Upland 101: What on Earth are NFTs?
Collectibles have come a long way since Panini stickers and Pokemon cards, and the digital age is constantly producing new ways to satisfy the collectors among us in an innovative way. In-game collectible items, such as weapons, clothing, coins or characters, have seen a sharp rise in popularity, yet these items typically remain within the game and offer no real-world value to players. Well, NFTs are about to change all of that and revolutionize the world of digital collectibles.
But what are Non-Fungible Tokens?
Simply speaking, non-fungible tokens (NFTs) are a unique representation of an asset in the form of a virtual token, which cannot be duplicated. Using cryptography, NFTs help to verifiably prove ownership and authenticity of an asset on the blockchain.
CryptoKitties, for instance, are one of the most popular examples of blockchain NFTs, with more than $24 million spent on the adorable cartoon cats. Each CryptoKittie is completely unique and when you purchase a CryptoKittie, you are buying an NFT that corresponds to your very own digital kitten.
Because each cat is unique and has different qualities and appearances, some are deemed more valuable than others, which creates scarcity for collectors, and you can buy and sell your CryptoKitties for fungible tokens.
Fungible tokens compliment non-fungible tokens, as fungible tokens are interchangeable with one another and therefore can be used as a medium of exchange for NFTs. Bitcoin, Ether and EOS are all examples of fungible coins and fiat currency, such as the US dollar, is also fungible. A dollar in your pocket is equal to the dollar in someone else’s pocket. NFTs, on the other hand, give you something verifiably unique and no two NFTs will be exactly the same.
Upland is Bringing NFTs to the Casual Gaming Space
Because NFTs create a verifiable scarcity of a certain asset, this has the ability to not only make in-game assets far more desirable but also offer value and ownership which goes far beyond the game itself.
Let’s imagine if the game Coin Master was on the blockchain and utilized NFTs. You could purchase an in-game coin package to complete your village as standard, except the village you’re building wouldn’t be generic. Your in-game assets would be totally unique to you and belong to you in real life too, thanks to blockchain technology.
Not only would you have verifiable ownership of the village within the game, but the asset would also belong to you outside of the app, and you could sell or trade your in-game assets with other players for in-game tokens or potentially even real-world cash.
This is the potential we see for the future of NFTs and casual gaming, and we are building Upland with this very concept in mind.
Each digital property in the virtual world of Upland is completely unique and visible on the EOS blockchain, and every property you own is truly yours. You can sell it. Trade it. Keep it forever. Whatever you wish–it’s 100% yours! Properties in Upland are based on real world addresses, so every property is completely unique and naturally scarce.
Upland’s NFTs are also special because the properties they represent will earn UPX, the fungible in-game cryptocurrency of Upland, which acts as a medium of exchange for players in the game.
We believe blockchain is shaping the future of gaming, and NFTs will become the industry standard for digital collectibles and in-game assets. Sign up to Upland today and be part of the digital ownership revolution!
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