Why NFTs Are A Game Changer
NFTs unlock the full potential of player-owned economies, enabling true ownership of virtual items.
Browse any major news outlet these days and you’re bound to see an article about NFTs — “non-fungible tokens,” which are a cryptocurrency solution to certify unique digital assets. Each NFT is recorded on a digital ledger, or “blockchain.” You’ve probably seen some eye-popping sales figures for NFT artwork sold at auctions. It’s a booming market, and this is just the beginning. What do NFTs mean for video games? And how is Big Time Studios poised to lead the charge?
Unlike traditional games, where the contents of your inventory belong to the company that created the game itself, NFTs allow for true ownership of virtual items. You can earn, trade, or lend them on open markets, while also having the ability to verify the item’s provenance (where it came from) as well as its scarcity (how many copies of an item exist, or will ever exist), which is unheard of with most current virtual economies. They give virtual goods tangible value, and provide players a new level of flexibility and security. NFTs promise to revolutionize player economies in the most fundamental ways. Begging the question… if this technology is so revolutionary, why hasn’t everyone adopted it quicker?
First-generation blockchain games have proven a real demand for player-owned economies. Some examples include CryptoKitties, Gods Unchained, Axie Infinity, and MyCryptoHeroes. But due to a number of technological barriers, developers have faced challenges expanding their player base beyond cryptocurrency enthusiasts. These early blockchain games expected users to set up their own wallet (which you need to download, usually as a browser extension), safeguard a private key (which if lost, your assets were irretrievably gone forever), and execute on-chain transactions (which are super costly and take anywhere from several minutes to several hours to confirm).
Big Time Studios has developed new technology to solve these exact problems. We’re providing a fully managed experience, as simple and straightforward as top gaming platforms such as Playstation Network or Xbox Live. Big Time Studios will provide and host digital wallets for players. The assets are kept in custody in our secure vault, allowing for instantaneous transfers and low costs. Advanced users still have the ability to transfer items to their self-hosted wallets, but for new players, our system will be the trusted pathway to provide a seamless, end-to-end experience that brings NFT ownership to a mass-market audience.
In the coming months, we’ll be unveiling a lot more about our flagship title, Big Time, and how virtual items play a crucial role in the experience. It’s a wild frontier, and we’ve only scratched the surface! Thank you for joining us on this adventure. We’re eager to see you in-game.
