A new era of ownership and value in the gaming industry: NFT games

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Meta Description: Explore the revolutionary world of NFT Games, where players truly own their in-game assets and experiences. Discover how blockchain technology is transforming the gaming industry.

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A New Era of Ownership and Value in the Gaming Industry

With the rise of blockchain technology, we now see the birth of non-fungible tokens or NFTs. These unique digital assets are revolutionizing how we think about game ownership and value.

NFTs provide actual ownership and control over digital assets for gamers. This means you can finally own your favorite game characters, items, and experiences – without worrying about them being taken away or banned by the game developers.

NFTs also have the potential to create new economic models in games where players can earn real value for their time and effort. This could lead to a more sustainable and rewarding gaming experience.

Read on if you want to learn more about NFTs and how they change the gaming industry!

What are non-fungible tokens?

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Non-fungible tokens (NFTs) are certificates of ownership of a digital good made in limited numbers, such as in-game items, collectibles, and avatars. NFTs are small amounts of code, referred to as a “smart contract,” which shows what the token holder owns and can potentially perform other functions. The principle of a token’s smart contract can be anything, but all that the token holders own is a URL link to the image and a receipt to go with it. Blockchains are supposed to be decentralized, and OpenSea is a marketplace where buying and selling NFTs for cryptocurrency is possible. For better understanding you can try rebel bolt.

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How do non-fungible tokens work?

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NFTs are small amounts of code stored on a blockchain used to represent something that a holder owns and can be used to perform various functions. The code is known as a “smart contract.”

Tokens act as a receipt to show ownership of an item, such as access to voting rights or a link to digital art. Examples include tickets that provide access to voting rights or royalties to the creator of the art.

The code of an NFT’s smart contract must remain small to be stored on the blockchain, a giant ledger copied onto users’ computers. It keeps track of who owns what and can be used to prove ownership of a digital item.

The decentralization of the blockchain increases its security, and OpenSea is a marketplace for buying and selling NFTs for cryptocurrency.

Benefits of using NFTs in gaming

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1. Transferable and Ownable Assets

The use of transferable, ownable assets in gaming brings a multitude of benefits. These include:

1. Players have complete control and ownership of their digital assets, allowing them to hold, buy, or trade them.

2. Assets can be exchanged for cryptocurrencies and traded for fiat on third-party exchanges, providing lucrative investment opportunities.

3. Players can own in-game assets for as long as they want, even after the game is discontinued.

4. NFTs can be transferred to other games on marketplaces and traded in the cryptocurrency markets.

5. Players can own land from within the game and build and monetize it.

6. Game developers and studios can make most of their revenue from in-game assets.

2. Possibility of Creating Unique Items

1. Using NFT technology, game developers can create unique digital assets representing game characters, in-game items, skins, maps, card collections, and more.

2. By assigning a unique identifier to each digital asset, developers can guarantee its exclusivity and rareness. This makes it possible for players to trade and exchange these digital items for real-world value.

3. Through NFTs, players can create and own unique virtual items from any other item in the game, giving them the potential to gain value over time as the item becomes rare.

4. NFTs also provide an additional incentive for game studios and developers. They can create secondary marketplaces for players to buy and sell these rare items, giving them an additional revenue stream.

5. Using NFTs also opens up the potential for cross-platform transfer of items from one game to another, allowing players to move their items from game to play and increasing the gaming experience by allowing players to carry their things with them.

6. Finally, developers can use specialized tools such as Unreal and Unity to create 3D visual assets linked to particular rendering engines and ensure that NFTs will remain consistent across games.

3. Ability to Exchange and Trade Assets

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The ability to exchange and trade assets in NFTs makes them more attractive and profitable for players and investors. This allows players to monetize their efforts and skills, while investors can purchase in-game assets and make desired profits. Players can earn real money from the virtual world, and investors can capitalize on the potential of the gaming market.

