What are NFT farming games?
NFT farming games allow players to participate in different activities and complete tasks within the game to earn and collect NFTs.
This article will explore the concept of web3 farming games, the types of games available, the advantages of playing them, and the challenges and involved.
What are NFT farming games?
NFT farming games are decentralized games built on a blockchain that combine token staking and liquidity farming to provide rewards in the form of unique NFTs. By staking specific tokens, NFT farming gamers have the chance to accumulate valuable digital assets.
The rewards earned by the players depend on the type and design of the staked token, offering various opportunities for users to gain valuable assets with unique characteristics that can be used across different services.
What is Token staking?
Token Staking is a process where users can buy and sell NFTs through NFT browser games by investing money, tokens, or cryptocurrencies. This investment process earns interest, which is paid back to the account holder and helps increase their position as a trusted network validator.
How do NFT Farming Games work?
NFT farming games work by giving players the ability to earn rewards through their participation in the game and by holding staking tokens. These rewards, combined with NFTs, can then be sold on an NFT marketplace.
The concept of NFT farming games is similar to platforms for yield farming, where tokens are placed in a pool and earn rewards based on the specified Annual Percentage Yield (APY).
As such, NFT farming games offer a unique opportunity for players to earn rewards through the use of NFTs and digital currencies. To participate, a player must have a digital wallet and staking tokens. In these games, NFTs are created to be more engaging and exist in-game.
To receive rewards, players must use a staking portal, a platform where they can stake their tokens. The rewards are then returned to the player in the form of NFTs. The player can then choose to sell the NFT on an NFT marketplace for profit.
NFT Farming Game Examples
NFT farming games are still relatively new in their development and proof of sustainability. However, there are already a number of NFT farming games in the market currently. Two examples of popular NFT farming games include Planet IX and DeFi Land.
1. Planet IX
Planet IX is a free-to-play strategy game that uses blockchain technology and NFTs. The goal of the game is to restore a fallen planet to its former glory by collecting virtual assets, such as land and buildings, which have true ownership and can be traded securely.
In-game incentives reward players for gathering assets and upgrading their inventory. With innovative DeFi gaming components, Planet IX rewards players for their hard work and strategy.
2. DeFi Land (DFL)
DeFi Land is an NFT farming game that is a fun way to learn and participate in the DeFi world and can either play for free or buy a generation 0 NFT. The game has all the traditional DeFi features, and you can trade in-game assets and NFTs with $DFL tokens (the native in-game currency of DeFi Land).
Players can also stake and earn incentives, participate in-game mechanics, and vote on governance issues. It’s accessible to a wider audience with its multi-chain feature.
NFT Farming Game Pros and Cons
Before playing an NFT farming game, gamers should consider the benefits and tradeoffs of NFT gaming:
- Earning potential through token ownership from in-game rewards
- Ability to sell NFTs to obtain liquid assets through rewards
- Fun and exciting gaming communities
- Vulnerability to smart contract bugs and hacking attempts
- Potential for operational faults that may cause negative consequences
- Value of in-game assests is dependent on game popularity and tokenomics