Building a stream of passive income with WAX
Lately I'm in a discovery mood and I like to try out new things. On noise.cash and Leofinance, I saw several people speaking about a new blockchain game. I've tried out almost all games on Hive. This one however is not on Hive. It's on the WAX blockchain and is called Alien Worlds.
Understanding and using WAX
It took some time to understand how WAX works and to get started with the game. First I had error messages when I wanted to play but I've found answers in the discord channel of the game. I finally managed to create an account on WAX and to play the game.
What is Alien Worlds
I won't go too much into detail about how the game works. On discord, you will find all the necessary tutorials how to play the game. It takes some time to understand what it's all about. In a nutshell you need to choose a planet and a plot and start to mine on this plot with the tools that you have. Each time you mine, you will earn some TLM token. At the same time you have the chance to win a new item.
Each item is a nft that can be sold on the WAX atomic market.
My mining gear in Alien Worlds
It took me quite a lot of time to get my first nft and I lost patience a bit. I exchanged my TLM tokens into WAX on the Alcor Exchange. With this WAX, I bought some nft tools that would increase the output from Mining in the game.
What you have to understand is that it's totally free to get started. You don't need to invest anything other than your time.
Different ways to earn
TLM tokens
Each time that you mine, you will earn some TLM and you can exchange it into WAX. This is the first income source. The better your mining equipment will be, the more TLM you will earn.
NFT staking
The second income source is to stake the NFT's that you have won in the game, on the website Rplanet. For every NFT from Alien Worlds that you stake on this website, you will earn some Aether, the token of rplanet.io. You can then sell this Aether on the Alcor Exchange for WAX.
Of course you can also sell these items on the market or use them for mining.
My staked NFT's on Rplanet
Earning NFT's from cryptomonKeys
If you choose to mine on specific plots, you can even earn some NFT's from cryptomonKeys. Check-out this post that explains how this is done.
What makes this a passive income stream?
A lot of people call a lot of things passive income when it's actually not passive at all. All the above is not totally passive a part from the NFT staking. However all this is necessary to build a passive income stream.
WAX Staking
When you stake the WAX tokens (WAXP) that you earn from the game in your wallet, you will start to earn staking rewards immediately. The return is at the moment 4.31% APR. This is not that much but it's 100% passive. Staking is very easy and can be done within your wallet. There is even a lazy button that allows to do everything automatically (claiming rewards, voting for proxy and staking available WAX).
After playing the game for less than two days, the results are slow but all the same I see my stake growing and the number of nft's evolving. The more I play, the more TLM and NFT's I can get. The more of these I have, the more WAX I will be able to stake and my passive income stream will grow accordingly.
What I like about this, is that there is no monetary investment required and everybody can start the game and build a passive income stream quite quickly. WAXP can be exchanged on Bittrex, Upbit, Huobi, HitBTC,...
Let's connect ! You can find me on these platforms:
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Whoops, I've been selling my NFTs, I'd prefer to keep them if they can earn passively. Thank you.
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That was my first reflex as well. I even burnt one of the nfts LOL. It's a great way to use NFT's that you don't need in the game.
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ENGAGEtokens.Great way dear 😌 So far, I've earned about 2 WAX thanks to Rplanet's NFT staking feature. For now, I'm not planning to pile up AETHER as nothing is clear about Rplanet yet.
WAX turned into quite profitable way of gaming at a short time. Nice to have such good Blockchain projects 😏 Thanks for your quite informative post ^^
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Thanks a lot for stopping by. I've been on WAX for no more than 2 days and there are many interesting aspects of it. I believe it's good to know also what happens on other blockchains :-).
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ENGAGEtokens.You condensed all the information perfectly! Just did almost all the same steps you did! :)) The only thing missing, and the one I was considering, is to buy the low grade mining gear with the first tlm earnings. Did you notice a significant difference in the mining rewards with more equipment apart from the shovel?
When I added the standard drill and the standard capacitor to my mining, it made quite a difference. I got them quite cheap for something like 0.30 wax each. It also depends on what kind of plot you are working. I started to mine in the mountains but the mining cycles got very long. Now I'm mining in the dunes :-). I haven't found out yet what are the best plots to mine on.