4. Ability to Invest in Cryptocurrencies

NFTs (non-fungible tokens) can help investors invest in cryptocurrencies by allowing them to access and purchase in-game digital assets, trade for established cryptocurrencies, access play-to-earn games, and access crypto savings accounts. NFTs can also be used to access and buy in-game digital purchases, exchange for established cryptocurrencies, access play-to-earn games, and access crypto savings accounts.

5. Integration with Blockchain Technologies

Blockchain technologies can help use NFTs (non-fungible tokens) in gaming by providing a secure and transparent platform for the ownership and transfer of digital assets. Smart contracts enable players to purchase, trade, and receive rewards in the form of NFTs, resulting in increased engagement and satisfaction. Additionally, blockchain-powered gaming ecosystems can create interoperability across different games, allowing for sharing of digital assets and creating a more extensive gaming network.

6. Ability to Create Complex Game Systems

NFTs are decentralized and immutable, allowing players to securely own and trade in-game assets, giving them more control over their gameplay and the freedom to customize their gaming experience. This eliminates the risk of data or assets being hacked or stolen.

NFTs enable interoperability between games, allowing them to interact and create complex game systems. This allows players to transfer their assets and progress between games, increasing customer growth, engagement, and satisfaction. It also provides gaming platform owners to design a game that stands out and draws in more players.

NFTs provide gamers with a secure and reliable way to own and trade in-game assets, allowing gaming platform owners to create complex game systems that appeal to players.

7. Increased Player Engagement

NFTs in games increase player engagement by rewarding players with in-game tokens. Tokenomics can maintain a balanced supply and demand for the ticket, creating a self-sustaining economic model and a more engaged gaming experience.

8. Improved Social Interactions

NFTs in gaming help to improve social interactions by allowing gamers to transfer in-game assets between different applications. This increases customer growth, engagement, and satisfaction. It also introduces a new level of ownership, traceability, and security for virtual assets, allowing gamers to own their virtual items without fear of being lost or stolen.

9. Increased Security and Trust

NFTs are a type of blockchain-based asset that contains information on their uniqueness, the total number in circulation, and indisputable proof of their validity, increasing security and trust between buyers and sellers.

NFTs provide detailed data such as previous owners, average hold time, and sale prices to help gamers and investors make informed decisions when purchasing in-game assets.

NFTs have improved the security and trust of in-game assets, opened up new opportunities for gamers and investors, and enabled players to make more informed decisions when investing in virtual assets.

10. Improved Game Monetization

NFTs allow players to capture the value they create within the gaming ecosystem. This will enable them to own and control their in-game assets, user data, and game logic and have governance rights to influence decisions. This creates a more equitable and Web3-minded gaming industry, benefiting developers and players.

Types of games that use NFTs

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1. Cryptocurrency Games

Cryptocurrency games are digital titles that allow players to win rewards through digital tokens. Some famous play-to-earn games include Decentraland, Axie Infinity, and CryptoKitties.

Decentraland is a virtual world with an in-game currency called MANA. Players can purchase, explore, and build digital assets on their plots of land in the virtual world. Other activities include joining various events and participating in mini-games.

Axie Infinity is a blockchain-based game about collecting and raising fantasy creatures called Axies. Players can purchase, breed, battle, and even earn rewards from their axes.

CryptoKitties is a blockchain-based game about collecting and breeding virtual cats. Players can purchase, breed, and trade their cats. They can even earn rewards from the various activities they do with their cats.

These are just four popular NFT games today, and countless other fun and engaging games are offered in the market to try out. With the development efforts, venture funding, and mindshare that GameFi is receiving today, we should expect that the NFT games space will continue growing.

2. NFT Games

Some examples of NFT games include:

1. Axie Infinity: Axie Infinity is a digital pet universe where players raise, battle, and trade fantasy creatures called Axies. It is a Play-to-Earn game, a little like Pokémon, where players are rewarded for completing specific tasks.

2. Splinterlands: Splinterlands is a digital collectible card game that uses the low-carbon cryptocurrency Wax. Players use weapons to defeat opponents and can collect SKILL tokens to make in-game upgrades.

