What Are NFT Rewards?

What Are NFT Rewards?

Play-To-Earn Games News, P2E Games News | 17 Apr 2023 11:37 UTC

In this article, we'll explain what NFTs are, how to earn them, the benefits of using them, and more! NFTs are digital collectibles that can be used to unlock rewards inside games or apps. They're similar to virtual currency, but they have their own unique benefits. So, let’s dig a bit deeper into NFTs and try to understand them with a simple explanation.

What are NFTs?

NFTs is an abbreviation for "non-fungible tokens." Here, the word "fungible" holds the key. Fungible means replaceable, so nonfungible means non-replaceable. So anything that is not replaceable in digital form is an NFT. Let’s understand what the concept behind replaceable and non-replaceable items is in the real world.

Let’s say that in the real world, we have different commodities that we use and borrow from one another. If someone lends you a dollar, you do not necessarily return the same dollar note. You can return a dollar in any form with any serial number behind it. The same goes with something like gold, wheat, or any other commodity that is replaceable with another of its kind.

On the contrary, we have non-replaceable assets as well, like the painting of the Mona Lisa. Take, for example, if the owner of the Mona Lisa art painting lends someone the real painting for the time being. He or she will not settle for any other Mona Lisa painting in return because it is unique and irreplaceable.

So, NFTs are digital art forms that are supported and powered by blockchain ledgers and traded in cryptocurrencies. The token part of NFTs is where the digital art form becomes a token via a contract on the blockchain. So, no two NFTs will ever be identical; each NFT has its own unique ID ingrained in the blockchain, which is verifiable. Upon buying an NFT, the purchaser or owner receives a code that allows the change of ownership as well as validation and verification.

What Are NFT Rewards? How to Earn Them, the Benefits of Using Them, and More!
What Are NFT Rewards? How to Earn Them, the Benefits of Using Them, and More!

Some Examples of NFTs

Let’s have a look at some examples of NFTs that took the internet by storm.

Twitter is a world-renowned social media platform. Have you ever wondered who sent the first tweet in history? And what was it? Jack Dorsey was the co-founder of Twitter, and his tweet is the first ever. Jack Dorsey sold the ownership rights to this tweet for almost $3 million. The first-ever tweet was turned into an NFT, and the ownership details and rights are available on the blockchain ledger.

Similarly, we have other examples of valuable NFTs like Nyan Cat, a JPEG, and many other in-game digital assets. These NFTs sold for a lot of money.

How do you earn NFTs?

NFTs are available in many forms nowadays. You can buy them directly from NFT marketplaces like OpenSea and several others. Moreover, they come in many shapes and forms, like in-game items in the shape of costumes, cosmetics, avatars, weapons, skins, etc. NFTs also come in digital certificates, music, video moments, etc.

You can also create your own NFT art and have it registered as yours on the blockchain. You can then sell your NFT on marketplaces, plus the royalty stays with you.

As for earning NFT rewards, several hundreds of NFT blockchain games are available in the market to play. You can earn NFT by completing quests, winning battles and tournaments, opening mystery boxes, getting early access passes, and more. You can also stake NFTs in games that allow staking. Some of the platforms that allow NFT staking are Splinterlands, Only1, and NFTX. Moreover, there are some games that allow yield farming, where you can harvest and win NFTs or tokens.

What Are NFT Rewards? How to Earn Them, the Benefits of Using Them, and More!
What Are NFT Rewards? How to Earn Them, the Benefits of Using Them, and More!

Why Should I Care About NFTs?

NFTs are a fun way to earn digital assets that have real value attached to them. The Web3 domain is still in its infancy and will mature with every passing year. So, getting into NFTs early on isn’t a bad idea. Furthermore, many traditional gaming companies are entering Web-based NFT blockchain gaming with a play-and-earn business model. This model will allow gamers to own their in-game NFTs and later sell them in an open marketplace.

Additionally, NFTs bring added benefits like proof of ownership, authenticity on the blockchain, economic benefits, vertical growth mobility, and bragging rights.

Check out loads of NFT games by clicking here. Also, know more about the basics of play to earn games here.

Stick with us for more on play-2-earn games and keep checking out our website for daily and weekly updates.

PlayToEarnGames.com is a website where we keep an overview of all games in the genres of P2E, NFT, Crypto, Web3, and Blockchain games. Check out our games page or find a "play-to-earn" games list here. More information about W3 Play can be found on our about us page. Our news is daily updated on all video games and game developers.

