How NFTs Are Disrupting the Future of Gaming, From Cards To Characters?

All eyes are currently on the technology’s latest obsession named non-fungible tokens. Today NFT marketplace has become the most favorable choice for most crypto entrepreneurs for acquiring property possession in the most unique way. The gaming industry has come a long way where apart from NFTs, play-to-earn mechanics have become the new norm of gaming. The concept of NFT in gaming is not alone restricted to the West but there is a constant rise of Game development companies in oriental countries like India which are paying heed to NFTs in particular.

A quick revision on NFTs

NFTs are non-fungible tokens that resist interchanging like cryptocurrencies. According to the Wall Street Journal, “While every bitcoin created can be exchanged for one another, these cannot.” The other key features of NFTs are secured, rarity, immutable, unique ownership rights, and non-fungibility. Initially, NFTs got associated with digital art but today NFT has conquered over Art, Collectibles, Games, Fashion Industry, and many more sectors. NFTs usually use Ethereum blockchain and the records are impossible to get forged because the ledger gets maintained by thousands of computers around the world. The smart contracts specifically make sure that the artist gets a share from any future sale of the token. Through NFTs, players can buy in-game assets which ultimately become digital assets of that particular player.

How gaming Industry is profited by NFTs?

• Traditional games restricted the transferability of in-game purchases and the investment too used to get locked up in that particular game but today gamers can save or sell or even move the in-game purchases of one to other supported games, all thanks to NFTs.

• The risk associated with traditional online games is that the players can lose all the hard-earned purchases once the games get shut down. Since NFTs operate independently so in-game assets remain secure and new games can easily be created by existing blockchain protocols.

• Scarcity is the essence of assets and collectors often prioritize the scarcity of any asset and the distributed public ledger validates the ownership history of each NFT in such cases.

• Also, unlike Bitcoins NFTS are indivisible and that’s why they can be sold, bought, or saved as a unit.

• The artists can establish direct connections with customers and sell their work directly to them. NFTs also eradicate the risk of plagiarism and wanton copying. This actually helps to maintain the uniqueness of the art and benefit the original artist.

The appearance of NFTs in gaming:

Today NFT infused gaming is not limited to a single sphere. There are notable projects like Axie Infinity, Decentraland, Guild of Guardians, Sandbox, etc. Following are the different categories of NFT used in blockchain-based games,

• Branded NFTs have similarities with the physical collectibles in digitalized forms. These collectibles are commercialized by established brands same as sports franchises.

• Game-relevant NFTs are important to the underlying games. The value of such NFTs gets decided by the demand generated by the associated games.

• Story-driven NFTs are another category of gaming-related NFTs. Here the value of the NFT is controlled by the player. With the maximization of levels, the value of the game increases in the market.

• The history or association of the digital asset with any famous personality too creates demand in the market. NFTs being transparent, the ownership can easily be traced.

The future of Gaming with NFTs:

Since blockchain is a completely new technology along with the NFTs which are even newer concepts, it might require some research and patience. Building a game consumes much time as well as effort and the blockchain gaming industry has already started to create games implementing this massive blockchain and NFT technology. But if you are someone new to this field and want some guidance to start the first project then Non- fungible token services companies can be the best option to seek help from.

As NFTs are more valuable and sustainable, the use of NFTs in blockchain games is becoming more beneficial and drifts the whole global gaming industry to the next level.

The future of NFTs is promising because it decentralizes commerce and increases transparency which lack in conventional online gaming. NFTs are undoubtedly a boon and have a great role to play in granting greater freedom to people so that engagement in peer-to-peer trade may happen. NFTs eliminate dependencies on intermediaries, further allowing artists and creators to be more innovative and compensated in better ways. Not only the world of artists but this blockchain-based system is sure to disrupt the monopolistic attitude in the entire commerce platform. The new ways paved by NFTs have made sure that people start believing the sellers and eradicate the need for intermediate parties. As the hype around NFT is soaring high, it is clearly understood that whosoever is reluctant to this change may soon be left behind.