If you're reading this article, chances are that you've heard of NFTs. I'll spare you the explanation and get right to why we're here. But first, let me start by saying that this is not investment advice. Ok, that's outta the way, let's get to it.
How do I use NFTs to generate income?
There are a few ways to generate passive and active income with NFTs on the WAX blockchain. One key factor to understand is that none of this is a "get rich quick" silver bullet to Lambos. This stuff takes time and patience, but if you are consistent (a quality of all champions is consistency) you will see growth.
Let's get to it then. Here's a list of games that can be used to generate income. It's in no particular order, just a list.
Alienworlds.io - Alienworlds is one of the most popular dApps out there and where I recommend we start. All you have to do to start making money is go to play.alienworlds.io Log in with your WAX account and start mining TLM. This is not an in-depth guide to the game, just the basics to get you started making money.
What is TLM? Great question, I'm glad you asked.
TLM is the currency given out to players for "Mining" in the game. You start out with everything you need to begin making money for free, right from the start. After mining, your wallet is awarded with TLM that can be traded on Binance using their portal OR on the Alcor Exchange for other crypto currencies, like WAX. You can then take your profits and invest into upgraded tools for more profitable mining or save it for a squirrel miner rig; your choice. Moving on...
rPlanet.io - rPlanet is possibly one of the most influential dApps on any blockchain. Yea, I said it. The "staking" system that they've created makes use of the players NFTs by storing them in the rPlanet "Vault" in exchange for earning drips of Aether for each one.
What did you just say to me?
Here's an example: I buy an OFFICIAL rPlanet NFT on the market, I then go to rplanet.io/staking and store it there, in their "Vault" - For this, I am rewarded with a crypto currency called Aether every hour that I keep my NFT stored with them. You do not have to babysit it either, every hour it collects like magic and whenever you want to take your profits out, just hit the "Claim All" button and your wallet is rewarded with the collected Aether.
Nick created a really awesome tool for the community to make everyone's life so much easier.
I suggest Bookmarking that page. You will be referring to it often.
What's Aether and what do I do with it?
Aether is a crypto currency on the WAX blockchain that can be traded on the Alcor Exchange for WAX or any other currencies available on the market. The idea here is to swap Aether into WAX and then use the WAX to purchase more income generating NFTs.
How do I make money with rPlanet?
There are many ways to generate income with rPlanet. I am by no means an expert on all of them. That being said, in my experience, I can tell you what I do and advise my friends and family to do.
First and foremost, you MUST UNDERSTAND that NON- rPlanet NFTs are NOT guaranteed to generate Aether forever and will fluctuate based on the amount staked by the ENTIRE community for that collection. The more people who stake NON-rPlanet NFTs, the lower the Aether will be generated per NFT. Example: If something pays 10 Aether per hour today, in a few days, it will generate less IF more NFTs become staked (which is likely).
That being said, Official rPlanet NFTs have a guaranteed Aether per hour rating and that will not change. If it says 150 - its going to be 150 no matter what the rest of the community is staking.
How do I find out which NFTs generate Aether and how much?
I use NFTHive.io to search for Aether generating NFTs. Their search and filtering functions make it easy to navigate to the best deals. If an NFT generates Aether, there will be a hexagonal box on the right with dragon fruit colored numbers. That is how much Aether per hour that NFT currently stakes for. You can set the search filter to ONLY show NFTs that generate Aether and then start buying and staking. **TIP: Use the BULK TOOLS Staking Tool**
This will increase your Aether Per Hour that is generated, which is the whole point. Continue to "Claim All" and trade it for WAX on the Alcor Exchange to purchase more NFTs that generate Aether; like squirrels in wheels.
Here's a few links to searches I often use to grab Non-Official rPlanet NFTs:
Dark Country Commons
Dark Country Rares
Now, you've got a mining team on an Alienworld somewhere and you've got some NFTs staked in the rPlanet vault. What do we do next?
We head to the Yukon, that's what!
At wax.prospectors.io
Prospectors is a step back in time to the days where humans used tools to dig shiny objects out of the earth to trade for other shiny objects, or whiskey. In the game, you have 3 workers who want nothing more than to dig shiny stuff out of the digital land and trade it for PGL.
What's PGL you ask? PGL is the currency that is awarded in-game for trading shiny objects(1,000 GOLD = 1 PGL). It is available on the Alcor Exchange so when you earn "Gold" in the game, you can swap it for PGL and then trade the PGL for WAX and reinvest in any of your money generating machines! Or you can purchase PGL and swap it for gold in game and now you have gold to invest into tools and diplomas.
