NFT games are growing in popularity every day. More and more players are looking for ways to earn money by winning NFTs instead of buying and trading them. There is still a massive debate over how much money you can make from NFT games, and whether people can make enough money to live solely by NFT video games.
In short, it's not entirely clear how much you can make. There are rumors that NFT game players can earn $45 in 6 hours, for example, but there's no telling how true this is without trying out the platform yourself. However, you can earn money on some of these platforms to the point where it might be sustainable for your needs.
Of course, though, volatile price action and uncertain future of the market are reason enough to avoid depending on NFT games for a living. To help you out, we have gone through all the arduous research to help you get the entire inside scoop on all that there is to know on this topic.
Can You Make Money From NFT Games?
The truth is that you can absolutely make money from NFT games. Whether you're an expert gamer or just a beginner, there are plenty of opportunities for you to start earning money within these platforms.
Now, this isn't to say that it will be easy. Most NFT games require several hours of dedication to really start earning money. Or, to invest loads of money upfront to make it easier to earn money later.
Starting from scratch, the trick to earning money from NFT games is patience and perseverance. Below, we will break down some numbers that you can expect from some of the most popular NFT games. In short, though, don't expect to be able to jump on an NFT game and immediately start earning a liveable salary.
First Things First: What are NFT Games & Tokens?
The first thing you should know is that an NFT game is an online game where a series of digital assets can exist in many shapes and forms. These digital assets can be exchanged for real money, which you can put into your bank account. There are many NFT game projects in the market, some more well-known than others. If you have previously invested lots of time into video games, NFT games might prove to be a lucrative hobby for you.
In many NFT games, we find that they also have their own digital token. This token is often created on existing blockchains such as Ethereum and Binance. The primary medium of exchange for these games are these tokens. Of course, it's important to note that these tokes are built on other blockchains, even though they are their own cryptocurrencies that users can trade on CEXs and DEXs.
How Much Money Can You Make in Axie Infinity?
Axie Infinity is a game where users breed and train adorable creatures called Axies. In this particular game, users hatch their Axie characters from eggs. Once hatched, they must be trained to fight each other in a battle arena.
Axies and other digital assets earned in the game can be sold for cryptocurrencies such as Ethereum. It has been reported that average earnings are around $7-8 dollars per day.
How Much Money Can You Make in Sandbox?
Sandbox is slightly different from your typical NFT game since it is a metaverse. In this digital world, users can buy land and develop it however they wish. Since anybody who enters the metaverse can visit your land, many entrepreneurs have built stores and other types of online businesses.
Perhaps the most noteworthy way to make money in Sandbox is by flipping the real estate. Headlines were recently made when a plot of land was sold on Sandbox for $4.3 million, the most significant purchase so far in the history of metaverse real estate.
How Much Money Can You Make in CryptoKitties?
Cryptokitties is another popular NFT game worth noting due to the occasional high prices of the digital assets in this game. Cryptokitties was one of the first games to really capitalize on the idea of “attributes”, with certain aspects of animals being more rare than others, causing them to be worth more money. Modern projects like Bored Apes Yacht Club capitalized on this. You may also recognize the idea of “breeding” NFTs with unique outcomes as being part of the Axie Infinity game as well.
The game's goal is to collect different CryptoKitties as they have varying levels of rarity. One cat NFT, for example, was reported to be worth $300,000.
How Much Money Can You Make in Sorare?
Sorare is a new type of fantasy soccer, where cards are digital assets that can be traded for real money. In addition, there are bi-weekly tournaments where high-scoring players can win prizes of 0.01 and 0.02 ETH, which have a value between $25 – $50 at the time of writing. One noteworthy card sale was that of Lionel Messi, which racked up a price of $1.12 million.
Can You Make Money with Wolf Game NFTs?
Wolf Games is another one of the NFT games growing in popularity recently, boasting total sales of 21,000 ETH (roughly $51 million at the time of writing). Much like Axie Infinity, there is a potentially lucrative opportunity for vigilant users of this platform. Basically how this game works is that players start with either a wolf or sheep, which can be sold for the in-game WOOL currency.
