Non-Fungible Token have risen in 2017 and became a way of trading kitschy virtual collectibles. NFTs in a way offered a way to attach data to a currency allowing the holder of the NFT with the unique identifier to sell, exchange or destroy the crypto-collectible. These are becoming the medium of exchange and visitors can prove ownership of the digital assets that they buy, sell and trade.
What are NFTs?
To begin with, NFT stands for non-fungible token meaning that each unit is unique and it is distinctly identifiable. These allow you to confirm the existence, provenance, and validity of distinct digital assets. Records for each distinct digital asset will be stored on a blockchain together with the information about the associated owner and this is very secure, immutable, and fully transparent.
Benefits of NFTs
- Actual ownership: As the player, you will be the one owning the in-game assets and not the owner.
- Transparency and provable scarcity: The history of ownership together with the amount of each asset will be made available for everyone.
- Interoperability: Assets can be incorporated in multiple games since they exist in independent systems.
- Security and immutability: Assets cannot be duplicated or tampered with by frauds and also they cannot be lost when a game gets shutdown.
What NFTs can look like in a game?
NFTs in a game generate or preserve value for a player. Whenever you buy an in-game asset in the form of an NFT you get the actual digital asset that you will then own. You can choose to trade or sell it back to its value and it will potentially increase in value over time.
Categories of NFTs emerging
- Branded NFTs: These meet the demands of the people as people are interested in the respective topic and will translate their interest to the NFT market.
- Memorabilia: It can be noted that the history of ownership can create significant value for a collectible and since everything is transparent, it is possible to do so with NFTs, and the same thing for digital assets.
- Game-relevant NFTs: They are relevant to the underlying game and you as the player too. The player does not have a way to directly impact the value of NFT as it will be majorly determined by the demand for it.
- Story or gameplay-driven NFTs: Here the player can actively change the value of the NFT which will be heavily dependent on the game utilizing it but allowing you to control it.
Top NFT games
The major use for NFTs these days is gaming. The top games that you can play with NFTs include:
- Gods Unchained – This is noted to be a turn-based collectible card game. The NFT cards will be depicting things like various characters, creatures, events, and powers that you can use to play one-on-one against any opponent.
- Sorare – With over 100 officially licensed soccer clubs Sorare allows you to purchase NFTs that represent you professionally and you can use these to play fantasy games against other collectors.
- My Crypto Heroes – My Crypto Heros is a multi-player role-playing game that issues NFTS of characters and other in-game items. You will have to up your characters through battles and quests.
- Decentraland – This is a virtual reality universe that is somewhat similar to the Second Life or The Sims. Those that will be inhabitants of Decentraland buy, sell and also exchange ERC-721 tokens called LAND then use an ERC-20 token called MANA to purchase other in-universe items. Decentraland contains art shows, games and events too.
How gamers and streamers can make money on NFTs
Linked to a domain and NFT creates an immutable history of its journey for tracking purposes. This makes it easy to buy, sell and trade a domain without a middleman.
NFTs offer you even more value creation opportunities. There are unique and they can reflect the scarcity and rarity of an underlying digital asset. People have now managed to attach information to NFTs opening up all sorts of new value creation opportunities and these NFTs are now being used to track the provenance of art and precious metals.
The NFTs are now being used for ticketing in the sports industries, financial services, and also these streamers are using NFTs as a way to sell and transfer property.
NFT drops is another popular trend among modern digital artists. They creating collections and sell them in a very short time frame.
Also, streamers and gamers are taking advantage of the fact that blockchain games driven by non-fungible tokens and digital collectibles are unlocking an entirely new economic system that enables gamers to earn real money while they play.
NFTs are a very new technology as compared to blockchain. With every new NFT game that will be released people will be able to learn and evaluate how to make the best out of NFTs as well as knowing what works and what does not. As time goes on, we will be able to know exactly the NFT concepts that prove to be valuable and sustainable. You have to stay connected in gaming NFTs, you will go places, and you have not seen anything yet.