NFT gaming merges entertaining games with cryptocurrencies and blockchain technology such as Chainers.io. The result is a game that allows players to earn a financial profit while playing.`
For example, Gods Unchained is an in-game MMORPG where gamers can buy and sell in-game heroes, weapons, items, land, and other digital assets using the game’s native cryptocurrency, JEWEL.
What Are NFTs?
NFTs are digital collectables that can be bought, sold, traded, and even minted in certain games. They are not the same as traditional currencies or assets, such as real estate or artwork, as they can only have one owner at any given time, and their value is determined by supply and demand.
Like cryptocurrency, NFTs are built on blockchain technology, which creates a public, immutable ledger that keeps records of transactions and allows anyone to verify any object’s ownership at any time. Because of this, every NFT has a unique ID and metadata that cannot be replicated and that are managed by smart contracts.
Many people use NFTs as investments, much like art and other physical collectables. For example, in March of 2021, a digital artist from America, Mike Winkelmann (better known by his artistic name Beeple), auctioned off his masterpiece “Everyday: The First 5000 Days composite” for $69 million at Christie’s. This was a record-setting price for an NFT and showcased how popular this type of artwork has become.
Some brands are also using NFTs to strengthen relationships with their fans and reach a new audience. For instance, Polo Ralph Lauren created an NFT to commemorate its 150th anniversary that allowed fans to buy a virtual piece of the company’s history for $2,000.
Other celebrities have also made their own NFTs, including the initial tweet of Jack Dorset and the actual source of Tim Berner Lee dedicated to the World Wide Web.
What’s The Difference Between NFTs And Crypto?
Unlike traditional video games, where the prizes obtained upon levelling up or after winning battles stay within the game, NFT gaming allows players to transfer their tokenized items across different titles and systems. In addition to allowing for more lucrative opportunities, this adds new levels of realism and authenticity to digital gaming.
The NFT ecosystem is a goldmine for both gamers and creators, with a number of new ways to earn. For example, the NFT-based virtual world Splinterland has a marketplace that allows players to buy, sell, and trade their in-game cards while also giving them access to special events and bonuses.
Another popular NFT game is Gods Unchained, which combines familiar gameplay models from physical card games like Yu-Gi-Oh and Magic the Gathering with blockchain technology. The result is a game that enables players to collect, buy, and sell cards while maintaining their value over time.
NFTs are distinct from cryptocurrencies like bitcoin and ether as they are non-fungible. That means that each NFT represents something unique and irreplaceable. This quality makes them similar to digital passports, with each NFT having a permanent record on the blockchain that describes its authenticity and ownership history. Furthermore, NFTs are extensible, meaning that two NFTs can be combined to create a third, unique token. This allows for a whole new range of possibilities that would be impossible with real physical assets.
What Does NFT Mean In Gaming?
NFTs not only belong to the category of a passing fad in gaming; they represent an opportunity for developers to experiment with more sustainable and engaging gameplay models. NFT games are built on the foundation of sovereign ownership and permissionless interoperability, as well as an open blockchain marketplace that opens up new paths to monetization.
A new generation of gamers is demanding something more from the games they play. They want to have a sense of ownership over their in-game resources, just as they do with physical items such as clothing or accessories. They also want the freedom to trade and sell their in-game items for real money if they choose.
For example, games like Guild of Guardians allow players to purchase and own unique in-game items, such as pets and heroes, that might be sold or traded for other game assets. This is possible because all non-fungible tokens are found in a distributed digital ledger. The latter is mainly dependent on blockchain technology, where the value of an item is determined by its rarity and desirability.
Meanwhile, games like Gods Unchained, a card-collecting game on Ethereum, allow players to buy and sell their trading cards in an open marketplace. This allows the player to generate a passive income from their trading cards without the need to constantly invest in the game. This new approach to monetization in gaming is changing the way that the industry views free-to-play games and their underlying economy.
How Do You Play NFT Games?
NFT gaming is changing the way gamers interact with their favourite games and generating new forms of monetary rewards. This new game genre uses non-fungible tokens to represent virtual game assets. NFTs can be used to unlock characters, items, and power-ups that can be traded or sold for real cash. NFT games can be found in a variety of genres, from role-playing to life simulations.
Some NFT games require players to install a special NFT wallet, which can hold and manage the in-game non-fungible tokens (unique in-game items). After installing the wallet, players must create an account on the platform hosting the game and understand the game’s economy and marketplace.
Other NFT games use real-world cryptocurrencies to offer new ways for players to earn rewards. For example, the popular CryptoKitties game allows users to collect and breed digital kittens, each of which is an NFT. The rarer the kitten, the more value it has in the game.
Other NFT games involve mining or exploration, where players can uncover or discover resources that may be mined and minted as NFTs. This adds a new layer of monetization to the gaming experience and demonstrates how NFTs can be integrated with blockchain technology to combine in-game resources with tangible, real-world goods. In other cases, players can rent their NFTs to other players, similar to renting property in the real world.
Debamalya is a professional content writer from Kolkata, India. Constantly improving himself in this industry for more than three years, he has amassed immense knowledge regarding his niches of writing tech and gaming articles. He loves spending time with his cats, along with playing every new PC action game as soon as possible.