3. Tom Clancy’s Ghost Recon: Breakpoint: Tom Clancy’s Ghost Recon: Breakpoint is a Triple-A game that uses Ubisoft’s Quartz blockchain, hosting Digits NFTs, and is built on the low-carbon Tezos blockchain.

4. Alien Worlds: Alien Worlds is a social metaverse game where players can build an entire universe. Players acquire native tokens or collect NFTs through participation, granting users full ownership and control of these digital assets.

5. Farmer’s World: Farmer’s World is a free-to-play game that allows gamers to play to earn. It boasts of being the first farming NFT game where players build a farming empire in a natural ecosystem.

6. Upland: Upland is a property trading game that uses real-world addresses. Players can buy, sell, and trade virtual property in natural world spaces, creating their metaverse.

7. Crazy Defence Horses: Crazy Defence Horses is a tower defense game that mixes Free-to-Play and Free-to-Earn play styles. Players can collect and purchase digital assets and earn rewards for completing tasks.

3. Gaming Collectibles

NFTs are used in gaming collectibles such as Street Fighter trading cards, Castlevania NFTs, and physical gaming items such as statues, figurines, and paintings. Physical collectibles such as statues, figurines, and paintings can now be tagged with an NFT, allowing for a new era of game collecting. Street Fighter trading cards can be exchanged with other gamers, while Konami’s Castlevania NFTs averaged $12,000 per NFT.

4. Game Assets

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NFTs for use as in-game assets promote actual digital item ownership and have become quite popular in the gaming industry. Some examples of game assets that use NFTs include:

1. Skins: Skins are customizations for characters or other items in the game, allowing players to personalize their experience and make their characters stand out.

2. Weapons: Weapons are a vital part of many games and can be represented as NFTs. Players can purchase rare weapons with special attributes to stand out from the crowd.

3. Characters: Characters are the protagonists or antagonists in games and are often represented as NFTs. Players can purchase characters with unique attributes or skills to give them an edge.

4. Virtual lands: Virtual lands are game areas owned by players and can be used for various purposes, such as building structures or creating a virtual marketplace.

5. Items: Potions, coins, and health packs can all be represented as NFTs and purchased by players. This allows players to customize their gaming experience and have access to items that are rare and powerful.

5. Coins

Play-to-earn games use NFTs to reward players with digital tokens, which can be traded on crypto exchanges for real-world value. Examples include Decentraland, Axie Infinity, and CryptoKitties.

Decentraland is a virtual world where players can purchase land, create content, and host events. Axie Infinity is a digital pet community game where players can breed, raise, and battle their digital creatures. CryptoKitties is a blockchain game where players can collect, produce, and trade virtual cats with ETH as the main currency.

Players must purchase the respective currencies of the platforms through online platforms such as Crypto.com, which offers features such as crypto savings accounts and an NFT marketplace.

6. Tokens

Tokens are small codes representing digital assets stored on the blockchain. Fungible tokens are interchangeable digital assets that can be used to purchase goods and services. In contrast, non-fungible tokens are unique and indivisible digital assets that cannot be exchanged for equal units of other assets. Non-fungible tokens also provide ownership and voting rights over specific projects and services.

7. NFT Platforms

NFTs are used in platforms such as Alien Worlds, Arc8, Axie Infinity, CryptoBlades, Splinterlands, MOMO Farmer, Tom Clancy’s Ghost Recon: Breakpoint, Upland, and Crazy Defence Horses. Players can earn and buy NFTs for-profit and engage in metaverse gaming, digital trade items, farm real estate, and tower defense games. Mobile NFT apps are incredibly lucrative for developers as they can be played anywhere with an internet connection.

FAQs

What is an NFT game?

What are the advantages of NFT games? NFT games are blockchain-based gamification platforms where players can obtain and trade NFT assets, such as skins, characters, weapons, virtual lands, etc. These NFTs are tamper-proof and provide exclusive ownership rights to the players. Players can also earn money by completing tasks and collecting tokens, which can be exchanged for real-world currency. Certain NFT-driven games have their in-game currency, allowing players to cash out their winnings and benefit from real-world money.

