The phrase NFT has been floating around for a while now and more recently so has the idea of NFT gaming. It’s always exciting finding out about new trends within the gaming world and even more so if it’s something you can imagine yourself enjoying. In a sector always looking to improve and provide a novel experience for its customers, the invention of a totally new gaming style could make a big splash. Just like cryptocurrency utilised blockchain technology to create a new marketplace, NFTs are trying to do the same in the gaming world. So, let’s get into what exactly NFT gaming is and how it works.
What Are NFTs?
First of all, it’s important to understand what an NFT is which begins with knowing that it stands for Non-Fungible Token. Fungibility is a term that is used in economics to describe something that can be exchanged into individual units without a change in value. Currency is a good example of a fungible thing, you can exchange a $100 bill for five $20 bills and you’ll still have the same thing, $100, just in a different format. As NFTs are non-fungible, this means that they cannot be broken down and exchanged for something of the same value. This is because NFTs are part of a blockchain. Each NFT is one block on the chain and it has its own unique code, kind of like a fingerprint. They can’t be broken down into smaller parts, but this doesn’t mean that they can’t be traded at all.Â
Whilst it is possible to trade NFTs for currency, you should think of it more like buying NFTs rather than changing up a note. For example, if you took your $100 bill and traded it for a meal at a restaurant, when your meal arrived you wouldn’t consider yourself to have $100, you’d have a meal. Similarly, if you trade your NFT for $100 then you’ll have $100 and somebody else will have bought your NFT. It still remains exactly the same NFT as before, the ownership has just changed. Now that you know how they work, what actually are they? NFTs can take all kinds of forms but generally speaking, they’re an image with some data attached. Some artists sell NFTs as pieces of artwork and some pioneering game developers are using them as an in-game currency with an out-of-game value however they wish to have the token go.
How Are NFTs Implemented In Games?
NFTs are being used in games as a type of currency that people can trade with. Some games are giving users the ability to earn NFTs by playing the game and then being able to trade their NFTs for in-game currency. Other developers are giving users the ability to ‘breed’ NFTs. This is a really unique quality that the NFT can bring to gaming. By working with their unique code, developers can make it work almost like DNA. It is totally unique to that NFT and for example, could be coded to show something like eye color, hair color, leg length, nose shape, and more. With this genetic code, NFTs can interact with one another and create a new NFT, sort of like when breeders select traits in animals they would like to produce. The popular game Axie Infinity uses this model to allow people to breed Axies (NFTs) and battle them against other players. The strong, rare or beautiful Axies can be traded for cryptocurrency, or other Axies, allowing an in-game economy to function.
Can You Earn Money From NFT Gaming?
The presence of money in gaming, particularly the online variety is not a new thing. Online casinos have been offering their players the chance to wager money on games for decades now and NFT gaming is really nothing more than an extension of this. Online casinos have found lots of ways to make gaming totally safe and secure for their customers, in fact, this guide to safe online casinos by Vegas Slots Online, proves the lengths that providers will go to in order to keep their customer’s information safe. In the world of NFT gaming, for some people, it won’t be necessary to buy anything with their own cash, but rather they can play the game and trade up with the NFTs that they gain from doing so. This means that, in theory, people who master NFT gaming and learn how to trade effectively could earn money from it. However, this all relies on studying the markets, being good at the game and picking the right moment to sell.
