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NFT’s have become one of blockchain’s most popular offerings in the last year thanks to their ability to record and confirm ownership of digital and tangible assets. From tweets to memes to artwork, everything seems to have the potential for becoming an NFT.
Eventually, NFTs found their way into the gaming world, with in-game assets being tokenized, traded, or earned by gamers.
Players have traded and used in-game assets for decades, but they work a bit differently with non-fungible tokens (NFTs). First, they ensure a certain level of authenticity. As long as in-game assets have existed, there have been ‘cheat codes’ and fake assets being bought, sold, and traded in the virtual world. Not to mention that, in most cases, they can be owned by everyone who pays for them and have virtually no scarcity, making them a lot less attractive.
NFTs are digital assets, and players can buy and sell them, making the stakes for winning games and acquiring assets much higher. Take CryptoTanks, a play-to-earn DeFi game in which every in-game asset is an NFT and which offers several financial incentives for players, making it not just a fun game to play but a way to earn money as well.
How CryptoTanks Works
CryptoTanks is, in many ways, a homage to the legendary 8-bit game ‘Battle City’ that was popular many years ago. It exists within a pixelated ecosystem in which players use tanks to battle among themselves to win points and tokens.
The way in which NFTs come in is that the tanks themselves are NFTs, and as the player wins more games and completes more challenges, improvements and upgrades can be made to the tanks, which, in turn, makes it more valuable as a token.
The game, which is built on the Ethereum and Polygon networks, has its native TANK token at the center of its ecosystem and which also acts as a financial incentive for players. To get the tanks that are used in-game, players have three options.
First, they may buy it from within the game using STAR tokens. Alternatively, they may purchase the tanks as NFTs from a P2P marketplace, or they may rent them from another player for a fee. This system creates an incentive for players as the more they improve on their NFTs, the more they can sell them for a profit in the marketplace or rent them out. The currency to be used for these transactions is STAR tokens. The TANK tokens, however, can be staked to earn interest, and there are specific games that reward winners with TANK tokens and other games that do not but give player ratings for the winners.
All in all, CryptoTanks offers four unique ways for players to profit: The first is by playing the game and earning TANK tokens. There is also the option to upgrade their tanks and then sell them to other players for a profit. They can rent their tanks to other players and, finally, can stake their TANK tokens to earn an interest in STAR tokens.
Features of CryptoTanks
CryptoTanks is becoming popular within the gaming sector not only for its iconic game design and visuals but for its advantages:
- The ability to earn from owning tanks: Whether by playing and upgrading a tank to later sell it or by renting the tank to other players, CryptoTanks essentially allows players to run a virtual business of tank ownership. Many games allow players to virtually run businesses, but few come with the chance to actually earn money.
- Staking benefits: There is the option to earn interest on existing TANK tokens by staking them and this, in turn, creates another and more passive stream of income for players.
- A dedicated P2P Marketplace: CryptoTank’s dedicated P2P marketplace will help to prevent fake NFTs from popping up within seedy underground marketplaces and will go a long way in promoting a healthier and more engaging ecosystem.
For most of us, games are associated with entertainment and leisure, and there is not too much thought about earning tokens unless we are playing competitively. Now, thanks to the inclusion of NFTs in gaming, players can begin exploring them as money-making avenues and not just entertainment.
CryptoTanks will be launching its token sale in November 2021.
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