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Why You Need A Web3 Wallet

January 19, 2023January 18, 2023 Jennifer N. Jordan

One of the tremendous benefits of the new web3 internet phase you’ve heard so much about is the decentralization of finance (DeFi)- this wasn’t available in past internet generations (web 1.0 and web 2.0). As you well know, web3 promises a far much better Web experience and in the cryptoverse, it has brought about the launch of the web3 wallet.

This type of wallet comes with new ways to profit from your digital assets, protect your identity, and also to move beyond the regular crypto wallets that merely stores crypto tokens. Web3 wallet offer much more- multiple decentralized applications (DApps), lending, token exchange, and staking.

However, for newbies, venturing into the cryptoverse may seem like an uphill task given the technicalities it always involved. But with the development of the web3 internet age, these complexities are gradually diminishing- beginners may not have much to worry about anymore as the web3 wallet offers a simpler way of transacting and storing digital assets.

Web3 wallets are quite fitting for the new internet generation. In this article, we’ll discuss why you need a web3 wallet, but first we shall explore the different types of web3 wallet available.

TYPES OF WEB3 WALLET

Hot Wallets: Hot wallets can only be accessed online. Given their ease of use, they are commonplace. It earned the name, “hot” wallet because digital assets are electronically stored on it. With hot wallets, you can easily transact assets on this wallet.

Hot wallets are further categorized into two:

Mobile wallets
Web-based wallets
Desktop wallets

Mobile wallets- As the name suggests, they are best wallet for nft designed for mobile devices. They are very handy, and you can easily transact digital assets with a QR code- you can use them on the go. However, they are vulnerable to malware infection and can be disrupted by viruses.

Examples of mobile wallets include Coinomi, and Mycelium.

Web-based wallets- The name tells it all. These wallets can only be accessed online. The private keys that guarantee the safety of the wallet are kept on the web. This makes it susceptible to cyber-attacks. In terms of wallet security, they are the least.

They are ideal for fast transactions and making little investments. Examples of web-based wallets include Coinbase and MetaMask.

Desktop wallets- These wallets are software installed into PCs used to hold crypto tokens. Having an anti-virus also installed is a necessity as connection to the internet poses a security risk. It’s safer to store your digital assets on a desktop wallet than on an exchange.

Desktop wallets are one of the best ways of storing digital assets as they ensure anonymity, privacy, and no intermediary. However, regularly backing up your computer’s data is necessary to ensure your assets’ safety.

Examples of desktop wallets include Bitcoin core, Electrum, and the likes.

Cold Wallets: As opposed to the hot wallet, these wallets store digital assets offline. It’s also a hardware wallet. Given its offline feature, it stays secure from online breaches and hacks. However, it could be less convenient to keep the hardware safe given being physical.

More so, unlike the hot wallet, it’ll be difficult for you to transact or make purchases on the cold wallet given its hardware feature. You’ll need to connect it to a computer, and send the required amount to a hot wallet before making payment- these are the major downsides of this wallet.

An example of a cold wallet is Ledger Nano X.

WHY YOU NEED A WEB3 WALLET

Unlike traditional crypto wallets, the web3 wallet stores and transacts Non-Fungible Tokens (NFTs), offers access to multiple DApps and it also allow users interact with different blockchains. Also, users can explore the web3 space via an in-built browser.

The web3 wallet also has an improved security and anonymity system. Given the required authentication before access is granted, it guarantees users are the only ones able to make changes in their wallets. This helps curtail fraud by a considerable amount.

Web3 wallet options offer safe and decentralized banking as there are multiple DApps running on a blockchain that provides a safe and stable financial system.

WEB3 WALLETS: CENTRALIZED EXCHANGE (CEX) VS DECENTRALIZED EXCHANGE (DEX)

FYI, you must make a distinction when creating a web3 wallet. Why? Because it could either be centralized (CEX) or decentralized (DEX).

CEX Wallets: These wallets are built on centralized exchanges such as Kraken. And users can store, send and receive crypto tokens. However, the tokens featured on each wallet depend on whether or not the exchange supports them.

DEX Wallets: These wallets are built on decentralized exchanges such as IDEX or EtherDelta. They also grant users access to send, store and receive tokens. Their feature tokens also depend on the exchange.

