What are NFT Games?
NFT games have become popular in the GameFi world as a way to earn income. You can sell your in-game NFTs to other collectors and players and even earn tokens with play-to-earn models. These Token can translate to real world income, making GameFi the most exciting way to make a living.
NFTs are revolutionizing society’s view on ownership. People around the world are excited to own one, especially in the gaming industry. Gaming NFTs are non-fungible, have massive utility, and are a gateway to the Metaverse. As far as games go, that’s pretty rare.
What is an NFT?
NFT stands for Non-Fungible Token. A Non-Fungible Token (NFT) is a digital, cryptographic token on the blockchain representing a unique item. An NFT has a lot of utility. It could be used as a digital asset in a game, a piece of crypto art, or even a real-world object like real estate.
An NFT is non-fungible, which means that each token is uniquely identifiable and cannot be swapped identically for another token. You can trade 10 eth (Etherium) for another 10 eth equal in every single way. With an NFT, this cannot be done. Even with NFT art collectables released in a series with multiple versions. In this case, each NFT’s metadata will differ, and will be verifiable with the help of the Blockchain.
NFTs are verified using the Blockchain. Simply put, the blockchain is an immutable digital ledger that documents transactions made in any cryptocurrency or Token. That information is then stored on records called blocks. It makes an unalterable record of information that states who owns an asset, when it was purchased, and every other activity surrounding it.
In traditional gaming, players could purchase the most unique skins and upgrades but it still wouldn’t be fundamentally different from someone else’s purchase. NFTs in gaming have changed that and added a lot more value to in-game purchases.
How NFTs Impact the Gaming Community
NFTs in games give gamers a new way to play and earn. We’ve seen a lot of games use NFTs the same way Fortnite uses skins, tools, and upgrades. And the more you purchase these NFT skins, tools, and upgrades, the more uniquely valuable and profitable they become.
GameFi created a similar use for NFTs all the while maintaining the ownership and invaluableness attached to them. By proffering “utility” to art, Gaming NFTs allow you to find purpose in your hobby.
Let’s take a look at how gaming NFTs give gamers fun and a purpose all in one.
- Buy and Build your Character
More and more blockchain-based games allow gamers to purchase and customize their characters. This gives them leeway to build a unique in-game personality that they fully own. In games like Nitro League, players can buy and customize their racing vehicle. Modify it to outperform the competition and earn valuable in-game tokens.
In P2E games like this one, players earn when they play, participate or invest. Players can also buy and own other things in Nitro League like car parts, land, and buildings all leading to the opportunity to create a solid income stream. In addition, Blockchain games allow players to export this design to other games in the ecosystem or sell it on an NFT marketplace.
- Trade and Upgrade
GameFi is a lot more profitable because of the “ownable” factor. Features like skins, vehicles, and weapons you use in-game now become buyable, sellable, and tradable assets that have a real monetary value.
Traditionally, you spend hundreds and thousands acquiring these assets to help boost your ranking or win a competition but never really have full ownership of them. Meaning the game is the sole proprietor of these assets and they cannot make you wealthy as it makes them. NFTs in GameFi decided to flip the script and give you full ownership and monetization options when you trade or sell your assets in the marketplace. Also, upgrading your NFT in-game allows you to gain experience points, making them more valuable in the marketplace.
- Access the Metaverse
The metaverse has been the number 1 buzzword in 2022 but what does it mean and how does it affect gamers? The metaverse is a fusion of the internet as a singular, universal, and immersive 3D world. This is exciting for the gaming community because it allows players to explore multiple lucrative games, connect with friends, collaborate, and interact with like minds while earning multiple cryptocurrencies and having fun. Players can win in-game items, and sell them on marketplaces to earn real-world money. NFT gaming will enable gamers to make more use of the metaverse, and bring it to a whole new audience of committed players.
- Play and Earn
The concept of earning a living as a professional gamer might seem like a pipe dream to many. But with game streaming and Fortnite competitions becoming saturated, the next step in the gaming evolution is GameFi. In Nitro League, players that participate can earn in-game tokens that can be converted to real-world money. Additionally, players can trade and purchase NFT race cars, car parts, land, and buildings, Upgrade them, give them more value, and sell them on any marketplace. Enabling NFT gamers to earn as they play, introducing a new dynamic to gaming, and disrupting the established market.
Conclusion
With the momentum at which NFTs are advancing, there’s no doubt that they’ll Be integrated into the day-to-day lives of a lot of people in the coming years. New advances will come into play and the ownership will continue to evolve. GameFi has already shown that NFTs can be for fun and also have massive utility, especially in the area of wealth creation. Some people value NFTs for their collectability and others for their utility. Game-fi has now created new NFT gaming economies that have changed how people can earn using NFTs. To be successful in the industry, collecting isn’t going to cut it. Being a part of the action and playing is the best way to make a bang for your buck.
