How Gamers are Cashing in using Ethereum (ETH) Non-fungible Tokens
Non-fungible tokens (NFTs) are the newest way that cryptocurrency enthusiasts are cashing in on blockchain-based games. In a recent article published by the decentralized apps (dApp) developer Consensys, sixteen of the most popular NFT-based games are investigated in detail.
Consensys is a blockchain venture production studio that builds dApps on the Ethereum blockchain. The recent explosion in popularity of blockchain-based online games has become one of the biggest driving factors behind advancement and development in the blockchain sector.
Non-fungible tokens, or ERC-721 tokens, differ from the more commonly used ERC-20 tokens in that they do not have a set equal value to their counterparts. Two ERC-20 tokens, like two dollar bills, are always identical in value. NFTs, on the other hand, are not all created equal.
Developers of online blockchain-based games in which users can earn tokens while playing have begun to adopt the ERC-721 standard in order to provide greater liquidity and profits for their users. In one test performed by Consensys, the firm managed to accrue $600 worth of profit in just three hours.
The ERC-721 standard allows developers to create unique “collectible”-style assets which appeal to gamers in a similar way that rare collectible cards have in the past. The hugely popular Ethereum-based game Crypto Kitties was one of the original profitable blockchain games but now developers have released a host of new and exciting ways to earn cryptocurrency while killing time online.
Some of the most popular games featured in the Consensys article include:
The original online blockchain-based NFT game involves the breeding and raising of digital feline friends. It was recently sold for 600 ETH (approximately $170,000).
Continuing on with the animal theme, Ethermon allows players to capture and train digital creatures known as “Mons” which can then be sold or traded for cryptocurrency.
A hugely popular platform that allows players to buy a virtual plot of land and develop it into a profitable piece of online real estate.
Like cryptokitties, this game gives players the opportunity to breed and train digital dragons.
A virtual space-based game in which players can build a spaceship and explore and colonize planets in an expansive online universe.
Trade digital baseball cards of real baseball players in this online version of the age-old past time.
A platform that facilitates the trading of verifiably genuine and unique digital art.