If you have been working with Cryptocurrency for a prolonged period, you probably have heard the term “NFT” before. You may even know what it stands for – non-fungible token (for people who didn’t have any idea about it).
However, do you know whether it can be beneficial for creators, artists, and businesses?
Well, don’t fret. In this article, we will talk about NFTs, their importance, and how they will be ideal for the gaming universe. Let’s get started!
What Is NFT?
NFT, as you can understand from the name, is a fungible item. Hence, it can be replaced by something that is identical to the titular module. An excellent example of such a product is a dollar bill. You can exchange them with something similar, and its value will be the same.
On the other hand, a non-fungible item cannot be substituted, as it’s entirely unique. For instance, the Statue Of Liberty is a non-fungible item. You cannot copy or cover for it in any way. They are one-of-a-kind and, therefore, cannot be replaced with something else.
Now, let’s compare this scenario with the world of Cryptocurrency. If you have a Bitcoin or Ethereum token, you can replace it with any other similar token from someone else. This, in turn, makes the whole transaction process much easier than usual.
NFT And Online Gaming – The Benefits
NFTs, due to their flexibility and compliance, can be beneficial both for both the artistry and gaming universe to some extent. Here is what you need to know about it.
Advantage – 1: Prominent Ownership
A conventional in-game purchase tends to be a one-time thing. Once you have bought it, you will not be able to transfer it to someone else. It’ll be forever locked within your account or a single gaming world.
However, that doesn’t happen with an NFT module.
In this case, you will have prominent ownership of whatever you’re buying in the game. If you want, you can also use an application like bitcoin up to transfer it to another player by taking some money from them.
Advantage – 2: Excellent Interoperability
A traditional online gaming module tends to exist on a unique yet centralized platform. Due to this reason, your in-game assets will remain within a proprietary infrastructure that doesn’t communicate with something else.
Conversely, a decentralized game will exist on an independent blockchain, which acts as a backend for other interconnected applications. Therefore, a game consisting of NFTs can be interoperable through different environments.
Advantage – 3: Noteworthy Immutability
When a developer decides to shut down a conventional online game, you’ll end up losing all of your purchases. Nonetheless, that doesn’t happen in the case of the NFTs.
They tend to exist independently on a separate blockchain server. Therefore, if you use the same for playing another online game, you’ll be able to access your older purchases again.
Furthermore, a blockchain-generated asset cannot be tampered with or duplicated at all. Thus, you will not have to worry about someone stealing your in-game purchases.
Frequently Asked Questions – FAQs
Previously, we talked about how NFTs will change the online gaming market from its core. Now, let’s answer some of the most prevalent questions that may come to your mind regarding the titular topic.
1. Are NFTs The Next Big Thing?
Yes, due to their infrastructural brilliance and overall adaptability, NFTs are obviously going to be the next big thing in the market. For example, the Metaverse will include the same into its primary pricing structure to make it ease out the in-game purchasing experience.
2. What Is A Gaming NFT?
A gaming NFT, as the name suggests, is a non-fungible token that can be bought through an online gaming platform. Hence, if you want, you can change or substitute the same to make in-game purchases from another application.
3. Are NFT Games Crypto?
Well, no, technically, they aren’t connected with the world of Cryptocurrency. Nonetheless, they’ll be developed through the same blockchain technology. Hence, the resemblance of the transferring procedure of them and other Crypto models will be uncannily similar.
The presence of NFTs in the world of online gaming is still at a nascent stage. Nonetheless, since the beginning, this segment has progressed pretty massively. Therefore, we’re expecting the capabilities of these modules to be upgraded within a few years.