With growing crypto adoption, blockchain and NFT-based gaming is coming into its own. But even as gaming firms are looking at leveraging NFTs using the earn-while-you-play model, the risks associated with crypto remain
Mumbai-based Pransh Khemka initially invested ₹35,000 in blockchain-based games. He has to date lost ₹50,000 in a year. Image: Neha Mithbawkar for Forbes India
Mumbai-based Pransh Khemka entered the world of NFT and blockchain gaming last May, mirroring the footsteps of an influencer he was following to gain mining knowledge. Khemka, 21, invested ₹35,000 in blockchain-based games CryptoMines and Farmers World, both operating on a play-to-earn (P2E) model.
Simply put, using non-fungible tokens (NFTs), these games allow users to earn money as they play. NFTs are unique digital collectibles on the blockchain, a feature that makes them appropriate for use in games as representations of characters, as consumables and other tradeable items—an avatar could be an NFT, digital items one finds while playing could also be an NFT. Since no two NFTs are the same, it gives each digital asset a real-world value.
(This story appears in the 17 June, 2022 issue of Forbes India. To visit our Archives, click here.)