CEX VS DEX

You have to choose between the CEX wallet and DEX wallet.

CENTRALIZED EXCHANGES

Top 10 Most Expensive NFT Games and Their Prices

December 17, 2022December 18, 2022 Jennifer N. Jordan

Non Fungible Tokens have become reputable digital assets. The new way to buy and sell in-game items using blockchain tokens has exploded over the past year. In addition, the rise of Bitcoin and the acceptance of the play-to-earn model has also resulted in the increasing popularity of NFT games and other crypto games. The hype has undoubtedly taken over the gaming industry as well.

The exclusivity of owning a non-fungible token and the in-game items in an NFT marketplace has generated much interest among play-to-earn gamers. As a result, almost every video game has some stores where players can purchase and earn money in the form of in-game NFTs.

Presently, several play-to-earn games feature in-game tokens, which take the look of characters, digital land, and other in-game items.

NFT games have become popular as more people learn about cryptocurrency and blockchain technology. As digital assets become even more mainstream, dozens of new NFT games are cropping up every week. But would you rather ignore the game that allows you to win rewards as you catch fun? I don’t think so.

Some of the best NFT games even let players make digital currency while playing games and also help them gather some in-game assets in virtual worlds. Other play-to-earn crypto games allow users to compete against others worldwide using their own in-game NFTs. Unfortunately, with all the attention on the NFT market space, the prices for some of these in-game assets are absurd. This list includes digital asset prices from some of the most popular NFT games.

Most expensive NFT Games in 2022

1. Axie Infinity – Angel

Axie Infinity is one of the best NFT games that allow players to earn rewards while playing games. However, as a top NFT game, you must be expected the game to be costly. Unlike some free-to-play NFT games, Axie infinity requires players to invest money to purchase any virtual location.

The play-to-earn game character is now listed at 3,000 ETH, more than 6 million dollars. The in-game item has been traded well between two unnamed holders over the past couple of months. Angel was initially purchased for $100,000 Eth, and it appears the purchaser is trying to get money on it. There are no good deals yet, which is good since 3,000 ETH is a ridiculous price for digital collectibles. Click here to read more about Top Amazing Benefits of creating New NFT Games.

2. Decentraland – 22, 2 plot

The virtual location was sold for 2,000,000 MANA, the primary currency in the play to earn the NFT game. The price is roughly $1.85 million. It is easy for players to assume that the buyer of this virtual location will have access to a lot of opportunities in virtual worlds. Therefore, if you want to earn money playing NFT games, you must consider buying virtual lands in this NFT game.

3. Formula 1 Grand – Prix de Monaco 2020 1A

The NFT sold for over $3 million in cryptocurrency four months ago. The transaction represents one of the most significant NFT purchases in the gaming world. F1 Delta Time is becoming among the best NFT games due to its transaction volume.

4. F1 Delta time – Australia Edition 2020

The digital assets NFT game has sold several NFTs for outrageous prices. The digital project sold for more than $400,000. The unique release is one of the most expensive in the NFT gaming world. Whoever purchased the T could have bought two supercars instead. Fi DElta Time remains one of the top NFT games in this market.

5. Decentraland – 12 600 meters squared plot

The virtual NFT was bought for more than 500 ETH. Decentraland is one of the largest virtual real estate platforms with opportunities for players and creators. In Decentraland terms, the plot is huge. However, Decentraland was far smaller in the transaction, making the purchase more reasonable when it was made. Still, it is perplexing that these virtual plots are worth more than most homes.

6. Crypto Kitties – Dragon

Dragon is a cute pet in the pet-breeding NFT game called crypto Kitties. Every pet in the game is unique and owned by the breeder only. As a result, the new NFT game has become a crypto project. A user paid 600 Eth for the Dragon Kitty, which is about 1.3 million dollars.

7. Axie Infinity – Genesis Land Plots

Axie Infinity is one of several NFT games that feature digital land and assets. For example, a Twitter user spent 1.5 million dollars worth of crypto for nine plots of land in the crypto game.

