Tag Binance Smart Chain

Can I lose money playing NFT games?

Can I lose money playing NFT games?

It is possible to lose money when participating in NFT games. You will get a certain amount depending on the sort of game you are playing, the mechanics of that game, and the worth of the NFTs you are managing. Losing money does not always imply that you are the victim of a fraud. Given that NFTs are speculative in nature and that their worth is based on the value that people put on them, your losses are likewise subject to market factors. Just as with any other cryptocurrency investment, only spend what you can afford to lose in the first place.

Is it possible for me to lose my NFTs?

Because of the high monetary value of various NFTs, it is normal in nft games to be concerned about losing them when participating in a game or interacting with the blockchain. If you bought your NFTs or earned them via gameplay, you must take precautions to ensure their safety. Shortly put, if you aren’t cautious, it is possible to lose all of your NFTs. Nonetheless, if you adhere to the best practices that we’ll discuss later, the odds of losing them are quite low.

There are a few conceivable scenarios in which you might lose your NFT:

When transferring it from one wallet to another, make sure the wallet you’re using supports the token standard of your NFT.

If you believe you have been the victim of a scam or fraud, you should not transfer your NFT to a fraudster.

You provide authorization to a rogue smart contract to access your wallet, and it steals your NFT in return.

You lose it since it is against the rules of the game.

With the exception of the last, you may avoid the instances described above by gaining a better understanding of the NFTS, blockchain technology, and scams in general. The same way that you wouldn’t use PayPal or online banking unless you knew how to do it appropriately, the same is true for non-financial transactions. To ensure that you do not lose your NFTs, you should do the following: 

1. Confirm that you are not falling for a scam if you are transferring your NFT to another wallet. 

2. Confirm that you are not sending your NFT to another wallet. 

3. Become familiar with the many kinds of tokens and blockchains that your wallet or platform supports. The most often used NFT token protocols for Ethereum are ERC-721 and ERC-1155, whereas the most commonly used BEP-721 and BEP-1155 token protocols for Binance Smart Chain are ERC-721 and BEP-1155 (BSC). Always double-check that you’re delivering them to the proper recipient and never presume that they’ll be compatible.

4. Only communicate with smart contracts that are part of recognized initiatives that you can put your faith in. If you allow a smart contract to interact with your wallet, you should be aware that the contract may be able to withdraw cash from your account.

5. Make sure you understand the regulations of the game you’re playing. Trade with other players and the usage of NFT consumables are features available in several NFT games. Items or potions, for example, may fall within this category. Make yourself familiar with the game in order to prevent any unpleasant shocks.

NFT games that are widely played

There is a diverse selection of NFT games available, with the most majority of them running on BSC and Ethereum. Some provide more typical video gaming experiences, while others rely primarily on the collectibility of NFTs to generate revenue.

Axie Infinity is a fictional character created by author Axie Infinity.

As previously said, Axie Infinity is based on a paradigm similar to Pokemon, with collecting animals and fights to contend with. Axie Infinity is a cryptocurrency that runs on the Ethereum blockchain and offers users the opportunity to earn money by exchanging Small Love Potions (SLP), Axies, and Axie Infinity Shards (AXS). SLP and AXS are both cryptocurrency tokens that may be traded on Binance.

Sorare

Sorare is a fantasy football game in which players from real life are traded and collected in a collectable fashion. You put together a five-player soccer squad by utilizing either free cards for novice players or tokenized cards that you buy with real money. For every game you win, goal you score, or other event you accomplish, you may earn points that will help you level up.

Sorare

Gods Unchained is a short story about a group of gods who are released from their chains.

Gods Unchained is a tradeable non-transferable (NFT) card game on Ethereum that is akin to Magic The Gathering or Hearthstone in design. In order to compete against other players, gamers construct decks of cards with varying abilities and strengths. 

As you go through the game, you will discover in-game things that you may use or sell. If you win Ranked NFT games, you can start earning Flux, which you may use to construct more powerful NFT cards in the future. You may then either cash out your gains by selling the cards or reinvest the proceeds into new cards to continue the cycle.

Binance NFT Collections are a kind of cryptocurrency.

The Binance NFT Marketplace offers an NFT game experience via the use of NFT Mystery Boxes and Collection partnerships, among other things. These collaborations vary from digital artists to non-traditional video NFT games. Every Mystery Box that may be purchased includes a random NFT from the Collection that is of a different rarity. You have the option of either opening the box to expose the NFT or selling it without opening it first.

NFT Collections are groups of NFTs and Mystery Boxes that are grouped together around a common subject or goal. Mystery Box Collections based on science fiction NFT games have proven to be some of the most popular so far. Let’s have a look at a few of examples:

The first is the MOBOX Collection. MOBOX is a game platform on BSC that combines DeFi yield farming with NFTs, and it is currently in beta. The Collection consists of NFT Mystery boxes carrying MOMO NFTs with randomized hashing power on the MOBOX platform, which are part of the MOBOX platform. The greater the hashing power of the NFT, the more valuable the MOMO is in the NFT games offered by MOBOX.

The My Neighbour Alice Collection, which includes books by Alice in Wonderland author Lewis Carroll. My Neighbour Alice is a virtual world-building game in which NFT decorative objects are used to customize the setting. Despite the fact that the game assets included in the Collection’s Mystery Boxes are purely decorative in nature, consumers continue to appreciate them and assign monetary value to them on the secondary market.

Closing thoughts

When it comes to NFT games, players take digital collectibles and develop rules for how they may interact with one other’s NFTs. While some individuals like NFTs because of their collectibility, others desire them because of their practicality. Many NFT games are played in the same way as a trading card game, although not everyone who collects the cards wants to participate in the game.

Game-fi has now built new NFT games economies, which have altered the way in which users may make money via the use of NFTs. It’s no longer only about luck and collecting anymore; it’s also about having a good time while you’re doing it. NFT games have progressed and have started to provide play-to-earn modes of operation. Game-Fi, as it has come to be called, is a hybrid of the financial and gaming worlds that allows users to make money as they play their favorite NFT games.