Non-fungible tokens (NFTs) are currently the trend in the blockchain industry. It is closely following the paths of the joke digital assets like the Dogecoin crypto and the assets of the GameStop frenzy. Started as nothing serious, the NFTs are now looking like the future of digital assets.
But first, what are NFTs?
NFTs are a digital representation of physical art or collectibles. It allows for the tokenisation of an item for unique identification, trust, verification and ownership. It operates like crypto in the sense that it leverages blockchain technology to identify the existence of the digital item and transfer ownership. It also uses a digital ledger with records of all transfers. They are hosted in the Ethereum platform and deployed using smart contracts.
The only difference with cryptos is that, unlike cryptos that can be exchanged for others, NFTs cannot, hence the non-fungible.
Even though the NFTs might seem like a fad, they are way more than that. They have widespread real life applications. One of them being in gaming. Here’s how.
Multifunctional NFTs to replace analogue gaming items
The first way through which the NFTs can revolutionize gaming is through the revamp of the gaming cards. The NFTs are versatile such that they can be used as an avatar, a passport or other special avatar in the game for special effects.
The NFTs can also increase in value through continued use and with time become a rare collectible. The unique collectibles increase the gaming experience and the general quality of video games.
One concern though for now is that after spending long hours building your collectibles at a single game, you have to start afresh on another. NFTs however are making it possible to transfer these unique items across the gaming platforms. For example, you can bring your unique shovels from the game Roblox to Minecraft.
This improved gaming experience is what looks likely to elevate NFT gaming to the level of the world popular video games like FIFA and Call of Duty. As more people embrace NFTs, the games will become the new blockbusters. For example, WAX, a blockchain infrastructure company, is creating unique NFT new skins for Fortnite games and axes for World of Warcraft. These items come with value such that the gamers get top quality items that allow for wider functionality and a better gaming experience.
Earning while gaming
The current gaming setup is where the player uses the money for in-game purchases while gaining no monetary returns. The game’s developers also retain full ownership and control over the purchased items.
NFT will change this by allowing one full control of their purchased items. The more one plays, the better they develop their purchased items. At some point, they can decide to cash in on the item for other gamers willing to buy the superior items like gaming skins.
The concerns of NFTs in gaming
While NFTs seem to be the best thing ever to happen to gaming, it has some challenges. One of them is the non-recoverable nature of NFTs. If you misplace your item then all your investments both in time and money are lost. You then have to treat these items and keep them like you would a real-life valuable asset.
In the end, the pros far outweigh the cons, hence NFTs are the future of the online gaming industry. If you want to purchase NFTs, CoinSpot in-platform NFT marketplace is highly recommended because it supports a wide range of NFTs and CoinSpot fee scheme is so attractive.
