How to earn passive income from NFT games?

Thanks to the blockchain technology, games have evolved and here is how you can make money from NFT games

Your parents may have once admonished you to “stop playing that game and get a real job.” You can now inform them that video games have advanced because of blockchain technology.

Blockchain markets enable the buying and selling of rare items, and players can receive prizes of actual value. They can also have real ownership over their in-game assets. With games to make money that use nonfungible tokens (NFT), there are several ways to try to generate money. However, there is no way to guarantee that you will make money playing blockchain games; your earnings may vary depending on the value of your NFTs and in-game currency, how much time you have to grind, and the strategies you use.

10 ways to make money with NFT games

NFTs give users control over how to spend in-game resources. There are several methods of monetizing blockchain games, including staking tokens and renting out NFT characters for a profit.

1. Obtaining money in the game

Most blockchain games have an in-game currency that can be redeemed for real money or exchanged for other cryptocurrencies. Although some games are not skill based, it depends on the value of the money in the game, how often you play, and to a large extent how skilled you are.

2. Breeding

Blockchain games provide more than just combat and exploration; breeding also offers a passive income stream. Breeding in blockchain games refers to the process of creating a new coin to be used to fund the game. Breeding can initially require a significant financial commitment. You may need to purchase expensive parent NFTs if you want a better chance of breeding expensive NFT collectibles.

3. Emboss new items

In blockchain games, there are several methods to earn money by creating new things. When it comes to the development of NFTs, your earnings are based on the royalty share. Depending on the game and market, designers often earn 1% to 15% on each secondary sale.

4. Scholarship

In blockchain games, stipends are just another way of saying “rent out characters for profit”. There is normally a management and players (scholarships) in the scholarship guilds. The NFTs are technically the manager’s property, but the Scholars use them to play the game. Members of the guild share in the prizes. Scholarship programs share the in-game incentives that are earned.

5. Staking tokens

Your tokens are wagered to win prizes. By staking your tokens, you open them up to trades between other users. When an epoch, or the length of time a token is locked, expires, you receive incentives, usually in the form of transaction fees. The amount you can win by betting varies depending on the game. Depending on the game and token value, you can receive 10% to 20% of your stakes annually.

6. NFT trading

Buying and selling NFTs is referred to as trading them. Although it may seem as simple as “buy low, sell high”, this strategy for making money in blockchain games involves patience, study and even a significant upfront investment. Remember that gas costs are involved in buying and selling NFTs, and that there is no guarantee that an NFT you acquire will increase in value. The value of the NFT, the money in the game and the game’s current popularity level all affect how much you can earn.

7. Competitions and events

Some MMO games provide unique opportunities for players to gain rewards for participating in special events and contests. Depending on the game you play, the rewards change. There is often an entry fee to tournaments, which in this case is paid with cryptocurrency, so the more people who compete, the bigger the prize pool.

8. Virtual property

Metaverse properties are referred to as virtual property or virtual reality. Players can buy, trade and build structures on virtual properties in a variety of cryptocurrency games. NFTs, often ERC tokens, are virtual properties. You can generate a variety of earnings while exchanging virtual packs. Your profit is determined by your purchase price and how much it increases over time, much like when you trade NFTs. In certain metaverse games, users can design activities or attractions to earn money, collect entry fees, and generate revenue.

9. Streaming

YouTube and Twitch are both well-known sites for game streamers. Despite the crowded industry, becoming a streamer can be a legitimate job. It can take a while to start seeing revenue or even getting subscribers if you’re completely new to streaming.

10. Mining

Although not suitable for everyone, this means of income is worth highlighting. You may be familiar with Bitcoin mining. Hardware that “mines” new currencies to be circulated is known as mining. The mining phase often starts as soon as a new game is released in blockchain games. If a miner doesn’t already have this setup, how much they invest in it in the beginning will determine how much money they can make – a professional mining rig can cost up to $15,000. Coins that have been mined are taxed, their value is not guaranteed once mined, and the benefits of joining a mining pool can vary. To generate passive income, produced coins can be sold or added to pools.