It was a mouth-watering purchase because it’s the most money people have spent on digital land on the blockchain platform. Of course, the user may seem insane to assume the digital real estate asset is worth such a price tag, but he is getting …

Top Amazing Benefits of creating New NFT Games

December 17, 2022December 18, 2022 Jennifer N. Jordan

The inevitable creep of NFT games has intensified the debate on the best ways to use technology to create a game with the play-to-earn model that would entertain and help earn money via in-game tokens. In addition, some technologists accept that the trend of NFT games can shake up the relationship between players and developers.

One of the best NFT Games Development companies explained that the inception of NGT games had helped many people to earn money while playing NFT games. Interestingly, some best nft games allow players to win rewards in the form of in-game NFTs through the new play-to-earn model.

Without a doubt, NFT games offer numerous benefits to both players and developers. Aside from the fact that people can make money playing NFT games, the concept of the play-to-earn game has become a means to gather millions of people into virtual worlds and use them to expand the NFT marketplace.

Moreover, NFTs use certified ownership of digital assets that are easily verifiable and can’t be counterfeited. Since non-fungible tokens can be anything like digital images, video clips, GIFs, etc., and are downloadable, each NFT has a unique value, and the price of a popular NFT can reach millions of dollars.

Therefore, NFT Game Developers are using them as a medium for creating play-to-earn game projects and offering crypto rewards to players who will spend them in the in-game marketplace.

Although there are a few free NFT games to play in the gaming industry, some of the best NFT games require players to make initial investments to participate. Most play-to-earn games are expensive compared to traditional video games. To know how NFT games work, you need to get familiar with the play to earn game developers. You can read more about Top FAQs on NFT Games with Detailed Answers by visiting http://penumbrasl.com/top-faqs-on-nft-games-with-detailed-answers/

Most top world billionaires aim to take their chances in the NFT gaming world. However, if you are willing to approach an NFT Game Company, you must know that even Elon Musk is also showing interest in the niche.

Blockchain experts have been muscling to improve the NFT Game Development tactics to add more exciting features that could attract more people to play to earn games. NFTs seem to be a natural fit for popular NFT games gaming as they can be attached to certain in-game items that would be identified for their uniqueness.

For example, the weapons and outfits of in-game characters are expected to be unique, and NFTs can help meet such requirements. Apart from this, Implementing new features and functionalities to the game will support any NFT Game Development Company to earn greater profits.

Until a few years ago, gamers could not have imagined that they could earn money by simply playing games, but the innovative minds of NFT Game Development Services have made it possible for them

Therefore, it has ended people’s hostility against the growing popularity of video gaming. Now, even the hardcore opponents of gaming culture have started accepting NFT Game Development as a means of making immense business profits.

Benefits of Creating a New NFT Game

Ready to start an NFT Game Company? What are the benefits you might be enjoying? Let’s discuss the benefits of developing NFT games:

1. Drawing Venture Capital

As an entrepreneur, you would certainly like to get the best return on investment, and you can do it through NFT Game Development. You will get a chance to sell unique in-game NFTs and earn more income by introducing entry fees to play-to-earn games.

2. Uncrowded Market

The NFT gaming market is not overcrowded so you won’t face high competition. As a result, it would be easier for you to become a top-notch play-to-earn game development company quickly.

3. Scalability

Unlike traditional video games, NFT games provide greater scope for scalability. As NFT gamers are continuously looking for new games that can enthrall them and help them earn and invest in cryptos, it gives an excellent opportunity for developers to retain their position in the industry.

4. Additional Ways of Earning

Firstly, all play-to-earn games imply paid membership. Secondly, whenever gamers buy or sell NFTs, they will have to pay transaction fees.

NFT Game Development & Metaverse Architecture

Online games were the only center of attraction before the advent of blockchain-powered NFT games. However, the introduction of NFT-based gaming platforms flabbergasted gamers with unique functionalities, especially tokenization and Play-to-earn.

Metaverse game developers apply cutting-edge blockchain technology and artificial intelligence to gain a more immersive gaming experience.

Metaverse-inspired NFT games have become the latest craze. NFT Game Development Services are now concentrating on creating a metaverse ecosystem to partake in the next-gen gaming scenarios. Metaverse gaming platforms can be centralized or decentralized, but decentralization is what people value more.

