Non-Fungible Tokens, popularly known as NFTs, have taken the world by storm in recent years. These pieces of digital art are highly sought after by collectors. And the video game industry has certainly taken notice of this!
In traditional video games, if you buy an item, it will only improve the in-game experience. But in NFT games, players can own and transfer purchased items, exchange them for cash or other assets, and even shift their earnings to another game or swap it with other players with cryptocurrency.
What Are NFTs?
NFTs (Non-Fungible Tokens) are digital assets that use blockchain technology to authenticate the identity of the asset’s owner. NFTs can be a variety of digital goods, including games, artwork, music, films, virtual real estate, and more. The use of NFTs in various industries has created new avenues for creators to monetize their digital creations and establish a distinct digital identity.
There are many NFT games available in the market. For example, one of the top NFT games in the market right now is Axie Infinity. In this game, players can collect, breed, and battle using various creatures called “Axies,” similar to Pokemon.
What Is An NFT Game?
In the traditional gaming landscape, people buy video games and consoles, and the profit flows in one direction. In return for this investment from the player, the value of in-game purchases and the usefulness of the game is comparatively low. Players can collect items by completing certain objectives in the game. However, they do not own those items as they are a part of the game’s ecosystem.
On the other hand, blockchain games aim to generate more value for players and enable them to maximize the utility and value of assets achieved through regular gameplay, promotional events, or in-game purchases.
NFT games are similar to traditional games in that players earn coins and items by completing levels or battles. But the difference between them is that the earnings can be transferred to other games, or you may exchange it with cryptocurrency with another player.
Each NFT has its own cryptographic token that cannot be exchanged with other NFTs. They also have metadata such as their history and transaction record on the blockchain. These tokens can hold their value beyond the game they were created in, which can introduce new gaming categories, expand gaming economies, and fuel the development of new games.
The competition in games is not only about winning but also about earning money. There is a lot of opportunity to make money with blockchain and cryptocurrency because the global economies of these industries are all constantly expanding. NFT games have become an effective way to market products and services simultaneously, attracting investors and more players to the game. A game’s value is determined by the number of active players who play the game regularly. NFTs increase the game’s value by attracting more players and offering them more exciting rewards to compete for.
What Are The Benefits Of NFT Games?
NFT games have gained immense popularity in recent years with the development of blockchain technology. These tokens have many applications and benefits that can be utilized within a game. They are:
- Authenticity and Uniqueness
NFTs offer a unique and secure method of establishing ownership of in-game assets. Players can own and trade their NFT assets on blockchain networks, which ensures authenticity and uniqueness.
- Give Control To The Player
NFT games give players more control over their resources. Without the involvement of game publishers or developers, players are free to buy, sell, or trade their assets independently.
- Provides Security
Blockchain networks provide an unbreakable record of transactions. This protects NFT assets from theft and hacking.
- Collection Of Valuable Items
NFT games provide opportunities for players to collect certain valuable items. Also, they can trade these items with other players to earn money which may create an in-game economy.
There isn’t any central authority that controls NFT games. That ensures the inner workings of the game are transparent to all.
- Encourage Innovation
NFT games allow game developers to create unique and innovative games. This will allow new and exciting games based on blockchain to enter the market.
- Creates Community
These games create a community. Players actively participate in the development and growth of the game.
- Opportunity Of Attracting Venture Capital
Even though this market is still in its early stages, investors recognize the potential of NFTs. Because of this, game developers and publishers are creating more blockchain-based games to attract venture capitalists.
- Income From The Play Store Or The App Store
Developers can earn a lot of profit from the premium version of a game. As more people download the app, the more revenue the developers generate. Also, festive sales, special events, and in-app purchases can provide an extra source of income.
NFT games offer new and thrilling gaming experiences. It has the potential to transform the gaming sector and boost its growth. Just a while ago, people thought buying cryptocurrencies like Ethereum Classic, Bitcoin, Binance Coin, and Tether was a waste of money, but look how the tides have turned! Moreover, blockchain technology has significantly advanced in the video game industry. Those who have adopted this technology have already started to benefit from it. In the future, we can expect to see more exciting developments in this space.