Here are the 10 tips to level up your investment in blockchain gaming
Even if there was a crypto winter, the gaming industry is still thriving and will reach new heights in 2023. In the present year, it is still blazingly hot. The number of innovative blockchain-based gaming ventures and games has increased over the last 12 months.
By leveraging the bull market of the prior year, GameFi firms were able to raise over $450 million in the first quarter of 2023. As a result, we will likely continue to be interested in play-to-earn and NFT games into 2023. Let’s discuss some of the top gaming-related cryptocurrency projects and investment options. Several methods exist with NFT-based and GameFi projects to attempt and generate money. So, let’s examine them!
1. Getting In-Game Currency: Most blockchain-based games contain native tokens and in-game money that can be exchanged for other cryptocurrencies or paid out in cash. For instance, Smooth Love Potion ($SLP) is employed in Axie Infinity, where it serves as both the in-game cash and a breeding item for the characters.
2. Breeding: Games built on the blockchain provide more than just combat, exploration, and collection. Another great way to get passive revenue is by “breeding,” which entails creating a new token for the game. The game CryptoKitties is a nice illustration. To produce new characters that can be purchased on NFT markets, players can breed male and female NFT cat characters together while playing the game.
3. Mining: Even if this method of generating money is unquestionably not for everyone, it is nevertheless important to note. Hardware that “mines” new tokens to be circulated is known as mining a token. The mining phase in GameFi starts as soon as a new gaming project is made available. Miners begin putting the native token for the brand-new game into circulation so that it may be utilized in the game. In crypto, mining uses hardware to solve challenging math problems and produce the next block. Unfortunately, the process is quite expensive and time-consuming. Additionally, the graphics processing unit experiences a lot of strain from currency mining.
4. Creating Fresh Game Components: Players can design wearables, collectibles, and other in-game items in various metaverse games and get royalties from subsequent sales. Players can submit NFT collectible design ideas or smith new weapons to sell on the market in other GameFi projects. If these creations are accepted, they can be included in the game, allowing designers and artists to continue to receive royalties from further sales.
5. Tokens for Stakes: Playing blockchain-based games while earning money is possible through staking. To gain rewards, tokens must be staked, which makes them available for trade by other players.
6. Taking Part in Competitions and Activities: Some blockchain-based games provide unique chances to earn prizes through tournaments and special events. For instance, in certain games, the top player receives the pot after entering a tournament and paying an entrance fee. These games may also have unique occasions where players may band together to battle bosses and obtain exclusive rewards.
7. NFTs (non-fungible tokens) Trading: Buying and selling NFTs is called trading them. Although it seems simple, this method of earning in blockchain gaming calls for independent research (DYOR), perseverance, and perhaps a preliminary investment. The exclusive blockchain gaming tokens are available to crypto investors, traders, and fans worldwide wishing to invest in GameFi.
8. The ApeCoin ecosystem is controlled by the ERC20 governance and utility token known as ApeCoin (APE). It benefits the Bored Ape Yacht Club neighborhood and surrounding neighborhoods. The cryptocurrency, one of the top gaming tokens, was developed to encourage and strengthen the decentralized community. Owners of the Bored Ape Yacht Club and Mutant Ape Yacht Club will receive it through airdrop, while owners of the Bored Ape Kennel Club will receive extra copies.
9. In 2023, Metacade is a potential gaming currency providing players and developers with a wide-ranging platform. Due to its distinctive characteristics and development potential, it is a top pick for investors interested in the gaming cryptocurrency market. Learn more about the top cryptocurrency games for profit.
10. A virtual gaming platform called The Sandbox ($SAND) allows players and GameFi aficionados to play and earn prizes. The platform builds a decentralized user environment by fusing the special qualities of DAOs with non-fungible tokens (NFTs). The platform also builds a creative play-to-earn (P2E) model that enables users to enjoy games and be creative simultaneously.
