Chances are that you have heard of the record-shattering NFT deal where a piece of digital art was sold as an NFT for $69 million. Beyond the compulsive impulse to chase this nascent wave is the need to understand its intricacies before joining the fray or concluding that it is just a fad.
Interestingly, you don’t have to be the 21st-century version of Vincent van Gogh to trade NFTs, nor artistically inclined. From finance and fashion to gaming, this emerging technology presents limitless opportunities for increased earnings.
The Gaming NFT niche especially has witnessed a massive surge in investment over the past few years. From all indications and data-backed speculation, gamers earning capacity from gaming is about to hit the roof.
We shall discuss the concept of Non-Fungible Tokens, their limitless application in the gaming sector and how you can make cool cash from them.
What are Non-Fungible Tokens
To fully understand Non-Fungible Tokens, or NFTs, we must start by explaining some key related concepts. Explaining these concepts is the necessary foundation and a prerequisite to understanding NFTs. These concepts include blockchain, cryptocurrency, tokens, fungible and Non-fungible.
Blockchain
Think of the blockchain as a decentralised, easily accessible, immutable electronic ledger where records are kept. Any record can be securely stored on the blockchain, from financial transactions to election results. This electronic ledger is made safe from breach or compromise using advanced cryptography. Examples include Ethereum, bitcoin and Solana blockchains
Cryptocurrency
Even isolated uncontacted tribes across the Indian Ocean must have heard of cryptocurrencies. They are digital currencies whose ownership and transactions are verifiable on the blockchain where their records are stored. Every cryptocurrency has its unique blockchain where they function as its native asset. Examples also include Ethereum, Bitcoin and Solana.
Tokens
There is a disturbing tendency of tech enthusiasts to mistake tokens with cryptocurrencies. While they are similar concepts, there are fundamental differences between them. A token represents a tradable digital asset without its blockchain but existing on a third party’s blockchain where records of its transaction are stored and verifiable.
Fungible
An asset is fungible if it can be replaceable with another. An example of a fungible asset includes fiat currencies from countries’ central banks or the Federal Reserve in the case of the USA. A $50 Canadian in Ontario is replaceable with another one in Manitoba – they are of equal value.
Non-Fungible
As you might have suspected, non-fungible is the direct opposite of fungible. An asset is non-fungible if it is irreplaceable from any other. A non-fungible asset is unique and rare to the extreme.
Non-Fungible Tokens
Non-Fungible Tokens are cryptographic digital assets and collectibles existing on a blockchain with unique metadata and codes that makes them different from each other. Their transaction and ownership records are stored on the blockchain where they domicile. Every digital asset, from artworks to real estate documents, can be transformed into a Non-Fungible Token through a simple process called Tokenization.
Tokenization facilitates limitless and efficient NFT trading across several platforms. While tokens can be exchanged with another, they can’t be exchanged for the same equivalent as each is unique in its entirety.
NFT for Gaming
NFT gaming is the integration of blockchain technology into gaming. It allows players to trade in-game assets and collectibles as NFT through the Play-to-earn business model.
Imagine being able to trade an NFT in-game item with other gamers and getting paid instantly. Imagine selling a special nft gun in a third-person shooter game and still earning a percentage whenever the buyer sells to a third party. This will undoubtedly add value to the overall gaming experience on a never imagined scale as the revolutionary Play-to-earn model replaces the exploitative micro-transaction model. Gaming nft to prosperity is set to become the norm.
Although much still needs to be done, the NFT gaming niche has moved past the conceptualising stage. The market is replete with several NFT games from GamFi start-ups and indie developers. Industry titans including Ubisoft, EA Sports, GameStop, Square Enix and Nintendo are joining the bandwagon.
The coming years will witness the development of a sophisticated marketplace for the seamless trading of in-game assets and collectibles. It will also witness a massive surge in mini freelance game developers. They can independently develop in-game items to be traded as NFTs.
Dreams Maker
Dreams Maker is a highly rewarding and graphically intensive NFT game for newbies and expert gamers. Enjoy seamless, open world intergalactic travel while conquering planets as you earn NFTs to be traded with co-gamers in the game’s special NFT marketplace.
Dreams Maker features a complex plot with even more complex in-game characters including spaceships for mining, exploration and battle. Succeeding in this game requires a mix of strategic thinking, planning, sheer wit, determination and a passion for seamless money making.
Conclusion
Gaming NFT may not be the new California gold rush – it is certainly a goldmine poised to redefine gaming while creating a fun-based economy. Gamers and other interested parties will trade billions worth of in-game assets. A testament to this growing niche’s positive growth outlook is the volume of completed transactions from leading NFT games. Data from Be[in] Crypto Research suggests that Axie infinity’s total sales volume reached $4.07 billion in April 2022. Insight from other top NFT games reveals a similarly positive outlook.
If you missed the cryptocurrency wave, you might want to hop on this ship before it sails and the niche becomes overly saturated.