $2.91
The Enjin blockchain technology firm, in contrast to the other nft games free to play described above, allows people to develop and administer NFTs, thus its motto “NFTs for Everyone” (NFTs for Everyone). This platform makes use of an Ethereum-based token known as Enjin Coin (ENJ), with the goal of making the usage of non-fiat currencies as smooth as possible for people, brands, and businesses.
Blockchain gaming has a promising future in the metaverse, according to experts.
Since its modest origins, online gaming has gone a long way, and continues to do so. After beginning with large arcade machines housed in amusement centers, it has developed into an emotionally charged and high-tech sophisticated entertainment that requires meticulous planning and preparation on the part of the participants.
While juggernauts like as Dota 2, League of Legends, and Valorant may dominate online gaming now and in the future, it is impossible to ignore the inevitable popularity and financial value of non-traditional games (NFT). They are valuable for a variety of reasons other than their gameplay and features. Their innate distinctiveness and ever-growing worth are two of the primary reasons why both gamers and esports bettors are prepared to spend millions of dollars on them.
In one form or another, non-financial tokens (NFTs) and digital currencies will be the optimal means of exchange for anyone seeking to make investments in the metaverse. When you use cryptocurrency to play NFT games and make bets at Bitcasino, you already know that you are one step closer to the future terrain of the digital world than you were before.