Virtual economies that exist in gaming universes are popular especially in multiplayer role-playing games like World of Warcraft who have players in the millions.
Many games which are free-to-play are running on a 'freemium' model; where gamers have to lay out money, on top of time and effort, to rise through the ranks or obtain rare in-game items. While these in-game items may be worth some coin, the true ownership does not lie with the gamer, but with the game developers.
NFT games in the Philippines take typical gaming elements like point scoring, competition and rules of play however are built using blockchain technology. This combination has led to the emergence of GameFi, where users trade and swap game assets for financial rewards.
The assets used within the game world are programed as NFTs, which are owned by the players and collectors and can also be sold. For instance, in the Axie Infinity game, each creature or ‘Axie’ is traded as an NFT. Players can battle with their NFTs in return for crypto rewards, in Axie’s case, in SLP, the native token of the game.
Let’s explore the most notable ways NFT games in the Philippines have disrupted traditional gaming.
A source of income via Play-to-Earn games
The new Play to Earn model is a source of income for players who gain financial rewards for their activities in NFT games in the Philippines.
There are generally two ways to earn play-to-earn games - trading NFTs or earning in-game rewards and cryptocurrencies. Players typically invest in an NFT character to start. The NFTs can then be sold to other players on a market or used to farm crypto and new NFTs. The ownership of the NFT and in-game assets belongs to the player, not the game.
The rise of Play-to-Earn Guilds
The popularity of decentralized games has created Play-to-Earn Guilds that help new players get started. Guild members can “rent” in-game assets and avoid paying the sometimes costly fee to buy them, thus lowering the barrier of entry to NFT games in the Philippines. The player has what they need to get started and the guild will receive a percentage of the player’s earnings.
Play-to-earn guilds are a new phenomena that rely on the success of the NFT gaming space and its demand. It’s a mutual win for both parties. Guilds earn more with an increase of new players, and new players can start earning themselves. One example of a guild is Crypto Gaming United (CGU), now with over 5,500 active players, earning money via play to earn.
NFT Staking
NFT staking is another popular and interesting development. Some NFT games allow users to lock up NFTs or cryptocurrencies in smart contracts, which, in turn, generate rewards in the form of passive income.
How To Get Started in NFT Gaming?
Players can begin by collecting or purchasing in-game assets for their favorite NFT games in the Philippines (or joining a guild to loan!) It can be a great source of extra income if you put enough time and effort into it - Have fun!