Cryptocurrencies and blockchain technologies have opened up a new world of possibilities for developers. Cryptocurrencies, like Bitcoin and Ethereum, have spawned hundreds of other cryptocurrencies called altcoins; all with the ultimate goal of being a better version of the original cryptocurrency. These digital currencies have also allowed people to create virtual currencies known as tokens (or cryptos). Games that use these tokens are called non-fungible token games.
CryptoKitties is one of the most popular non-fungible token games today, but it’s not the only game out there that makes use of this technology to create an economic sandbox for players. No matter your experience level or technical knowledge, you can always earn money from these games. Read on to learn more about how, and if, you can make money from non-fungible token games.
What is a non-fungible token?
A non-fungible token is a kind of asset that can be categorized as a single item. The asset’s value is not based on its fungible assets (such as its colour or its weight) but instead, it is based on its asset-specific characteristics. You might think of something like a collectable or an art collecting market, where one specific copy of an asset is more valuable than the rest. Non-fungible tokens are a new and exciting development in the blockchain space, and there are many different ways to use this technology.
In these examples, we’ll be looking at how to earn money from non-fungible token games. To earn money from non-fungible token games, you’ll need to own a non-fungible token (or “crypto collectable”) of some kind. You can buy these tokens on an exchange, or you can create them using software like the Ethereum-based blockchain open-source project Ethno. You can also create “fantasy assets” using tools like SketchAR or Florinagt.
How can you make money from non-fungible token games?
The key to earning money from non-fungible token games is to own unique non-fungible tokens. You can either earn money by selling your tokens on an exchange like Binance or Gemini, or you can earn money by letting other people play the game with your tokens. If you own a particular asset, then it’s likely that someone else owns that same asset. And many people would probably be willing to let you play their game for a small fee. The way that you earn money from these games is by letting people play your game and charge them in a cryptocurrency like bitcoin or Ethereum.
Once you let someone play your game, you can charge them as little as a few cents or as much as $10, depending on how much value you place on the game. If you let someone play for a longer period, then you can charge more. The good thing about these kinds of games is that you can charge people with as little as a few pennies, so you can earn money even if you’re a beginner. You can also earn money from non-fungible token games by letting anyone play your game, so there are no technical requirements. You can earn money from non-fungible token games with no technical knowledge or experience.
Cryptokitties and earning with CryptoKitties
When first released in 2017, CryptoKitties became a huge hit among blockchain enthusiasts. Originally designed as a game, CryptoKitties created a new asset class called non-fungible tokens (or “kitties for short”). The idea behind CryptoKitties was to create a game where the players are the owners of the assets, rather than the game itself being the owner of the assets. In the game, players buy and sell non-fungible tokens that represent a collection of digital assets.
The most valuable assets in the game are the rarest, so players have to hunt for these assets or buy them from someone else. For example, let’s say that you own a collection of rare kitties, like the one below. In the game, you can sell these digital kitties for bitcoin. But if someone else has a rare kitty, then you can’t claim your kitty back, because every CryptoKitty is unique. In the game, players can also earn more kitties by playing the game and collecting “rare felts.” These felt are the prizes that are randomly given out at the end of a game round. The game rounds take place every 15 minutes, so the rarest felts usually aren’t available for too long.
ERC-721: Non-Fungible Token Standard
Another way you can earn money from non-fungible token games is to use the ERC-721 non-fungible token standard. This standard was explicitly built for non-fungible tokens, and it allows you to create very unique and non-tangible tokens. With ERC-721, tokens are not just tokens; they are owned by specific assets. To use this standard, you need to create a new token using a like-kind contractual arrangement (like an LLC or an S-Corp).
Then, you’ll need to create an Ethereum-based smart contract that defines your tokens. In this contract, you’ll define the ownership of each token. The contract will also store the data about each token, like its name, its value, and its address. Now that you have your smart contract, you can create the tickets on the Ethereum network just like any other Ethereum transaction.
How to earn in Etheremon and Rare Cats
One of the most popular games to come out of the non-fungible token space is Etheremon. Etheremon features a creature called a “mon,” and these creatures can be trained and evolved just like Pokémon. Monies can be won in battles against other players, and they can also be traded or sold on the platform’s native ERC-20 tokens. Another non-fungible token game that’s gained a lot of traction recently is Rare Cats.
In this game, players collect rare cats by “breeding” kittens that were purchased with non-fungible tokens. Players can also earn more non-fungible tokens by sharing their “breeds” with other players and voting on the best patterns. When a “breed” gets enough votes, the owner of the “breed” earns the “exclusive rights” to that “breed,” and they earn a non-fungible token as a reward.
The world of non-fungible tokens is still budding, but it’s an exciting new frontier for developers looking to make money with blockchain technologies. While you can only spend these kinds of tokens in a very limited number of games right now, the opportunity to earn money using these kinds of games is limitless, and the variety of ways to earn is growing daily.