Everything You Need to Know About NFT (Non-Fungible Tokens)

What is NFT?

NFT is a non-fungible token built on the blockchain. The peculiarity is that it is unique and has no analogs. This is more like handmade items, each of which can be very similar to the previous one, but will never repeat it completely. NFTs are unique, cannot be counterfeited, and cannot be stolen. 

This property of NFT has made it an ideal tool for digitizing art objects – paintings, music, videos. NFT art has become wildly popular and can often be heard being sold for millions of dollars. The hype around such art objects began last spring, when one art was sold for $69 million –

But more often than not, NFT wealth is a story that does not take into account the “survivor fallacy”. After stories about pictures that sell for millions of dollars, many users have the idea to repeat the success and create their own NFTs. But making money on NFTs is much more difficult than it seems.

To sell your own NFT for a lot of money, you need to pay attention to the promotion of the token, stand out from the competition, invest thousands, or even tens of thousands of dollars. The chance of getting burned is extremely high, so don’t rush to create your own NFT art.

Let’s better talk about NFT games that also allow you to earn money, but have a lower entry threshold for hunters for easy money

A few introductory

GameFi (game finance) is the realm of games with an economy. Such games allow you to earn money by working on the Play-to-Earn concept. The idea to earn and monetize your gaming experience appeared a long time ago, but it has become especially popular in recent years. Every day there are more and more NFT games that provide an opportunity to earn

A few more introductions:

• Play to Earn is a concept that allows you to earn money by playing computer or mobile games. In crypto games, this is most often the native cryptocurrency and game items. Cryptocurrency can be exchanged on a crypto exchange (for example, Binance), and game items can be sold on special marketplaces
• Pay to Win is another concept. It means that in the game there is an opportunity to donate and get advantages over other players. For example, buy cool equipment, weapons, or local currency

Many crypto games work by combining both of these concepts. This means that you need to invest money before you can play and earn. In addition, without donations, you can constantly lose, and this is at least annoying.

But there are crypto games that do not require investments from you, or investments in them are minimal. We will also talk about them.

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What is the role of Non-Fungible Token in crypto games?

NFT in games can be anything – a character, weapons, appearance, game elements, cards, etc. They can give you bonuses during the game, you become cooler, stronger, more efficient. Or it can be just a visual effect that does not give you any in-game bonuses but makes you stand out from the rest of the players.

NFTs that give bonuses can be compared to premium tanks in World of Tanks.

And NFTs, which do not give such goodies, are with gear in CS:GO, or DotA.

By the way, if you compare it with CS or DotA, then buying NFT is very similar to buying gear in Steam. For example, this is how one of the popular NFT marketplaces looks like

To work specifically with this marketplace, you need a WAX wallet, but you can also store NFTs on regular crypto wallets. Let’s figure it out.

Check Out this video to learn about NFT gaming in detail

How to Transfer and Store NFTs

The best way to store your NFTs is to use a cryptocurrency wallet like MetaMask or Trust Wallet. The main rule is that the wallet must support the NFT blockchain (the one on which this non-fungible token is created).

Remember that NFT is the same token as any other cryptocurrency. It is unique and exists only in the blockchain in which it was created. Many NFT games are currently running on BSC and ETH networks, but other blockchains are also actively developing – WAX, Cardano, Polygon, SOL

Important: since transactions must take place on the same blockchain in order not to lose your NFTs, it is best to use the wallets recommended by the crypto game itself.

In this case, you will have access to their FAQ, as well as the ability to do everything step by step, avoiding mistakes.