One of the most interesting phenomena is the surprising rise of the NFT market over the past year. The point is that you can buy yourself a digital asset that is not convertible directly into any currency. Roughly, they can be compared to the trading cards that were once popular.
These cardboard versions have only changed to digital form. The best known of these are various works of art and collectibles, but many big brands like Coca-Cola and a few sports teams have also created their own NFTs.
However, it is not just about art, they have taken their place in the game world as well. How has NFT changed online gaming?
What is NFT?
All kinds of online gaming have become popular. Playing at an online casino like Dunder Casino is familiar to many of us, but for now, NFTs may be a stranger.
Before we take a closer look at the impact of the NFT on the gaming industry, it’s good to understand what it means. NFT, or non-fungible tokens, is a so-called digital certificate of authenticity that you own something virtually. The technology was developed as early as 2017, but the actual breakthrough came in the spring of 2021.
This is a very similar technique to that used in cryptocurrencies. Ownership is recorded using a block chain to verify the history of the matter. Each NFT is unique and cannot be copied and you can check who owns it from the so-called general ledger.
Virtual identity is important to the modern gamer
Technology is constantly evolving and it is a tough challenge for gaming companies to keep up. In the past, the main focus was that technically everything worked without problems. That is no longer enough.
The players themselves only get more and more influence on the development of the games and in which direction the story is taken. Interaction with both the game manufacturer and other players has risen to prominence. So what is the place of NFTs in online games?
You can own part of the game
Throughout the ages, there have been in-house purchases that have made it possible to progress in the game, customize your own avatar, or gain extra power. These additional features have been available to anyone and have not been earmarked for anyone, so to speak.
In the gaming world, digital collectibles have been around for some time, but they are locked into the game itself. The inclusion of the NFT has had the effect of allowing players to own something outside of the game. They can then be sold for real money or transferred to other players in the game.
Accumulate digital assets in games
NFT differs from cryptocurrencies in that they cannot be divided into smaller units or used as a currency, but can be bought, sold or managed as a single unit. They have allowed players to benefit from the in-game digital assets themselves.
Gaming companies will use this as a marketing tool in the future. If one day the game stops working and is no longer played, the digital property still acquired will remain in the player’s possession.
In online games, NFTs are still rare
NFTs have risen to the consciousness of the people about a year ago, so this is a relatively new phenomenon. They are not yet widely used in the gaming industry. However, game developers are aware of the possibilities it offers and new games will surely see more and more NFT blockchain technology.
This opportunity adds value to the game, and at the same time, players’ interest is aroused when they can benefit from playing the game themselves by buying and selling in-game NFTs.
Source: Plato Data Intelligence: PlatoData.io