NFT farming is all about earning rewards for activity on a platform. This can be a trading platform, but also a video game.
Ever since games went online, we’ve seen groups of players impacting these virtual economies by selling in-game currencies for actual money. This has been frowned upon by developers, but with the rise of blockchain technology and decentralized finance, farming virtual gold is becoming an actual business opportunity.
NFT farming is a bit similar to yield farming in de DeFi sector. It’s all about players being active in a game world, acquiring certain items or in-game currencies that can be sold for money and profit. An example would be the Small Love Potion from Axie Infinity. Players need to win battles to earn these SLP tokens, which in turn can be sold on the open market. This generates a certain income that’s high enough for people in certain countries to make a living from it.
When it comes to actually farming NFTs, there are more examples in the DeFi sector. For example, Meme token rewards users who provide liquidity to certain trading pools with pineapple points. In return these points can be used to obtain limited edition artworks. Other projects like Drops or Rarible also reward activity on their platform with a token, creating a financial incentive to acquire NFTs.
VulcanForged has released their first seeds NFTs, which allows gamers to obtain special weapons through NFT farming. Acquiring these items requires the cryptocurrency PYR, some time and of course the seed NFT….