NFT Game Tokenonomics
Now that we have broken down what others have earned from playing some of these games, let's to examine what you would actually be investing in. Below, we will cover all that you need to know about NFT game tokenomics.
How to Judge a Fair NFT Token Price
Many NFT game tokens have a maximum supply. Even though people are constantly trading them with each other rather than holding onto them for investment purposes, the value of these NFTs continues to increase if demand does. And, as the demand for these collectibles constantly grows on the market, so too do their value.
NFT game tokens are often programmed to have a hard cap supply, meaning the price should increase over time as player demand for these tokens increases.
In addition to the total number of coins and the total circulating supply, market cap is another thing to look at when judging what a fair token price is. For example, if a particular token has a market cap between $50 – 100 million, it can explode in value if the game takes off. However, illiquid tokens can also tank overnight, and often have a low market cap simply because they are not popular tokens.
Most of the time, poor quality products continue to underperform. It's rare for an absolutely smashing turnaround.
Those with market caps well over $1 billion, though, may not have quite as much growth potential, but they tend to be more popular, and may experience steady growth over time. Winners keep on winning.
Finally, another good metric for gauging a token's fair price is by looking at how many transactions a particular collectible has undergone throughout the year. The more trades that occur, the more demand for that specific token. If a token has a meager trading volume, it's probably not a very good investment.
When looking at any metric, but this metric specifically, beware of transaction volume spoofing as well as fake news articles meant to pump the price of tokens. Blockchains with cheap transaction costs can be spammed to make it seem as if there's a high trading volume, or insiders can simply sell to themselves over and over again, or even use bots to trade, making it seem as if there's a high interest in their token.
Crypto markets, especially those outside the USA, are not regulated like traditional financial markets, there are wayyyyy more scams to watch out for. Do your homework!
Is it Most Profitable to Buy & Hold NFT Game Tokens?
Buying, holding, and dollar-cost averaging (DCA) is a proven method for making money in the cryptoverse – assuing you buy tokens that continue to be popular over time. That in itself is a huge challenge! Though it's kind of a gamble to know which games will be popular long term, it may be the safest way to make money with NFT tokens. When you trade, you constantly have to battle human emotions and logical errors.
For those unfamiliar with dollar-cost averaging, this is a method of investing where you split up your money into equal parts and invest them on a regular basis at set intervals. Rather than investing everything in one lump sum, you split up your buys.
Don't invest your life savings into an NFT game token, though. Especially one where there is no clear trend for growth. This isn't Bitcoin, and there is no data to indicate that having a DCA strategy will work with NFT game tokens just because data illustrates this with more prominent cryptocurrencies.
It may be tempting to go “all in” and attempt to be the next Dogecoin Millionaire, but he is the exception to the rule. 99% of people get rekt in crypto markets, and very, very few end up millionaires. Even fewer stay that way.
Is Trading Profitable?
Trading is not something to take lightly. Here's a secret that you should be aware of: nobody knows what is going to happen in the immediate short-term in this highly volatile world of cryptocurrency.
Only consider trading if you are confident that you have the skillset to correctly read market trends and you love to gamble. I honestly CANNOT recommend trading for anyone unless you really want to live inside crypto markets and watch them 24/7.
Consider Playing the Game & Exchanging Tokens
Another idea to consider is mainly geared towards those who are gamers and seek to play the games for fun. Instead of simply keeping all these digital tokens and NFTs, you can quickly make some fast bucks by exchanging them as they come.
To do this, collect tokens and NFTs and then exchange them for more stable assets such USDT, BTC, or a stable coin for your countries native currency.
This may be the best strategy to earn your money and keep it. The future value of many NFT games, their assets, and their tokens is unknown, but for the time being, if you grind, you can make some money.
What Are Some of the Biggest Success Stories From NFT Games?
One of the most bizarre success stories of NFT games came from The Philippines. During the height of the pandemic, many of the country's citizens found themselves with the opportunity to make more money on games like Axie Infinity than they could at normal jobs, with some people clocking up to a reported $41 per day.
