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NFTs and their uses are exploding. What are the applications of Non-Fungible Tokens to the gaming industry?
NFT Applications in Gaming. The publishers of Batman and Superman, DC Comics, are the latest company to join the exploration of the possibilities of Non-Fungible Tokens (NFT). According to Jay Kogan, DC Comics’ senior vice president of legal affairs, the company is “exploring market opportunities” for NFT, noting that NFT tokens are “becoming the most desirable collectibles for fans and creating a huge impact. in press. “
On the other hand, analysts estimate that the video game market’s value in the United States in 2020 is close to 60,400 million dollars. Users’ spending on video games only in the second quarter in the United States was 11,600 million dollars. In such a market, the competition is fierce. A new trend consists of integrating the so-called NFTs into the game. But first, what is an NFT?
What is a Non-Fungible Token (NFT)?
Within the crypto world, We all know about cryptocurrencies, bitcoins, ethereum, etc. Crypto coins are only part of the possibilities offered by the technology behind the blockchain. Cryptocurrencies such as bitcoin are indistinguishable: all coins are equal and have the same value. The same happens with fiat money. No euro coin is worth more than any other. Euros are indistinguishable, at least from the point of view of their value.
However, other objects do not. A work of art is unique. A Goya painting and a Velazquez painting are not interchangeable either from an artistic point of view or for their value. You can create a type of “currency” (token) within the blockchain to be unique. There will be no other like it. As with the most common cryptocurrencies, you cannot break the token into smaller pieces. This type of token is called NFT. On the Ethereum Blockchain, the ERC that specifies the NFT standard is called ERC-721.
NFTs can be in the form of cryptocurrencies or digital assets. A non-fungible token can represent real estate assets or others related to the financial world, such as gold or silver. They can also represent a reward within a videogame, such as a sword earned from a boss, a reputation, or even a player’s account.
NFTs also have other characteristics, such as transferability, which makes it possible to transfer or sell digital assets acquired within a game, for example, to a third party or even auction it off. The NFT guarantees the authenticity and ownership of the asset it represents without needing any intermediary: bank, notary, registry, etc.
Uses of NFTs in games
CryptoKitties
It was the first blockchain application for games. Its success increased the number of transactions registered within the Ethereum blockchain to record levels. CryptoKitty enthusiasts bought, raised, sold, and collected adorable, aesthetically unique kittens, congesting the web. The game sent a clear message: Non-fungible tokens (NFTs) have real money value and fun. On December 2, 2017, “Genesis,” the first and most expensive CryptoKitty, was sold for ETH246, at that time $117,712
Axie Infinity
A decentralized turn-based strategy game based on Ethereum, with Pokémon and Tamagotchi’s influences. Players breed, fight, and trade NFT fantasy creatures called “Axies.”
The platform has its token called Axie Infinity Shard (AXAxislayers receive AXS tokens for free as a reward for participating in the game’s previous version. These governance tokens give their owners voting power to make gambling-related decisions.
Gods Unchained
It is a TCG (Trading Card Game) comparable to Hearthstone, where players earn card packs to build a deck of unique items, all of which are ERC-721 tokens. With a team of ex-Google and Riot Games engineers led by Chris Clay, the former game director of Magic: The Gathering Arena, Gods Unchained secured $ 15 million in funding, helping it become one of the best well-founded games in the world of the Blockchain gaming community.
Gods Unchained offers players full ownership of their game items, unlike other free games. It has different operation modes, allowing the format for one or several players, and includes weekly tournaments with big prizes.
Terravirtua
is an immersive platform incorporating mobile, AR, and VR devices with unique gaming, social and creative experiences powered and secured by the blockchain. Users receive their own Terra crypto wallet. You can load the wallet with a credit card, and it can be linked to your Metamask account and use ethereum. This platform stands out for its almost endless possibilities for collectors of digital assets.
With Terravirtua, you can own a show car and compete with other players on a virtual circuit. You can use a unique spaceship to explore space with your VR glasses. Everything is (almost) possible in Terra Virtua. People from all over the world display their unique digital assets in their custom “Terra Art Galleries,” “FanCaves,” or “Terra Domes” and can exchange or share them with other players. You can purchase virtual items on the market or through an auction.
What makes the platform so unique is its infinite potential to create new environments and its ultra-high level of graphics and design. Lastly, the concept of NFT has spawned a thriving soccer game called Sorare. Players within Sorare become digital collectibles (like lifelong trading cards) that increase value based on real-world players’ performance.
Conclusion
Non-fungible tokens are tokens issued within a blockchain with the special feature that they are unique and indivisible. Uniqueness makes NFTs able to be associated with digital content. NFTs may well represent a revolution in digital rights, asset ownership management, and the real world. Although some fringes still need to be polished, such as various copyright issues, the world of NFTs is exploding. Art, movies, music, or virtual objects within video games can be associated with a token that uses blockchain’s advantages to guarantee your safety and property. There are online NFT marketplaces where collectors can buy and sell digital assets.