Hello everyone.
Cryptocurrency is a broad topic on its own, and today we have the play to earn on our tables. From the class I was opportuned to learn a lot about NFTs with time I believe I will perfect my knowledge on NFTs.
What is your understanding of Play-to-Earn in the Crypto Ecosystem? Discuss Non-Fungible Tokens (NFTs).
Once you hear play-to-earn, it simply means that one does not just play for fun but to earn as well. Play-to-earn is simply a process whereby a gamer does not just play for fun, but plays with the mindset of earning either real money or virtual money for the time spent playing.
These games are built on a blockchain and has turned the gaming sector into a financial sector, as gamers are opportuned to make money while having fun (playing games). These games can be blockchain video games which supports the use of NFTs cards amongst it users.
On play-to-earn every gamer is expected to breed his or her NFTs cards or ensure that the Price if their NFT is been boosted.
These Non-Fungible Tokens are like Cryptocurrency as they are virtual but they are built on a blockchain. A Non-Fungible Token (NFT) is said to carry a distinct unit of data from a blockchain, a form of cryptographic ledger, that can be traded. NFTs are unique files from a blockchain and are unique as they can verify ownership of a Paintings of virtual artworks.
NFTs can be any digital work, can be songs, videos, drawings, animated GIFS. It is either an NFT is unique just like a real life's painting, or it is replica just like trading cards, no matter the number of copies, the blockchain still keep records of the ownership of each file.
List and explain some of the ways to earn through Play-to-Earn. Do you love Pets? What choice would you prefer in Jane's two scenarios discussed in the lecture and Why?
- Breeding.
- Participation in Tournaments
- Staking
Breeding: NFTs can evolve and cost higher when you purchase and groom it to a certain stage. For example, a game related NFT can evolve into a distinct figure which will have high regards and become highly expensive.
It should be noted that the more unique an NFT is, the higher it amounts. NFT is already making waves.
Participation In Tournaments:
As an NFT gamer who intends to increase your NFT reward or your energy value, you must participate in Tournaments against other gamers and if you eventually win, your NFT Value increases. If you are able to purchase weapons for your NFT avatar and they eventually win a battle, the value of your NFT also increases.
I'd go with the second illustration.
I will go with the second scenario because NFT is unique and will not allow theft of pet as the blockchain always keeps track of the ownership of a file. In NFT a pet owner cannot loose all like Jane did in the first illustration, in NFT you only loose your let when you decide to sell off to another user.
Conclusion.
In conclusion, every Cryptocurrency trader needs good knowledge about NFTs before they go into the world of play and earn, a proper understanding and guidance about NFTs will help one do well in world of play-to-ear.