That's what I wanted to read! Already have some TLM on the market to get wax to buy those.Thanks for the feedback and cheers! !BEER
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ENGAGEtokens.I've been playing Alien Worlds lately, it's an interesting place to earn some WAX and the NFT's you get can be very valuable, I'm trying to save some WAX for a Glavor Disk which is a good tool for NFT's mining.
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The basic tools are quite cheap but then there is quite a price jump to get the better ones. Thanks a lot for stopping by!
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I think that it's better to make a transition to Standard Drills with the initial Shovel I mean you really need to sell some NFT's first complete your first three tools and then move on to the commons, Power Drills, Trilium Detector etc...
It takes some time to figure out where to mine though.
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ENGAGEtokens.Cool, wasn't aware of the WAX staking option.
4.31% APR is not exactly much, but it's better than just having it sit idle in my account.
Thanks for sharing!
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I like this kind of options when tokens are generated while I sleep lol. Thanks for stopping by!
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ENGAGEtokens.I saw it and wanted to give it a try, but got an error creating a profile so I left it alone. Does it require some type of initial investment to start playing?
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I had the same problem at the beginning. I managed to solve it like that:
when the wallet opens, you put the setting to always allow the app to access the wallet or something like that. It solved the problem for me. You can actually play without paying anything but you can run out of ressource credits if you have no wax staked.
!ENGAGE 20
Do resource credits recover over time or not?
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Yes they do I believe :-)
ENGAGEtokens.Good tip to turn your Aether into Wax!
I read somewhere it could be a risk to stake your NFT's because R-Planet can do whatever they want with them.
I only stake my cheap cards and get a small passive income for it.
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Thanks for the heads up. It's true that when you stake your nft's with r-planet they disapear from your own inventory. Thanks for stopping by!
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I really have to look into this game.
It's quite worth to look into. I mean you get all this stuff for free :-)
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ENGAGEtokens.This appears to be very similar to games like Splinterlands where players can earn NFTs and rent/lend them out. Trouble is I lack the time to put in playing additional games. I am curious how much you earn based on how much you put into this game? IF comparabily better returns than Splinterlands I may have a second look at it. Thanks.
Splinterlands is one of my major income source because I have a well developed deck. On the other hand I had to invest in cards to get there. When you think that with Alien Worlds it's actually totally free the return is not comparable.
When I consider that the longer I play the more I earn, I believe that it's worth to play this game.
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ENGAGEtokens.You should be ashamed introducing me to all of these crypto games. I guess I have to check this one out, as well. I am familiar enough with the HIVE blockchain. Hopefully, I will not get lost trying to get set up on a new blockchain. I may have to hit you up with some questions as I am getting started.
It's quite easy to get started with Wax. Feel free to ask :-)
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I was able to get set up in WAX, sign up for the game, and troubleshoot the initial error message I received. I started mining last night. So far, so good.
I guess I need to figure out how much TLM I need to acquire some new mining tools. I'll probably look into that later this evening.
Cool, you might want to have a look at my tutorials that I've made today :-)
https://peakd.com/@achim03/how-to-play-and-how-to-earn-with-alienworlds-io
I will definitely check them out and give you some feedback.
ENGAGEtokens.I have been playing for 2 weeks now and I just found one NFT :/
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The NFT output is linked to the tools and the land that you mine. Make sure that the total number of your tools at the bootom right is above 1. If it's under 1, it's almost impossible to get NFT's.
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It is 2.7 in total lol, so bad luck I guess.
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What is the luck factor of the land you mine on?
Maybe you can see it better in the screenshot
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I assume that you have 1 tool mining. You need to have a combined luck level of 1 or above from the combined tools (land excluded). My suggestion would be to sell some of the TLM that you have collected for wax on https://wax.alcor.exchange/ and buy a standard drill on https://wax.atomichub.io/ they cost only 0.9 WAX. Like that you would go above 1 and you would have much more success mining nft's. I would suggest also that you choose a land that has a lower time multiplier. It's more efficent if you mine for example on a sandy costline. Hope this helps :-)
Yep, I have the basic one only. I knew I was missing something. I will do everything you told me, thanks!
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ENGAGEtokens.