Here are some of the best features and functionalities of metaverse-based NFT games:

1. Play-to-Earn (P2E): This is the most significant aspect of NFT metaverse games. Any …

Top FAQs on NFT Games with Detailed Answers

December 17, 2022December 18, 2022 Jennifer N. Jordan

It is always best for first-timers to ask a few genuine questions before venturing into business. The same principle is essential for anyone willing to explore the opportunities in the play-to-earn gaming world. Looking at the boom hype, investing in the NFT gaming industry is the most innovative financial decision.

But is the hype real? Can you make real-life money while playing games? Are there any risks involved in the play-to-earn model? How does the play-to-earn model even work? Is it easy to win rewards? As a beginner, you need to ask many other questions to make an informed decision.

Additionally, having a complete understanding of nft games and how they will help you to earn in-game tokens easily with a sense of guarantee. Here are some of the most critical questions on NFT games and relevant answers from experts in the blockchain industry.

Most frequently asked questions on NFT Games with Answers

What is an NFT game?

NFT is a pillar in the play-to-earn crypto games category. This gaming platform enables players to earn profits and rewards by playing the game and trading the in-game assets they receive.

The in-game assets in an NFT game are represented as NFTs. These digital assets include weapons, avatars, in-game rewards, inventories, etc. Depending on the NFT game, the in-game assets are monetized in a secondary marketplace or the NFT marketplace.

The complete functioning of the NFT game platforms is dependent on the blockchain. Blockchain paves the way for the whole architecture of the gaming platform that involves storing details and securing the ownership of the in-game assets. Click here to read more about Top 10 Most Expensive NFT Games and Their Prices.

What is the game economy behind NFT play to earn games?

NFT play-to-earn game is a gaming environment where players earn money for playing games that transposes the parties involved in the traditional gaming platform.

The game economy is gradually climbing the revenue ladder. Currently, for in-game NFTs, the revenue is $11.7 billion, and with the rise of NFT games, it is expected to grow gradually.

What is the game economy behind NFT play to earn games?

The rise in the economy of NFT gaming is achieved because of the popularity of the NFTs in common and their impact on the digital audience. In addition, NFT games are not challenging to play. That makes it easier for the player to play games and win in-game items that can be converted to fiat money.

Why play to earn gaming popular during the pandemic?

Gaming is already a popular platform among the younger audience, with the pandemic changing the landscape of everything every day. Gaming became more accessible because of the lockdown.

Among the gaming platforms, NFT games became stars during the pandemic because they enabled players to earn money and raise profits for themselves during the lockdown, where going out to work or play outside was almost impossible.

This trend of NFT games has proven to be very beneficial and continues to be so for its loyal players. No Doubt, most NFT games became famous because of the pandemic. That is a fact acknowledged by some game developers that created top NFT games

What is play to earn game?

Play-to-earn NFT game is a gaming sector where players earn money from cryptocurrencies or fiat cash for playing a crypto game. Most popular NFT games cooperate with crypto. But instead, they allow you to make crypto as if in real life.

This type of gaming platform is developed on the blockchain network. Therefore, NFT games obey every blockchain law, including security, scalability, speed, and transparency.

Play to earn has transformed into a popular gaming platform now. It is being approached by a wide range of gaming audiences rapidly. There are now several popular NFT games to play; players have more options to get rich quickly.

What is the difference between Crypto-Games, NFT Games, and Blockchain Games?

Crypto games are a type of video game that involves the technologies of blockchains and cryptocurrencies. Every in-game asset is valued based on cryptocurrencies and functions as rewards and profits.

NFT games are gaming platforms where the in-game collectibles are represented as non-fungible tokens. These NFTs are traded over secondary marketplaces for rewards in the form of cryptocurrencies or fiat cash.

Blockchain games are a type of video game that is built on a blockchain network and provides security and transparency to the platform.

What are some NFT Games?

NFT games are played to earn video games that put forward the concept of making revenue from playing the game.

A wide range of NFT games have been developed in the past and are being developed at a high rate at present and for the future.

Axie Infinity, decentral, gods unchained, etc., are some of the most popular NFT games in the digital space, and even more, enticing …