Taking Non-Fungible Tokens Beyond Collectibles: Faster and more Furious
We set out on the CryptoCarz journey because we believe that non-fungible tokens will be transformative across all creative content. There are experiments underway in the artworld and in music, but we think the tangible results from this technology are going to happen more quickly in gaming.
Ownership is a game changer — players have never been able to truly own or manipulate what they digitally interact with until now. This means that assets in the game will be unique, programmable and unequivocally owned by the user. We think this will impact how games are developed, and will alter the incentives for studios, developers and gamers.
The transition to ownership of digital goods will challenge the existing $100 billion gaming market to adapt. Using NFTs, every character or context in a computer game will become a digital asset and will necessitate new models for both innovation and player engagement.
Creating Digital Scarcity
The main value creator in this new gaming era will be digital scarcity. By using NFTs to secure items in-game, we can create real item scarcity which has not been possible previously. In-game value creation has always been unruly, from massively multiplayer online games to first person shooters. No matter how meticulously developers set up in-game features like progression and item rarity, there are always gamers paying real money to enhance their prospects — legitimately or illegally to circumvent established systems.
With our game, CryptoCarz, you will need to load assets — cars, engines and other components — in order to actually play the game. Additional customizations will allow gamers to create different skins — and capabilities — for their own car. Some gamers will pick a top performing car, with a focus on speed rather than customization. Others will obsess with performance ratings for each component and will devote the same attention that they would pay to a Mustang in their driveway.
Solving critical gaming challenges
In the current gaming environment there is the problem of item duping. Fraudsters dedicated to finding exploits within games are often successful, allowing them to duplicate what were originally rare and expensive items. We have the challenge of identity fraud in gaming, and the ways in which criminals can use stolen credit cards to purchase in-game items that can sell on with impunity. Or finally, the way that gamers can download cheats or fixes.
Blockchain and the capacity to provide proof of ownership for all existing assets or items can fix these problems. It could act as the official record of an in-game economy, storing information about every transactions that occurred around every item, from its creation to destruction.
Beyond that, it could even go some way to eliminate the problems players face when they stop playing a game. Any items they own can be sold on in a way that allows them to recoup some value from NFTs that they will no longer use or capitalize on rare items that might have increased value with time. The potential for collectibles goes beyond trading, and that users will look to manipulate, develop or play with their purchases.
Creation of new game dynamics
With CryptoCarz we want to use smart contract to unlock new game dynamics and think that digital assets will provide potential revenue opportunities for gamers themselves.
Fast and Furious: one option that has excited every person that has previewed the CryptoCarz demo and discussed about the project is the Fast and Furious mode. Two gamers can now race head-to-head by putting their cars in an escrow smart contract, with the winner of the race taking both cars. Gamers of all stripes and experience will now have options to earn income or draw winnings from playing games underwritten by smart contracts.
Rentals: in some high-end professional tournaments, the cost of owning top performing car and components might be too high for young talents to afford. On the other hand, some gamers might have a surplus of cars they don’t use all the time. Using rental contracts drivers can rent assets only for a period of time necessary to play the tournament, after that the smart contract send the car back to the wallet of the owner plus a rental fee. This makes the tournament more inclusive, giving the possibility to more players to participate, and car owners can earn a passive rental income from renting the cars.
Sponsorship: Similarly, sponsors, or virtual team owners, could lend cars to pro-gamers at zero cost and split the winnings by a pre-defined agreement contained in the smart contract. Such agreements could also contain a tiered system by which the split of the tournament winnings varies depending on the total winnings and include pre-determined incentives.
Why NFTs will change gaming for developers
If non-fungible tokens open options for gamers, the opportunities for developers will be even more significant. We will give developers the opportunity to build on our open source platform and using smart contracts will directly facilitate new revenue streams for developers when they create new race tracks, cars, skins and tournaments. This way every time a player interacts with an asset and a cost or a fee are involved, the creator will receive a royalty fee from the relative smart contract processing the transaction– fairly, transparently and automatically.
We chose CryptoCarz for the simple reason that gamers and developers share the true obsession and attention to detail. We think CryptoCarz will tap into this competitiveness and unleash a new type of racer and gamer. With smart contracts and digital assets owned by you, this platform — and other NFTs — will only be limited by the creativity of the gamers, developers and studios together.
This is why Blockchain Studios is confident that non-fungible tokens will not be idle assets, but that they will be an entry point for innovation in gaming and right across the creative industries.
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