How do NFT games use blockchain technology?

NFT games use blockchain technology to create an environment of trust and security for users involved in their gaming platform. Smart contracts allow users exclusive ownership rights over the digital assets they produce, purchase, breed, or unlock in the game. Developers can set up a “play-to-earn” (P2E) reward model, allowing gamers to invest in assets with the potential to appreciate. Additionally, NFTs can represent characters, weapons, skins, and other in-game purchases, giving players real-world value for their gaming activity.

What is the relationship between ownership and value in NFT games?

NFT games give players full ownership and control of their digital assets, allowing them to exchange them for cryptocurrencies and trade them for fiat. This will enable gamers to reap the benefits of their hard work and success in the game. Additionally, many of the best NFT games strongly focus on land ownership, allowing players to build on top of their land and increase its market value. Additionally, NFTs enable gamers to have actual digital item ownership, as they can be sure their items are secure and will not be stolen.

What are the different types of currencies used in NFT games?

In NFT games, three different types of currencies are typically used: in-game currency, NFTs, and native cryptocurrency.

The in-game currency is a virtual form of money earned through playing the game. The amount of in-game currency earned will usually depend on the progress made while playing and is typically used to purchase in-game items or assets.

NFTs are non-fungible tokens, which are digital assets that are unique in nature. These tokens can be used to purchase virtual lands, weapons, vehicles, skins, and other game assets, and they can also be sold at an NFT marketplace.

Native cryptocurrency is the in-game currency of the platform, such as MANA in the popular game Decentraland. This currency can be traded on exchanges and converted into real-world money.

What are the different types of assets that can be owned in NFT games?

NFTs can represent various game assets, such as characters, in-game items, skins, maps, card collections, and more.

Characters: These are virtual characters or avatars that players can customize. They can represent the players in the game and sometimes be used to carry out tasks or participate in battles.

In-game Items: These are items that players can use to gain an advantage, such as weapons, armor, or health potions.

Skins: These cosmetic items can be used to customize characters or objects in the game. Skins are typically used to make characters look more unique and can be bought, sold, or traded.

Maps: These are virtual maps, or worlds players can explore in the game. They can be used to navigate between different locations or participate in battles.

Card Collections: These are collections of cards with different characters or items that can be used in battle or to craft items. Players can collect and trade these cards to gain an advantage.

How does the reward system work in NFT games?

The reward system in NFT games works as a ‘play-to-earn’ (P2E) setup. Players can earn rewards such as in-game tokens or NFTs by completing tasks, progressing to new levels, or participating in giveaways.

How does the trading system work in NFT games?

Step 1: Set up a trading wallet and obtain substantial ETH and BNB coins.

Step 2: Look for NFTs in the game you want to purchase.

Step 3: Once you have found an NFT you want to purchase, you must use your trading wallet to send the required amount of ETH or BNB coins to the designated wallet address.

Step 4: Once you have sent your payment, the NFT will be transferred to your trading wallet, and you will become the owner of the NFT.

Step 5: You can sell the NFT on the marketplace or trade it with other players.

Step 6: You can also earn tokens in specific pay-to-earn models and exchange them for fiat money with actual values.

What are the benefits of playing NFT games?

NFT games offer many benefits, such as earning and selling in-game currency for real money. NFTs can also give players a better chance at defeating other players or owning virtual properties. Items are securely stored on the blockchain ledger, giving players complete ownership of their virtual assets. Mobile apps make it easy to play anywhere, and the potentialities with NFTs are virtually limitless.

What kind of data is collected when playing NFT games?

NFT games collect user growth metrics, transaction data, tokenomics, in-game currency, and uniqueness. User growth metrics measure the number of players, transaction data measures the value transferred on-chain, tokenomics assesses the game’s economic sustainability, and in-game currency is used to buy and sell NFTs.