Product 18 Apr, 2024.
NFTs (non-fungible tokens) have caught the world’s attention, and they drive unprecedented value in the digital space where you enjoy asset ownership, uniqueness, and traceability. With this, you can say that the human race has just turned another significant corner in history.
What are NFTs?
NFTs are digital tokens that offer real value because they are unique assets governed by blockchain technology. Fungible refers to something that’s exchangeable, replaceable, or interchangeable. NFTs are the exact opposite of that – they are unique.
Let’s suppose you have a one-dollar banknote. It will hold the same value if you exchange it for four quarters. Even the form is different now, but the total value remains the same. A one-dollar bill is fungible.
NFTs (non-fungible tokens) are not exchangeable and are unique. For example, digital assets in the game CryptoKitties are unique – only you can own each one of those kitties. You can choose to sell them for their value, and the ownership will be transferred to the new owner as a result. These transactions are all registered on a blockchain. This decentralized ledger has high security levels.
You may read more about blockchain technology here.
What Worth Do NFTs Hold?
Millions of dollars. Yes, you read that right.
Not too long ago, Grimes, a Canadian musician, sold digital art as NFTs worth 6 million dollars. Sounds rich, right? Adding more to this, Beeple sold his digital artwork for 69.3 million dollars. Now that is something jaw-dropping. It is a million-dollar industry with superb potential for enormous investment returns.
Moreover, the NFT scope is not limited to a few digital artifacts. There’s much more. If you are a musician, your music can be an NFT. If you are a memer, register your upcoming creative meme as an NFT. You can even own a tweet, claiming it as your digital asset. Anything in this virtual verse can harness NFT technology, creating opportunities for everyone to trade and play to earn digitally.
NFTs in the Gaming Arena
Blockchain tech supports an increasing number of endeavors in this digital era, and NFTs depend on them for their security, authenticity, traceability, and all that they are known for. This gives the gaming sector its promising potential.
The introduction of NFT games means that collectibles and game assets developed will generate actual revenue through in-game wins. This is what the Play-to-Earn (P2E) model is. This outshines the previous pay-to-play model and the free-to-play model.
You might also want to read about the P2E model here.
NFT games allow you to earn rewards, which have monetary value in cryptocurrencies. This means that there are investment opportunities when you play a crypto game online, such as character outfits, weapons, skins, emotes, and other objects as NFTs.
Alien World is a prominent illustration to second these terms mentioned. The game has surpassed 700,000 users as of October 2021. That’s just one; more will be rolling out soon. So, next time, don’t stop your kids from playing games. They are earning some big bucks.
NFT Gaming Platform Development
NFT game platform development benefits players in terms of NFT ownership and the ability to transfer them without any permission. Gamers can trade their digital collectibles to deepen their pockets whenever they want.
But hang on a minute; who will make it possible? Umm… any guesses?
Yes, you guessed right, an NFT game development company.
So, you get a game platform developed by a company, where you can create, purchase or trade game assets and tokens at a reasonable price, allowing newcomers to enter the NFT gaming marketplace to earn exponentially.
Advantages of NFT Gaming Platform Development
Digital Asset Ownership
Games in the traditional world are a one-time purchase, not transferable, and remain locked in a single dimension. However, stepping into the NFT verse, the player owns an in-game asset rather than a game creator or developer. In the blockchain ecosystem, gamers can secure their assets, purchase them, sell them to other players, or even migrate them across other supported games.
Immutability
All of the player effort and achievements go in vain if a traditional online game shuts down. For example, a player loses all of their purchases. But things come out differently with NFT technology as it exists independent of the game platform on Blockchain itself. So, whatever happens to the game, you will lose nothing.
Adding more in good, crypto game assets cannot be replicated under the blockchain ecosystem. It is because NFT generates a unique permanent record for every digital asset.
Interoperability
Typical online games rely on centralized servers, which means all the assets exist inside proprietary systems and do not support interaction. Conversely, decentralized games live on independent blockchains that serve as a platform for other interconnected games, resulting in the interoperability of game assets across different environments.
Provable Scarcity
Authenticity and rarity are the most valuable attributes for any collector. Through immutable records, the scarcity of NFT purchases is provable on a blockchain network. Furthermore, NFT uniqueness, along with ownership history, offers validation on a distributed public ledger.
Gaming Industry Future with NFT
Various industries are surpassing their previous benchmarks with NFTs and decentralized environments. This adoption in the gaming industry comes with numerous benefits. A prominent one that excites everyone is the intrinsic value that one can hold with their digital asset.
I hope you have enjoyed reading this post and have taken away some valuable information that we have unfolded in this article. If you are a crypto game enthusiast and have any jaw-dropping NFT game ideas, discuss with us today, and ignite this virtual verse together.
Cubix
Spanning a diverse range of content, our Editor keeps a close eye on all published materials while publishing and making edits to existing posts.
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