What Is GameVu NFT's?

#gamevunft

GameVu NFT is a NFT project that aims to create a community and unite real esports fans and talents, as well as artists and digital art experts.

What are NFT's?

#gamevunft

An NFT (a non-fungible token) is a digital record that can represent any physical or intangible item: an artwork, a video clip, an in-game skin or currency, a music file, a real estate property (tokenized), or a collectible card — like in our case. A non-fungible token only exists in one copy and can’t be replaced with a token of the same value, hence the name. Those who trade it for another token will… get a different token.

NFTs and Blockchain

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GameVu NFT is powered by Ethereum, a software platform that uses blockchain technology. Blockchain is a type of a distributed ledger — a system that allows participants to exchange products, services, or assets while safely managing transaction records. They are encrypted, organized in a series of blocks, available for all platform participants (their computers to be precise), but impossible to alter. So, you can be sure that non-fungible token transactions are protected from fraudsters.

Smart contracts regulate transactions on a blockchain network.

What are play-to-earn
NFT games?

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Play-to-earn NFT games give users the chance to generate an income stream through playing. Typically, a player is rewarded with tokens and occasionally NFTs, earning more the longer they play. The tokens earned are often needed as part of the game’s crafting process.

The token method is usually the more stable of the two, as tokens can be earned steadily through play while NFT drops are more chance-based. Play-to-earn has been especially popular with users in low-income countries as an alternative or boost to fixed income or social security.

AXI Infinity has become one of the most well-known play-to-earn games. The game requires an initial investment to purchase three Axies, or you can receive a free Scholarship from another player. Once you have a Starter Team and begin completing tasks and challenges, you can earn Smooth Love Potion (SLP), an ERC-20 token tradeable on exchanges.

Breeders use SLP to breed new Axies, creating an economy for the item. Axie Infinity became particularly popular in the Philippines, where many users started to live off its play-to-earn model. Many players are making between $200 to $1000 (USD) per month, and some even more than that depending on the market price and time invested.

What are in-game NFTs?

In-game NFTs offer another way for you to generate an income through playing NFT games. Rather than earning a fungible ERC-20 TOKEN like SLP in Axie Infinity or SKILLS in CryptoBlades, you earn NFTs that represent collectible items. This gameplay mechanism is the traditional way of generating income with NFT games. Items will vary in their worth based on their cosmetics, rarity, or utility based in the game.

CryptoKitties is one example of a game that relies only on the collectibility of in-game NFTs. There is no way to keep playing and earn a steady income without the element of chance. Most newer NFT games offer a mixture of both play-to-earn and in-game NFTs.

How do NFT games make
money?

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The amount of money you can earn playing an NFT game will depend on the specific game’s mechanics and market demand. The money you make will come from other users who value the NFTs or cryptocurrencies earned in the game. You will need to cash out by selling your goods on a market, exchange, or auction house. With NFT games, value is derived either from the NFT or token’s collectability or in-game utility. These two factors also lead to speculation.

Can I lose money playing
NFT games?

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It’s possible to lose money playing NFT games. The exact amount depends on the type of game you’re playing, its mechanics, and the value of the NFTs you’re handling. Losing money doesn’t necessarily mean you’re being scammed. As NFTs are speculative and their value depends on what people place on them, your losses also depend on market forces. Like any crypto investment, only spend what you can afford to lose.

Can I lose my NFTs?

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With the value some NFTs are worth, it’s a common fear to lose them while playing a game or interacting with the blockchain. Whether you’ve purchased your NFTs or earned them in-game, you need to make sure you keep them secure. In short, it’s possible to lose your NFTs if you aren’t careful. However, your chances of losing them are minimal if you follow the best practices we’ll outline later.

Popular NFT
games

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There’s a wide range of NFT games available, with the majority on BSC and Ethereum. Some offer more traditional video game experiences, and others depend mainly on the collectibility of NFTs.

Closing
thoughts

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NFT gaming takes digital collectibles and creates rules for players to interact with each other’s NFTs. While some people value NFTs for their collectibility, others want them for their utility. Many NFT games work like a trading card game, but not everyone who collects the cards intends to play. Game-fi has now created new NFT gaming economies that have changed how people can earn using NFTs. To make money, it’s not just about luck and collecting anymore; it’s also about playing too.