NFT / 24 Apr 2022 | Share with
NFT / 24 Apr 2022
Many people think that NFTs are mere digital artworks or collectibles that may be sold for huge amounts of money. However, NFTs also offer many new prospects for investors, businesses, and enthusiasts, which can shape their long-term usage and adoption.
While the global gaming industry continues to grow, it is still organized to benefit game creators. Traditional games have a one-way value flow where players pay to gain access to in-game materials and gameplay customizations.
But with the help of NFTs, blockchain-based games and decentralized applications (dApps) are now entering the gaming industry to let gamers maximize the value of their in-game purchases and asset acquisitions.
EA, Square Enix, Ubisoft, Konami, and Capcom are among the big game developers who support or are studying NFTs. As NFTs gain popularity, more and more individuals are looking into them, especially gamers who want to make money as they play their favorite game.
What are NFTs’ roles in the dynamic gaming industry? Find out the answers and more by reading on!
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It is better for you to learn more about how crypto gaming works first before diving more into how NFTs are connected to crypto gaming.
Non-fungible tokens or NFTs are one-of-a-kind digital assets that are accompanied by a record of ownership and validity saved on the blockchain. They can be any type of digital object, including graphic assets such as memes or original artwork, in-game products such as skins or virtual land, and a variety of other types of digital items.
When you first hear about NFTs, the word ‘token’ can be a bit confusing because it may lead you to believe that they are a form of cryptocurrency. But despite the fact that NFTs and cryptocurrencies both exist in the same environment, they are not the same thing. The easiest way to explain this is that NFTs are digital items, while cryptocurrencies are the digital money that you use to purchase NFTs.
NFTs are regarded as assets in the digital world since they can be purchased, owned, and sold in the same way that any other tangible property can. They can also be used to store a wide variety of data, including artwork, music, tweets, and other types of media. These data will have the same monetary value as the original files and will be available for purchase at any time, along with confirmation of ownership. It is this application of blockchain technology that distinguishes NFTs and makes them so widely discussed across various industries.
As a result, NFTs have a diverse variety of practical applications that are appealing to a diverse range of sectors and use cases, and their acceptance is on the increase. NFTs, in contrast to the majority of other digital tokens, have three specific properties that distinguish them:
Each NFT is a cryptographic token that symbolizes something distinct or non-fungible, which means that it cannot be exchanged for another NFT. The metadata contained within each NFT exists on the blockchain as a permanent record that cannot be changed. This metadata specifies what the token represents and also includes information about the token’s ownership history and transaction record.
On the other hand, many cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), and other utility tokens, are fungible. For instance, one bitcoin (BTC) is equal to any other. As a result, they are not unique in the traditional sense.
NFTs are sought after because of their scarcity, which is a vital characteristic that makes them so valuable. A good example might be the CryptoKitties video game, in which players gather and breed digital cats that are each represented by a specific NFT. Some of these CryptoKitties are regarded as rare collectibles. Thus, owners can raise their asking prices to collectors who are willing to place a high value on the NFT.
Due to Bitcoin’s fungibility and intended use as a means of exchange, it is divisible into smaller units. In contrast, most NFTs are indivisible since they must be purchased, sold, and kept as a single unit. Think of the way you can’t purchase a concert ticket in increments of 10% or a plane ticket in increments of 60%.
The connection between NFTs and video games began far earlier than the year 2021. It first gained widespread acceptance when the video game CryptoKitties gained huge traction in 2017. As a result of the game’s popularity, it was only a matter of time before NFTs began to proliferate throughout the gaming industry.
The fact that you have a piece of NFT in your collection is something you can easily brag about. NFT games take that to a whole new level because you actually use those NFTs while playing the game. Most crypto games employ NFTs in accordance with their unique set of rules and mechanics. Depending on the game, it could be represented as your avatar, a piece of land, or a card with specific effects.
So, how does a crypto game incorporate NFTs into its design? Smart contracts, which are self-executing pieces of code stored on the blockchain, are used by game developers to define rules for the gaming NFTs. For example, In Cryptokitties, they used the gene science contract to generate new cats using random mechanics.
Despite the fact that Crypto Kitties is still in existence, its popularity is not quite as high as it once was due to the availability of more interesting options. In other crypto games, you can find and collect NFTs while playing that you may use to improve your chances of winning or selling in exchange for fiat currency. This is basically how play-to-earn works and how you can earn money by playing games.
Play-to-earn games, sometimes known as P2E games, are by far the most popular type of non-traditional games.
Unlike traditional games, in which players must typically invest their earnings into the game in order to unlock particular prizes, play-and-earn games reverse the situation and actually reward players who put in the effort to play and earn money in them.
When it comes to rewards, each crypto game has its unique set of rules, but they all have one thing in common: they will all compensate you for your time and ensure that it is not wasted.
It goes without saying that Axie Infinity is one of the most popular P2E games to play and earn. A little investment will be required before you can begin playing Axie Infinity. This is because you have to purchase and assemble a decent team of 3 Axies before you can start playing the game.
You can purchase Axies, which are NFTs that have been generated on the blockchain, by going to the Axie Infinity marketplace. You might also be able to obtain sponsorship from crypto gaming guilds such as Railings University, which is powered by the Play It Forward DAO token, $PIF.
Take a look at the major benefits that NFTs bring to crypto gaming below:
Let’s start with the most important benefits of NFTs in crypto gaming. NFTs have the potential to effectively develop a second-hand market for digital games and commodities. They will let the players transfer their in-game assets out of the game. Because of that, players can now be the sole owner of an in-game item, and it’s up to them to choose whether to trade, sell, or keep it for themselves.
NFTs provide players more control over their accounts by allowing them to sell items and even earn a share of future resales. Crypto games provide a sense of ownership that players can get through the concept of customization. This concept will allow players to create or customize their NFT-powered assets and sell them on an online marketplace.
NFTs will be a vital component of the Metaverse and will serve as the glue that connects them to the rest of the digital future, including other games.
A metaverse is a singular object or location distributed over the internet, with content hosted on a variety of platforms, games, and websites. It is a wide term for Web 3, which will fundamentally alter the way people socialize, work, play video games, and connect with one another.
Metaverse will have many different facets and spaces where users can even have several different ‘personalities’. In fact, the Metaverse is already taking place, and NFTs will make it easier and faster to access.
An NFT is stored on a blockchain, with its data and ownership being tracked and protected from tampering. As a result, it may be simply transferred across games that use the same blockchain technology.
Crypto games are built on distinct blockchains that serve as the backend infrastructure for a network of interconnected games. Therefore, game assets represented by NFTs can be constructed in such a way that they are interoperable across a variety of networks.
Learn more about crypto gaming so you can start your venture across the Metaverse by visiting Play It Forward DAO website!
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