As NFTs revolutionize the world with their innovative technology, many industries have seen how they have changed the industry completely. However, some of the biggest growth has come from the gaming sector.
NFTs in gaming have allowed gamers to participate in the Crypto industry. The sheer possibility has made gamers, and Crypto investors sink their teeth into NFT gaming.
What Is NFT Gaming?
NFT gamification is typical of gaming elements. You can consider it to point scoring, competition, and rules of play. These elements of rules and regulations can be applied to blockchain technology.
With the integration of Blockchain technology, gamers have found a way to financially link the virtual world and the real world. With the help of Blockchain technology and Cryptocurrencies, gamers can trade and swap game assets for financial rewards.
Although Cryptocurrency and Blockchain might look complicated, their application in gaming to create NFT gaming is relatively simple. The assets used within the game are programmed as NFTs. These NFTs have value among players and collectors.
That means they can be sold within the game for real money. For instance, each creature is minted as an NFT, in the Axie Infinity game. Players can fight against each other, putting their NFTs on the line.
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An NFT is a Non-Fungible Token. It is stored in a digital file on the Blockchain network. The term non-fungible means each token is unique – they can’t be altered, duplicated, or modified.
NFTs have their own value, which is immutable. And since the owner of the NFTs can be identified, we can now have a process where digital assets will have owners. This has truly intrigued the world of gaming.
Currently, the vast majority of the NFTs are minted using the Ethereum Blockchain network.
NFT Gamification Changing The Gaming Industry
1. A Source Of Income For Gamers
Gaming was considered a waste of time because players invested real money in buying game items to win the matches. But at the end of the matches, there was no economic return.
However, with the NFT gamification, now there is something to earn from winning the matches. The play-to-earn model helps the gamers earn financial rewards for their activities in the game.
There are generally two ways to earn from play-to-earn games –
- Earning game rewards.
To start, players need to invest in NFT characters. Then, these NFTs can be sold to the other players and used to farm Cryptocurrencies. This creates an economy inside the game.
2. Rise Of Play-To-Earn Guilds
The popularity of NFT games has created Play-to-Earn Guilds. These guilds help new players get started with the game and learn the ropes of NFT gaming.
Guild members can “rent” in-game assets. This helps the gamers avoid paying costly fees to enter NFT games.
The lender will then receive a percentage of players’ earnings, and players will be able to play whatever they like even though they don’t have the money.
The Play-to-earn guilds are new phenomena. Hence, it relies on the success of the NFT gaming.
3. Interoperability Of The Game Asset
One of the greatest assets of NFT gamification is its interoperability. Interoperability of the game asset allows the gamers to use one game asset in other multiple games.
The Blockchain network allows the gamers to use the game asset and exchange them in the different digital marketplace. Loot is a great example of the NFT project. If your NFT is an ERC 721 or BEP 721 token, it can easily be used in other games that accept tokens.
Get Started In NFT Gaming
Players can play and collect and purchase in-game assets. To help players find opportunities to get their hands on in-game NFTs, platforms like Binance have launched a new gaming initiative – Initial Gaming Offering.
Players’ accounts will be connected to Finance, and all their collected in-game NFTs will all be stored on the Binance platform. Upon successful purchase, gamers can use NFTs for investment and earning.