How do I play prospectors?
The game itself is pretty easy - there's a market to buy/sell/trade shiny stuff, workers do jobs, mine, transport goods, learn new skills, build etc.. It's slow to start unless you sink some gold into a few new tools for your workforce.
**Be Aware, Tools on the market have a "HEALTH POOL %" which shows how much life that tool has left in it. Do the MATH and make sure you are not wasting GOLD on a SHOVEL with 2% health left but costs the same as one that has 100%**
After you get some tools, start searching the land plots for open spaces to mine. The more the player base increases, the harder it becomes to find FREE Land to mine on. I just venture further away from the town center and have had better luck finding FREE plots.
You can also work as a miner on player's lands if they have open job slots. They pay in gold but you DO NOT get to keep the resources that you mine, the player who owns the land keeps those in exchange for the gold they paid you to mine it.
**There is a Land Sale on June 16th 2021 so the game will undergo some changes but remain fundamentally the same.**
Taking JOBS listed by other players is an easy way to start earning gold.
If you have some WAX to invest - buying the "CERTIFICATE" that allows your Workers to work longer is a must have. Without it, they can only work for 60 minutes and then need time to "regenerate" their energy bar, slowly. With the Certificate, the max work time is increased to 420 minutes and full-energy recharges are almost instant.
Profits from mining resources depends on market value. Oftentimes ORE is the most profitable resource, followed by COAL and CLAY. With GOLD being the most profitable shiny that comes out of the ground.
You can buy the membership to the game for $5/month (in WAX) and get all of the perks that come along with it. If you are active, you will earn that $5 back in gold in no time and be turning a profit.
There is also the ability to "RENT" a plot of land for 1 month at a rate that is determined in game. This will allow you to mine that land of its resources without interruption, build buildings, etc. Or pay other players to mine. Your business, your choice.
Prospectors is a simple game to play but the deeper you get into it, the more complex it can become. It's designed to allow anyone to basically start a business and make passive income, actively.
This brings us to our final topic, DUST mining.
What is DUST? Dust is a crypto currency on the WAX blockchain and is tradable on the Alcor Exchange.
How do I mine DUST?
Dust mining is done in DUST ENABLED Channels in TELEGRAM by sending messages. You are basically paid to chat. Now, I know this sounds too good to be true and it is. You cant just drop into a channel and start spamming, you'll get insta-banned for that behavior.
Nifty Wizards is an NFT Telegram Chat Game where players generate DUST while playing the game, It's like Old School Dungeons and Dragons with a modernized platform.
You can also join other channels that are DUST ENABLED and chat there to mine DUST, the point is to become a helpful part of that channel's community and answer questions or provide guidance to other members. Or ask questions so others can answer. Share posts from other sources, etc. The list of ways to be helpful and mine DUST at the same time is endless. Provide useful content and get rewarded for doing so.
NFTs that increase your DUST Generation Rate are available on the market. Just by holding them in your WAX wallet, your DUST Generation Per Message is increased.
You can also host your own DUST ENABLED Telegram Channel if you meet the criteria and pay the fee to have it created. There are currently only a handful of DUST ENABLED Channels and some do not want to be listed publicly so you'll have to search for those on your own.
You can find me (@NFTerramike) in The Official Hivemind Telegram Channel answering questions and helping the community any way I can. Stop by and join the community. While you're there, take a look at the list of DUST ENABLED channels that are a part of the public DUST community.
Disclaimer: This is by no means a complete list of all of the ways to generate income. Many more games are being developed and more guides will be made in the future.
One I am excited for is Nova Rally being developed by Sammy Snake and his Team
An NFT Racing Game where you select different Car/Driver Combos for best performance. Pre-Sales of the NFT Packs are coming up, so if you wanna jump in on the fun, you better do it fast!
There is also Metal War Game Which I have not yet gotten into personally, so I cannot advise on how to go about getting started. They have a very active community in their Telegram, so I would suggest looking their for further information.
We're not forgetting about TheUplift.World - as that is one of the most exciting projects out there. Information is coming in each day about this project on their Official Telegram Channel so stay tuned!
Recap:
play.alienworlds.io and mine TLM
rplanet.io/staking and stake NFTs for AETHER
wax.prospectors.io and dig for PGL
t.me/hivemindnfts and suck up DUST
Hope this helps!
NFTerramike
