Video Games have become a major aspect of modern society and NFTs, or Non Fungible Tokens, are the new technology of the future. The merger of the two can lead to many great creations in the near future that will change the gaming industry for good. NFT gaming is something many individuals are looking forward to.
So let’s take a look at what exactly the merge between NFTs and video games entails for users.
What is an NFT?
NFTs, or as mentioned, Non Fungible Tokens, are unique one of a kind digital assets that live on the blockchain they were developed on. This can range from art and music to gaming accessories and skins. The variety that NFTs bring to digitalization are truly magnificent. They prove ownership of the assets, are bought using cryptocurrency, and encompass the world of Web3. All of these aspects are what the future holds when it comes to digitalization.
Non-fungible tokens means that there is only one and that at one point in time only one true owner of the asset can be its holder. Fungible tokens include cryptocurrencies that are all the same and there can be multiple holders. Another differentiating factor between the two are that NFTs are not divisible as to where fungible tokens such as cryptocurrencies are very divisible.
More and more individuals are getting into the NFT scene as well as into the universe of NFT Gaming. From celebrities to cryptocurrency whales, all purchasing NFT assets and many are transitioning into the gaming world as well.
Gaming Items and Skins
The gaming industry has been around for decades. The expansion is very clearly seen from year to year and up until now purchasing items or gaming assets has had its disadvantages. Purchasing items such as extras or skins was all done through the game where you would “own” the item as long as the game is running. But, in all actuality the developers of the video game have all rights to the product that you purchased. In other words, they are still the rightful owners.
This is an issue that NFTs solve. When you purchase a gaming accessory or item as an NFT you are the only owner of it. There can never be any other individual that has rights to the item until you decide to resell it. This being said, the differentiation between the way video game items function and how they will be functioning in the near future are two different words of technology and advancements that we will be seeing.
Play-To-Earn games have made headlines especially this past year. With these types of games you quite literally play them to earn money. You progress your skills and with that your daily “salary” will progress as well. Up until recently games have been “Play-For-Fun,” and while some individuals still utilize this way of gaming, NFT gaming and Play-To-Earn gaming is turning more and more heads day by day. Each game that is composed of Web3, blockchain and NFT technology, is in the future of gaming.
To play games that are Play-To-Earn you must have an “initial investment” that varies from game to game and purchasing the NFT gaming accessories will take your gaming to the next level, just as with video games in general.
As the gaming industry has been creating digital assets that have sold for years inside the video game, why not implement the new blockchain technology to better the world of gaming and earn daily while playing.
The Perfect Combination
Bringing NFTs to the world of gaming is an inevitable action that will certainly occur in the next decade. As advancements in technology have brought us digital currencies and digital proof of ownership with art, music, and more, the gaming industry has begun to adapt and see the new wave of change as a beneficial outcome for their users and developers as well.
Some benefits of incorporating NFTs in gaming technologies include, proof of ownership, scarcity of items, interoperability, and immutability. Many games allow their users to upload their own in-game NFTs to the games marketplace and sell them to other users. This creates a growing ecosystem that isn’t just about purchasing items that are under the ownership of the gaming developers.
With NFT gaming you know exactly who has what in the game. You can track the articles that have been sold and who purchased them, who resold them, and even who is using them; all because of blockchain technology. Another huge factor referring to ownership is the fact that other games that are related to the
same blockchain can allow for the transfer of your NFT items. Opposed to usual gaming, when you purchase an item it can only be used by you and only in that one game. With NFTs you can do what you please with them.
The merge of new age technology and video games is showing us exactly in what direction the industry is going. Many individuals cannot wait to see how the two worlds merging will end up looking in the end, even though we are getting a taste for it with many new platforms on the rise. Users are transitioning more and more to Play-To-Earn games where they can use their skills to, quite literally, earn some money while doing something they love. Only time will tell when we will be seeing NFTs fully take over the gaming industry and how it will be affected as a whole.