Another big success story was briefly talked about above. When Republic Realm purchased a plot of land from Atari SA in the Sandbox metaverse for $4.3 million, the largest ever digital real estate transaction was carried out.
Can You Get a Reasonable Salary by Playing NFT Games?
As we have explored, it is possible to make a living from playing NFT games. However, doing so often requires a large initial investment, skills in a particular game, and perhaps a great deal of luck. In most cases, you won't be able to garner a reasonable salary playing NFT games.
Consider Where You Live
Where you live has a lot to do with the overall potential for you to survive and thrive solely based on NFT games. Those living in more expensive parts of the world have a much lesser chance of becoming successful than those living in places with lower costs of living.
Don't Quit Your Day Job Quite Yet
Although it may seem tempting to quit everything and to become a professional NFT game player, that is probably not the right thing to do at this time. Please don't jump into any business venture without having a comprehensive understanding of it.
To start, spend some time learning how to make money on the platform. If you make a consistent stable income for 6 months or more, you might be able to really consider making this a full-time job.
Pros & Cons of NFT Game Tokens
If you are still on the fence about the idea of NFT games being a viable option for income, here are some of the pros and cons to consider.
- You get to play games for money.
- The cryptocurrency market is still growing at an astronomical rate.
- Some NFT game tokens have very interesting use cases.
- The possibility of earning money is very real.
- Riskier than traditional jobs.
- NFT market is highly volatile in general.
- No guaranteed salary.
- Bad projects exist and can tank in price overnight.
What Are the Risks Involved in NFT Games?
It's necessary to understand that NFT game tokens are highly volatile investments. Also, the fact that there is no regulation over these types of assets means that you can't do much if your preferred games or exchanges get hacked.
No Clear Path of Growth
Although it is exciting that we now have the opportunity to play games and earn money playing them without being a professional player, the future of NFT games is still very unclear. It's important to note that NFTs and NFT game tokens only hold the value that we give them. In all reality, something better can come along overnight.
Very Speculative & Volatile
Similar to the traditional market, cryptocurrency is very speculative. For example, if you pour money into a particular token, it can realistically dump 80% in value without warning! Remember that it is extremely volatile. Only play with money you are willing to lose! Find ways to mitigate risks and don't invest what you can't afford to lose.
Decentralization is often the rallying battle cry for cryptocurrency enthusiasts. The irony of this is that lack of regulation will make it so that you have nowhere to turn for help if your digital assets get stolen, or if the exchange holding them gets hacked. For best results, use a cold storage wallet.
Final Thoughts & Summary
There are tons of different ways to make money from NFT games, but the questions you should be asking yourself are:
- Do I have time to commit?
- Is it ultimately enough money to change my situation?
- Will I enjoy doing this?
Too many people get caught up in hype, speculation, and wishful thinking. It seems like a cool idea that you'd be able to play video games and earn money in the “new economy”, but the reality of the situation is that's not really at all what's going on.
People who earn consistent money playing NFT games are not earning that much, and have to grind in order to do it. That means digging deep into game mechanics and becoming good at the game, PLUS spending the time day-in and day-out to earn money. Earning money playing games will never be as fun as just playing when you have spare time.
People who earn tons of money with NFTs games are the ones speculating on assets, and taking huge amounts of risk with their own money. For every single “success” story you hear, there are hundreds, maybe thousands of failures that you don't hear about.
Personally, I'd say that the most successful strategy with earning money playing NFT games would be is if you live in a developing country (not USA or Western world), and grind at the game, then immediately exchange the tokens for USD stablecoin like USDT, or a well known crypto asset like BTC. I don't see a lot of value in speculating on NFT tokens or NFT assets long term. Whatever value they have will probably be short lived, so cash out fast and maybe you can hold onto some value along the way.
What's up ladies and dudes! Great to finally meet you, and I hope you enjoyed this post. My name is Nathaniell and I'm the owner of One More Cup of Coffee. I started my first online business in 2010 promoting computer software and now I help newbies start their own businesses. Sign up for my #1 recommended training course and learn how to start your business for FREE!
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