The cryptocurrency and Blockchain gaming industries haven’t stopped making moves in the blockchain technology network as they are getting used a lot more daily. Throughout the course of this year 2021, there have been many games coming up left, right and centre for the relaxation and entertainment of blockchain gamers.
As these games keep soaring, especially play-to-earn games like Planet IX, there are many things common among all of them. They all have tokens, which are cryptocurrency tokens specific to the gaming platform. There are different types of tokens, such as PIX in the Planet IX gaming platform. These tokens can be traded within the games among players. They can also be traded outside the game among cryptocurrency networks.
One general feature of these tokens that are common in the play-to-earn gaming world is NFTs. NFTs, as you already know, prove ownership of digital assets. The use of NFTs to sell art worth millions of dollars made developers, like in Planet IX, see that NFTs are another great way for gamers to make money on their platform.
How do NFTs Work in the Play-To-Earn Gaming Platform?
As NFTs are the pioneering feature of play-to-earn games, how do they actually function? Well, these play-to-earn games are almost always free to download. However, there is often a price for membership and ownership of NFTs. You need to buy these NFTs and/or other tokens (that you can convert to NFTs later) to play the game. In Planet IX, these tokens are PIX, which are hexagonal tiles of virtual land.
In play-to-earn games like Planet IX, as you play the game more and more, you get not only experience and badges with every achievement and level you reach, you also get higher ranked NFTs and an amount of the cryptocurrency token used in the game. This explains the whole play-to-earn concept of these games. You can now decide how you want to use the earned tokens. You can use them to buy more in-game items or cash them out, converting them to fiat currency.
Planet IX and many of these play-to-earn games also give you the chance to buy and sell these in-game tokens depending on your choice. For example, in Planet IX, you get randomly selected PIXs in a pack of a PIX drop. Since the game’s goal is to collect as many PIXs in the same location as possible, you can sell and buy PIXs to and from other players for everyone to reach the end goal.
Why Do These Gaming Platforms Use NFTs?
The apparent number one reason these play-to-earn gaming platforms like Planet IX use NFTs for tokenization in their games is that NFTs show the valid owner of the digital asset. When you purchase an NFT in a game, you become the sole owner of the gaming asset. It no longer belongs to the game developers, just you and you alone. Well, until you sell it to someone else. This feature makes the monetisation of these NFTs easier for you as you decide what to do with your token.
Play-to-earn gaming platforms also use these NFTs as a method to improve our world in different ways. Sometimes, it can be through investments, charity, and innovations. Other times, it can be projects. As long as more players start playing the games, the companies invest more.
A perfect example of this phenomenon is Planet IX. In Planet IX, a percentage of the revenue made from selling the tokens and NFTs to the players is diverted into investments that improve the world’s environmental state. These investments go into companies like green environment companies and companies with goals of improving a more sustainable environment.
These investments benefit all the people involved in Planet IX. The players who own NFTs get the returns of these investments, not the company. So, as long as you own at least one single piece of PIX, you’re eligible to get a dividend from the investment returns. Isn’t that interesting?
So, NFT Games, Investment or Entertainment?
The right answer to this question depends totally on the player that’s asking it. Your goals and interests determine whether you’re up for entertainment, investment, or both when playing the games.
Suppose you’re interested in the entertainment that the game brings you. In that case, obviously, all you’ll be out for is getting to higher levels with privileges that let you enjoy the benefits of the game more than you had in the beginning. So, for those interested in entertainment, play-to-earn games and their NFTs are simply a means to go higher up in the ranks and enjoy all of the game’s features at the maximum level.
However, for those who are looking to earn a lot of money, play-to-earn games and their NFTs are more of an investment than recreation. This category of play-to-earn gamers takes the play-to-earn paradigm very seriously. They buy many tokens and NFTs on the game, investing in them and selling them to other gamers who are ready to sacrifice money instead of time playing the game.
Although this is very promising, it can be quite risky, like everything in cryptocurrency and life generally is. So, suppose you’re interested in investing in play-to-earn games by buying many NFTs and tokens with plans to grow and resell them to other players later. In that case, it’s best to keep the risks in mind.
NFTs have grown the gaming platforms to lengths that were only imaginable, and the growth spurt just started. Look forward to seeing the more incredible features yet to come.