Play-to-earn NFTs are the magical swords and shields, pets and fun characters, land and buildings, or forts and embattlements, that players need to play.
To begin playing, players usually have to buy an initial stock of play-to-earn NFTs - eg. their first pets.
For example, a player needs to buy a team of 3 Axie NFTs to play Axie Infinity, and this costs about $1000.
Players can usually buy their NFTs game assets on NFT marketplaces connected with the game, or on third party NFT marketplaces.
Players can also 'rent' their NFTs. This is especially popular amongst players who can't afford to buy the NFTs they need to play. Sometimes this is called 'getting a scholarship' to play.
Often players join guilds like Earn Guild so that they can rent the NFTs they need to start playing (or 'become a scholar'). Players are usually required to share a percentage of their winnings as their 'rent' for playing with Guild-owned NFTs.
The market capitalisation of the top 10 play-to-earn NFTs is now over $15 billion, and the market is growing exponentially quarter by quarter. There is also significant daily trading volume in this market. For example, the trading volume of Axie NFTs used in the most popular play-to-earn game (Axie Infinity) is now over $200 million per day.