With the rise of NFTs over the past couple of years, digital assets have taken a whole new form in the sense of ownership. Let’s take a closer look at digital assets in today’s age and how blockchain technology is unlocking their potential.
What are NFT Digital Assets?
We’ve all seen how cryptocurrencies and non-fungible tokens (NFTs) have created a storm across the internet and social media. Beyond the hype created by NFTs, there is incredible potential for this new technology.
An NFT is a cryptographic stamp of ownership for a specific digital item. These digital assets are stored on an electronic, usually distributed, ledger known as the blockchain, where they can be owned securely and transferred between different individuals. An NFT can be composed of any type of digital asset: art; in-game asset; website domain; music; etc.
The power of NFTs is that they guarantee ownership and cannot be tampered with.
What is a Blockchain?
A blockchain is an electronic ledger that is entirely decentralised. This means when you transfer your digital goods there is no third party involved in the process (institutions, banks, corporations, etc.).
To ensure each transaction is valid, nodes in the network solve complex mathematical problems before adding it to the blockchain, which is blocks of data linked together in a specific order protected by a hash.
How is the Blockchain Secure?
It’s virtually impossible for previous data on a chain to be tampered with simply because of the hash in each block. If a hacker tried to change the content of an older block, this would create a new hash for that block, which wouldn’t match the following block, thus breaking the chain.
Benefits of Digital Assets
Digital assets are a lot more efficient than physical assets when it comes to storage, transfers, and transactions. Some of the benefits include:
- Certified record ownership
- Non-reliance on external third party
- Creators can receive automatic royalties on sales
- Reduced transaction times
- Transaction transparency
- The potential to be profitable assets
Digital Assets in Games
Digital assets in games have been with us for decades in the form of clothing, accessories, weapons, and other items. With the power of blockchain technology, the gaming world has the power to unleash its assets so that they can be used outside of their original game!
Blockchain games, such as play-to-earn (P2E) focus on allowing players to generate revenue in the form of digital assets within the game, as well as offering in-game benefits traditional games would provide. This redesigns the economics of gaming, sharing between companies and gamers.
With rapid growth since COVID-19 lockdowns, the gaming industry is tipped to be worth $321 billion by 2026. The rise of NFTs over the last year has allowed gamers to earn with the development of Play-to-Earn games, where users are rewarded with cryptocurrency for playing.
The Power of NFTs
- Fixed Asset: NFTs exist as individual assets, so even if the game ceased to exist, you would still own the asset, and it can still be sold or bought, and continue to exist on the blockchain.
- Ownership: As you will have ownership of this item, it can become a sellable asset outside the original game’s world.
Despite the endless possibilities of digital assets, there’s still considerable friction between collectors, creators, and enthusiasts, simply because too many projects are being built in a silo. This means these digital assets are not compatible across platforms. This is especially frustrating for users when we imagine a digital asset such as a digital wearable that is only compatible with 1 metaverse platform. Imagine if NFTs were interoperable across ALL metaverses!
Metalinq was created to solve this problem. The protocol unlocks the potential of NFTs and the Metaverse, by allowing for the seamless and trustless transfer of digital assets and information across metaverses and games. Learn more about the Metalinq protocol below!
🌐 Metalinq Website — https://metalinq.io/
🎮 Metalinq Discord — https://discord.com/invite/ZUqDBWMsWW
🐦 Metalinq Twitter — https://twitter.com/MetaLinqio
