How and how much can you earn in NFT games?

A feature of NFT games created according to the Play-to-Earn principle is the possibility of earning money while playing. Rewards are provided to players in the form of NFT items or game currency, which is exchanged for cryptocurrency.

How and how much can you earn in NFT games?

How much can you earn in NFT games? This question is asked by many beginners who want to make a profit in NFT games. It should be noted right away that the amount of income depends both on the possibilities of the game, and on the time spent and your initial investment.

Ways to earn money in NFT games

There are several strategies for earning money in crypto games: from staking tokens to reselling assets. Let’s analyze each and them in more detail.

1. Mining in-game cryptocurrency

Many NFT game developers position their projects as a Play-to-Earn model. Gamers are offered earnings in the form of internal cryptocurrency (tokens), which work on blockchain technologies and are traded on crypto exchanges. These internal tokens can be exchanged for a popular cryptocurrency with subsequent conversion to fiat currency.

For example, in the game Splinterlands, when you win, you are rewarded in the form of the SPS internal currency, which can be converted at the rate of $0.06 at the time of writing.

Tokens in NFT games are issued for actions, winning tournaments or completing tasks. These tokens usually be sold immediately or used to further improve your NFT objects.

How much can you earn:

Your earnings depend on your activity directly, as well as on the exchange rate. For example, in the sensational game Stepn with the same activity:

• In April 2022, you could earn $100 a day at a rate of $4.03.
• In August 2022, you will earn $20 at a rate of $0.81.

2. Mining, breeding and upgrading in-game NFTs (farming)

This is the most popular way. And, in fact, this is how you will play and earn. The scheme is not complicated – depending on the conditions of the game, you get or buy an NFT starter set. After that, you actively play, participate in the life of the project, study the forums to learn new life hacks. Thus, your NFTs in the domestic market become more and more valuable. You can always evaluate their value on the internal marketplace, comparing it with something similar assets. When you are satisfied with the result and the price of the sale, just sell, and thus earn.

This is a reliable, but the most labor-intensive method that requires your maximum participation and attention.

How much can you earn:

Earnings range from a few dollars to tens of thousands of dollars. For example, in the popular game Axie Infinity, the most expensive Axie sold for $820,000.

3. Resale of NFT objects

Almost every NFT game has its own marketplace with internal items, characters and objects. Even without playing the game, any user with a crypto wallet can make a purchase and become the owner of the NFT.

In fact, it sounds simple – buy low, sell high. But in reality, in order to make money, you need a deep analysis of the tokenomics and prospects of the project, an understanding of internal trends, as well as often decent investments. In the future, the price may rise or fall, resulting in a profit or loss accordingly.

For example, if you received or bought cheap rare NFT in Solitaire Blitz, then it will not be difficult for you to sell it for more on the marketplace. And if you bought sneakers at Stepn on high, then in today’s situation you will be at a heavy loss due to the fall in the value of the domestic currency.

How much can you earn:

Your earnings in this case depend on the uniqueness of the non-fungible token, the exchange rate of the local currency, the popularity of the game, and the transaction fee. The order of numbers can be from $5 to $100,000.

4. Renting in-game objects

Metaverse games like Decentraland and The Sandbox are built around a blockchain-enabled virtual space. Buying land now, a person can count on further growth in the value of assets or start earning on renting out to other players or representatives of companies and various brands.

How much can you earn:

Your earnings depend on the attractiveness of the land and the internal exchange rate. For example, in Decentraland, the cost of rent depends on the location of the land, the history of ownership, proximity to celebrities and global brands. And also, in the center of the map and places of user activity, land is more expensive. At the time of writing, rents range from $2 to $10,000 per month. You can also, for example, build an attraction in the metaverse and charge for admission. There are actually more monetization options than we describe in this article.

5. Lease NFT Heroes (Scholarships)

Scholarships are an easy way to start making money in NFT games. Namely, this is the provision of their NFT heroes and objects for rent. Scholarships differ from the previous method in that one purchase here will not be enough – you need to increase levels and upgrade heroes. But there is a plus from this – in this case there is no ceiling in income, in comparison with the land. You can either find yourself willing to play on the basis of your NFTs, or establish a guild. In this case, you will be a manager who has acquired and invested in gaming NFTs. And your gamers will pump heroes. As a result, you share all the income.

The disadvantage of this method is that such transactions do not go through official channels, everything is based only on personal agreements. And sometimes such schemes are used by scammers for their own purposes.

How much can you earn:

In this case, it would be more correct to indicate the percentage of total income. As a rule, the owner of the NFT receives 50-60%, the rest – the player.

6. Borrowing NFT Heroes

This way is the other side of the previous way to make money in NFT games. In the above method, you have to spend money on the acquisition, but here, on the contrary, you act as a player who is trusted with your NFTs, and you pump them. And as a result of your success, share the income with the owner. You can either find volunteers on your own on specialized forums, or join an organized guild.

The disadvantage of this method is that such transactions do not go through official channels, everything is based only on personal agreements. And sometimes such schemes are used by scammers for their own purposes.

How much can you earn:

As we described in the previous way of earning in NFT games, the amount can be very different. Between $50 and $1,000 per month to be shared with the owner of the NFT. In practice, the player gets 40-50%, but it depends on your contribution to the gameplay and personal agreements.

7. Staking

This is a passive way of earning, and therefore requires a tangible initial investment on your part to purchase tokens.

In this case, you block your NFTs to increase liquidity and use them by other users within the project, and you get your interest for this. The scheme is similar to traditional bank deposits: the asset still belongs to you, but you cannot use it until the end of the staking period. At the end of the term, you receive your reward.

Many blockchain games have staking. For example, in DeFi Kingdoms, where players in the inner Gardens stake the internal currency JEWEL.

How much can you earn:

The income depends on the base value of the tokens you stake. Accordingly, the greater the equivalent, the greater the income. On average, the yield is from 5 to 20% per year.

8. Trading on the resale of internal cryptocurrency

This method requires on your part not just an understanding of the mechanics and principles of the game. You must have a deep understanding of investing in the trade market, know the trends in the crypto market. If you can catch a project at the start that will be a new hit, you can first purchase an in-game currency, wait for its value to grow and sell it profitably on the exchange.

But let’s say right away that this is an extremely high-risk way to make money in NFT games.

How much can you earn:

For example, let’s take the internal cryptocurrency ApeCoin for the OtherSide project. If you bought 1000 coins on 03/21/2022 at the rate of 1 ApeCoin=$10.67, and sold 1000 coins on 04/30/2022 at the rate of 1 ApeCoin=$23.65, then you would have earned $12,980 on resale.

Conclusion

As you can see, there are different ways to earn in NFT games. It all depends on your preparedness, investments, the scale of the project and the tokenomics of the project. For some, this method has become a full-fledged alternative to work, and someone earns in this way for “pocket expenses”. But the fact remains – the future belongs to the gaming industry, in which you can not only organize your leisure time, but also earn money.