See All
New Social Investing App: Dyor is Simplifying Web3 Investing

New Social Investing App: Dyor is Simplifying Web3 Investing

Dyor is pioneering the development of a decentralized investment application that holds the potential to redefine the Web3 landscape and the DeFi sector, as well as reshape the management of financial resources. While DeFi and Web3 offer promising investment prospects through decentralized, peer-to-peer transactions, they also present challenges for those less familiar with the technology.In contrast to traditional financial systems, which are centralized and provide customer support, DeFi relie...

Read more
It is the Time for Web3 Gaming to Notch It Up

It is the Time for Web3 Gaming to Notch It Up

Web3 gaming is an innovative fusion of blockchain technology and gaming, poised to have a significant impact on the industry. It combines the utility of blockchain within video games, creating a new category called Web3 games. Enthusiasts believe it holds immense potential and could emerge as a major player in the gaming landscape.While Web3 gaming has garnered excitement and investment, challenges are evident. Despite its growth, daily unique active wallets remain low compared to the global gam...

Read more
SAGA’s Multiverse Summit Takes Place Aboard a Yacht, Revealing Web3 Tech to Empower Multiverse

SAGA’s Multiverse Summit Takes Place Aboard a Yacht, Revealing Web3 Tech to Empower Multiverse

At the Multiverse Summit hosted by Saga, a leading Web3 infrastructure protocol, Liao from Saga unveiled several groundbreaking innovations aimed at transforming the gaming and entertainment industries. The summit took place aboard a yacht on the Rhine River during Gamescom 2023 in Cologne, Germany, and showcased Saga's commitment to revolutionizing the gaming landscape.Key highlights from the summit included the introduction of the latest version of the Saga protocol called Pegasus. This versio...

Read more
Crypto Gaming: Earning and Investing in Virtual Economies

Crypto Gaming: Earning and Investing in Virtual Economies

The convergence of cryptocurrency and gaming has given rise to a groundbreaking phenomenon called crypto gaming, where players can earn cryptocurrency while playing games. This article explores the world of crypto gaming, focusing on legitimate opportunities, popular games, methods of earning, and the potential for investment.Legitimate opportunities in crypto gaming provide players with immersive experiences where they can own in-game assets and trade them in open marketplaces, thereby enhancin...

Read more
PlayToEarnGames.com Newsletter 11: NFTs, RPGs & More!

PlayToEarnGames.com Newsletter 11: NFTs, RPGs & More!

This week in the Web3 game industry, significant developments took place as two top game releases, NFL Rivals and Champions Arena, transitioned from beta versions to full live releases on iOS and Android app stores. NFL Rivals, which already boasts a substantial fan base, achieved over 2 million downloads. Additionally, other games like Eternal Dragons, Everseed, and Rogue Nation introduced new updates. Alpha versions of Boss Fighters and Citizen Conflict were also unveiled, offering players pas...

Read more
Play-to-Earn (P2E) Games: Where Gaming and Crypto Converge

Play-to-Earn (P2E) Games: Where Gaming and Crypto Converge

Play-to-Earn (P2E) games are a revolutionary concept within the gaming world that leverage blockchain technology to combine gaming with cryptocurrency. These games offer players the opportunity to not only enjoy immersive gameplay but also earn real value through digital assets. Unlike traditional games, where rewards are confined to the virtual realm, P2E games allow players to translate their in-game achievements into tangible rewards like cryptocurrencies and non-fungible tokens (NFTs), which...

Read more
PlayToEarnGames.com

Welcome to PlayToEarnGames.com, your daily source for the latest NFTs and Cryptocurrency News. Whether it's PlayToEarn, cryptocurrencies, wallets, blockchain technology, trends & analysis, beta releases, or other game industry insights, our team of dedicated writers is here to keep you informed. But that's not all; we know that gaming is at the heart of it all.
In our P2E games section, we provide you with the best game reviews across a variety of top genres, including Play To Earn, Web3, Crypto, NFT, Metaverse, Blockchain, and much more. Our comprehensive game reviews cover everything you need to know, from gameplay instructions and videos to in-game footage and images. We also provide links to social media platforms like Twitter, Discord, and Reddit, whitepapers for deeper insights, and, of course, where you can play the game.
So, take a moment to explore our Play-To-Earn game website, and we sincerely hope you enjoy your visit. Stay tuned for the latest updates from the gaming industry and its up-to-date insights to game developers and their game details. So check our section Video Games, Gaming News, Game Developer, Game Trailers/Game Videos, and our Event Calendar with all the mints, drops and more.