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A potential future of gaming with NFT

  • NFTs are special crypto tokens representing something unique and cannot be mutually exchanged or replaced with something else.
  • In order for NFT systems to thrive in games, developers may need to understand the legal and technical requirements for introducing NFTs into their games.
  • With NFT, players can own and control their assets and its benefits are not limited to the virtual world of gaming.

The first thing we associate with our current times, as in present and previous years, is the COVID-19 pandemic and the next step is the digitized world. From the sudden hype of then underrated cryptocurrencies to the craze for ever-improving realistic virtual reality games now touching the skies, the world has changed and continues to change at an astonishing rate. Whether playing to not get bored or broadcasting the gameplay to win. We cannot ignore the remarkable heights of success that the gaming industries have reached. The bridge between the gaming world and the crypto world is not a recent development. These two worlds overlap from the very beginning. In fact, cryptocurrency was first introduced as in-game money to the normal population. And so, with a link older than COVID itself, another member of the crypto world is immersed in the gaming multiverse, NFT. Although NFTs are currently the hot topic of discussion, they are not new. If you’re wondering why this is the first time you’ve heard of it, don’t worry; we’ve got you covered.

What are NFTs capable of in games

Around 2013-15, people were just introduced to the color of the coins. At that time, the idea behind how colorful coins worked was to make changes (or ‘mark’, as they refer to the gaming industry) to certain digital tokens to trade digital assets on the Bitcoin blockchain. Before colored coins, it was not possible to make such changes or store assets on the Bitcoin blockchain. And then, the value of Bitcoin was not even close to where it is today. The net sum was equal to the total of the figure and the available tokens were all the same. The ideology behind colored coins is the driving force behind the current craze for non-fungible tokens or NFTs. Cryptocurrencies (like Ethereum), with their potential today, can make the theories behind colored coins an astonishing reality.

What is so special about NFT

As mentioned above, NFT stands for Non-fungible Tokens. NFTs are special crypto tokens representing something unique and cannot be mutually exchanged or replaced with something else. NFTs create verifiable artificial scarcity and uniqueness in the digital realm. They are used in several specific applications that require unique digital items such as crypto art, digital collectibles, and online games. NFTs can also be used to represent in-game assets, which, instead of being controlled by the developer, as is the case with most in-game trophies, are controlled by the user. And with NFTs, what’s even better is that they aren’t limited to just one platform. Assets can be traded in third party markets without the involvement of any game developer.

NFT in games

Now, how exactly do we link NFTs to the gaming network? NFTs work with the digital property of an individual. During play, NFTs can be made available to players as an extremely rare or hard to obtain in-game trophy. Now they have to claim ownership, but in order for the system to retain value, you have to have full control over your NFTs. There can be plenty of opportunities to subtly hide or nonchalantly offer NFTs as in-game items in games. Whether it’s a treasure found in a hidden location on a complicated level or a prize awarded to the winner of a digital contest, the possibilities are endless.

Developing NFT systems for the game interface can be a challenge; AAA developers might need to contact economists familiar with digital scarcity to achieve this. Game developers and enthusiasts might need to be introduced to and help understand the legal and technical requirements of introducing NFT into their games. And with that, a whole gamer-driven economy could be created and fueled by cryptocurrency technology.

However, the practicality of such is not as easy as it seems. Cryptocurrency transactions are very heavy on the wallet, so creating NFT for every achievement in the game is too expensive to even imagine. In order for developers to successfully implement NFT, they will first need to develop a targeted plan or create their own cryptocurrency.

The possibility we are waiting for:

What usually happens in games is that players collect items, be it in-game money in the form of gold coins or weapons to tarnish enemies, but these items do not benefit them in the process. the real world. The best a player can do is sell their items to other players for real money, and that’s not much either. But with NFT, players can own and control their assets and pave the way to impressive capabilities for the economy.

It remains to be seen how NFTs erupt in the gaming or electronic sports industry. However, if the current crypto market hype is any indication, it is going to happen much sooner than expected.

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