There are several GameFi in the world, and each type has its way of earning. Therefore, it is most important to find a way to earn rewards that suits that GameFi. This article will explain how to make money with basic GameFi!
Basic “How to Earn” at GameFi
First of all, there are three main ways to “earn” with GameFi.
- Sell NFTs and earn rewards.
- Play games and earn tokens
- Take advantage of the Scholarship Programs.
You can earn rewards at GameFi by utilizing these three methods. Now, let’s start to explain these three methods in detail!
1, Earn rewards by selling NFTs
NFTs (non-substitutional tokens) are different from regular standard tokens in that they vary in value depending on their worth and the information they hold. For example, suppose two NFTs with the same illustration or information exist. One will likely be worth more than the other if the NFT you are trying to purchase was previously associated with a famous person or historical background.
Of course, because of the same type of NFT, the value of the other NFT may increase and the valued NFT.
To earn rewards by selling NFTs in GameFi, you will need to understand the popularity of the game. This is a prerequisite that NFTs must utilize as GemeFi in the first place and that in-game items and characters with NFT properties use, and more users want those NFTs.
Therefore, it is essential to check the network (blockchain) where GameFi is thriving and the volume (transaction volume) of GameFi itself is active. Of course, each GameFi can be “strengthened” or “weakened” by updates, just as in traditional games, and the value of the NFT itself can rise or fall depending on its capacity value and environment.
2, Playing games to earn tokens
This is one of the most important aspects of earning rewards, which is one of the main points of focus of GameFi. Making tokens by playing games” is a feature unique to BCG (blockchain games).
Even in conventional games, you can earn items or in-game coins as rewards by completing quests. Still, you cannot exchange your tips for exchangeable currency (i.e., virtual money or legal tender). For example, in the viral game “Monster Hunter,” it is impossible to exchange “materials” earned by completing quests for virtual or legal currency.
However, with GameFi, you can exchange the items and tokens you earn for other virtual currencies! Furthermore, the virtual money exchanged from things can be converted to Japanese yen or US dollars from virtual currency exchange, making it possible to link GameFi to our daily lives.
One thing to note is that before you can start GameFi and earn rewards, you need to purchase characters and items, so you need to exceed the tips you can make in-game for the purchased item $ nature to generate revenue. This is a demand to understand the characteristics of that GameFi and find ways to earn rewards efficiently.
Recently, professional gamers have entered the GameFi market, and communities (game guilds) have sprung up to share how to earn money and strategies on the trending GameFi. Check it out!
3, Take advantage of the scholarship program
The last way to earn money at GameFi is through a “Scholarship Program,” which allows anyone to earn rewards easily!
Let’s begin with a brief introduction to the Scholarship Program. The Scholarship Program, first adopted by the popular NFT game Axie Infinity, is a system that allows you to earn rewards for playing the game without having to purchase characters in the game!
As mentioned earlier, as a game’s popularity increases in GameFi, the value (price) of characters and items available in that game tends to increase. This is due to the increasing demand from many users. This has made it difficult for users who want to start playing GmaeFi.
The Scholarship Program allows users to borrow characters and items that can be used in the game from players who are already playing the game, allowing them to play the game and earn rewards without making an initial investment! Of course, the rewards earned in the game must be split with the lending party, and the character must be returned, but it’s a low-risk way to make a return!
Beneficial for both the lender and the borrower!
As you may have already noticed, the Scholarship Program offers several advantages to the borrower and the lender.
The borrower can save the initial cost of purchasing characters and items, while the lender has the advantage of putting new characters to good use. And since the user who lends out gets to keep the rewards they earn, this too is a low-risk way to make a return!
Some investors are taking advantage of the scholarship program to profit from the return of the rewards of the players they lend out without playing themselves after purchasing the characters. Of course, the rate of return will vary depending on the time set for early recovery and the game skills of the player who lent the surface, but this is a unique reward earning mechanism for blockchain games!
Summary】The flow of earning rewards with GameFi
So far, we have introduced the three main ways to earn rewards. Finally, we will explain the general flow of earning rewards from GameFi, although it may vary from game to game!
- Create a wallet
- Open a virtual currency exchange account.
- Purchase a small amount of virtual currency as a network commission
- Purchase or borrow game characters and items
- Play the actual game
1, Create a wallet
First of all, you need to prepare a virtual currency wallet, which is required to play GameFi. Creating a wallet varies by game and network, but most wallets can be created and used for free!
Creating a wallet is necessary to purchase your first character items and manage your earned rewards.
Let’s start by creating a MetaMask, a well-known virtual currency wallet. To learn how to create one, please refer to the following article!
Related articleHow to download MetaMask
2, Open a virtual currency exchange account
Next, open a virtual currency exchange account to purchase virtual currency to be used in the game, items and characters, and network costs for transactions and performing operations in the game.
We recommend a domestic virtual currency exchange (CoinCheck, bitFlyer, etc.) if you are starting in the game. You can deposit Japanese yen to buy virtual currency or convert virtual currency rewards earned from games into Japanese yen!
However, some virtual currencies do not handle by domestic virtual currency exchanges as a precaution. In that case, you can use overseas virtual currency exchanges or a decentralized exchange called DEX.
3, Purchase a small amount of virtual currency as a network fee
As explained in (2), GameFi requires a small amount of virtual money as a network fee for character and item transactions.
Network commissions are essential for users who purchase characters and other items on their own and those who are planning to start GameFi through the Scholarship Program. Network fees and character/item prices vary from game to game, so check before you buy!
4, Buy or Borrow Game Characters/Items
After purchasing virtual currency, you can buy game characters and items. For most games, you can buy them from the “Market Place,” an auction-like feature of the platform where you play the game.
If the game has not yet launched, you can purchase characters and other items from a particular page called a presale! The place of purchase differs depending on the game, so check the official website or official Twitter for more information.
5, Play the actual game
Lastly, let’s play the games, as GameFi offers various GameFi from worldwide projects.
The choice of GameFi is yours, whether it’s a game that rewards you the most, a game genre you like, or the latest trending game! Have fun playing GameFi!