Cryptocurrencies like bitcoin are disruptive changes that are changing the global economy. They are generated using powerful computers and are in great demand, which increases their price in the global market. Traditionally people used to invest in gold or pieces of land in the hope that the prices of these commodities would increase in the near future.
Similarly, people are now investing in bitcoin and other cryptos in the hope that these prices will increase in the future, and they will gain if they sell these at a later date. There are many ways by which bitcoins can be used to make money. People generate new cryptos where a part of the currency mined is given as a reward to whoever generates that currency.
Apart from mining, another potential avenue via which cryptos generate income is via long-term investment and short-term trading. There are several companies that have come into existence that help people invest in their newer forms of currencies. If someone is interested, they should go to the website of BitcoinEra to get more relevant information.
What Are Non-Fungible Tokens?
It is easy to understand how investing or mining for cryptos like bitcoins would generate an income; however, with time, all companies are trying to incorporate cryptos as a part of their business. Thus, there are quite a few unconventional channels via which people earn bitcoins, and one of them is by playing video games.
Video games take players to a parallel universe, a fancy world where they fight with villains and win rewards for themselves. Non-Fungible Tokens, or NFTs as they are popularly known, are one of the ways in which bitcoins are integrated with the world of video games.
Non-fungible tokens establish a unique identity for a piece of art that can be a three-dimensional design, a song composition, or a piece of sculpture. The ownership is established via blockchains, the backbone which runs bitcoin or other cryptos. This ownership is safe and secure, and it can be transferred to anybody willing to pay the price for it.
Another quality of NFTs is that they are unique, and one NFT cannot be exchanged for another NFT, just like a ten rupee note can be for another ten rupee note.
Ways In Which Playing Video Games Help Earn Cryptos
Using Non-Fungible Tokens Or NFTs
There are several ways in which cryptos can be earned by playing video games involving NFTs. There are games where players are expected to create their own NFT, which can be a unique three-dimensional design or any creative artwork. The game owner has rigid criteria for which design is selected. Once an NFT design has been selected, the creator of the design gets paid, usually in the form of some cryptos.
Apart from designing new NFTs, they can be curated or searched in the course of a video game which could be a race or a full-fledged war to fight off the enemies that are attacking the planet.
Other video games might include a treasure hunt where the winner who finds the treasure first wins some NFTs, which could then be exchanged for bitcoins. These games also include betting, staking, and auctioning for NFTs. For instance, there might be an NFT that is on display, and the one who wins the auction or the one who bets correctly on any attribute of that NFT wins.
Purchasing Land In Metaverse
Just like people purchase a piece of land in real life, they can purchase land in the metaverse as well. The metaverse is not a real space, but its existence is virtual, which is an alternate dimension of reality generated by modern computers. In the modern age, virtual land sells for a high price, and just like natural land can be used for several purposes, the land in the virtual world, too, has plenty of potential.
Some video games involve buying and selling land in the metaverse or the virtual world. Just like the value of land and assets in the real world appreciates with time, the value of virtual land too appreciates with time as the demand for them increases. Thus people can buy space in the virtual world as an investment, and this virtual space can be sold at a later time to gain profits which are usually redeemed as cryptos.
Apart from buying and selling, several events are also organized in the virtual games as a part of some video games. People get paid in cryptos for organizing events in the virtual world. Again, just like people need to ensure the safety of their land in the real world, they have to ensure the safety of their virtual assets as well, and people usually pay others in cryptos when they guard their lands in the metaverse.
This is probably the most straightforward way in which a video game player can win bitcoins. The video games are designed such that winning a war or carrying out a rescue operation gives the winner rewards in the form of the game’s currency which can be exchanged for cryptocurrencies which in turn can be exchanged for real money.
The game’s currency can be used for several other purposes in the course of a video game-like getting new features, buying a new life, etc. Thus, just like people earn cryptos in exchange for game points or tokens, people also sell cryptos to buy game-related features and attributes.
Many of these video games are free to begin with, so a player can win cryptos by winning without investing anything at the beginning of the game.
Video games take people to a fancy world where they can fight, run races, find treasures and get involved in all sorts of adventures that give them an adrenaline high. Since bitcoins are the new buzzword, video game developers are integrating them with cryptos in multiple ways so that video game players can earn money and have fun at the same time.