Soon, non-fungible tokens will change the gaming industry as we know it today. The dynamism shown by some developers is already impacting this vast universe: for example, they no longer hesitate to integrate NFTs into their games in order to exchange objects between players or to create collectibles. To say that the metaverse is also waiting for them with open arms.
Non-fungible tokens (NFT), what?
To put it simply, we will say that NFTs are unique tokens that cannot be replaced by another token of the same type. As a corollary, each NFT is unique and has its own value. NFTs can take various forms of digital object belonging to a person, and this object constitutes a unique unit of currency, asset or data that can be exchanged via the blockchain.
NFTs rely on metadata to track ownership of unique digital assets, including gaming accessories and games themselves.
We are only at the beginning of this technology which has the potential to revolutionize the way we interact with games and other virtual worlds. In the near future, it will become an integral part of how we develop, own and monetize digital assets.
Note that NFTs also allow the holding of rare digital assets, which can be bought and sold on marketplace boosted by blockchains like Ethereum.
As a unique virtual asset to be made available to players, NFTs do indeed have the power to revolutionize the gaming industry. Through them, the possibility of creating a more immersive gaming experience is gained, since players have the right to own and trade virtual assets in the real world.
It is also worth noting that the industry is getting in tune with NFTs due to these factors:
– a dedicated user base;
– a well-tested process for managing virtual assets.
We will cite CryptoKitties and Axie Infinity among the best examples of ERC-721 token integration. What changed ? In these games, it is now possible to buy or breed digital creatures that represent a unique asset, which can be traded in secondary markets to monetize player collections.
Usually, NFTs are associated with digital art and collectibles: digital paintings, 3D models, music tracks, unique photos and recently TV series. All were created by independent artists or groups.
On secondary markets like OpenSea, holders can trade the unique works in their possession. This benefits artists thanks to the very high monetization potential. If you’ve seen the recent rise of digital artists on social media, you’ll definitely agree.
In addition, the escalation of NFTs in virtual worlds will further materialize in this possibility of possession of objects with monetary value. The case of Decentraland (MANA) should be mentioned in this regard, a virtual planet built on the blockchain and which authorizes the use of ERC-721 tokens. In the universe of Decentraland there are plots of land on which to build games, apps and businesses.
Its native MANA token serves as a means of access to virtual real estate assets, in particular it authorizes the purchase and sale of land with other players. Basically, the law of supply and demand is already in place in Decentraland.
The idea of a metaverse bringing together millions of players in a virtual universe, where they can live out their dreams and their passions, is far from being a utopia. This will allow the construction of games, virtual worlds and the development of the metaverse itself. At the same time, it will again and again take NFTs to a much higher level. Moreover, the possibilities offered by non-fungible tokens are unlimited, to the point of motivating us to analyze them one by one.
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The blockchain and crypto revolution is underway! And the day when the impacts will be felt on the most vulnerable economy of this World, against all hope, I will say that I had something to do with it