NFTs have revolutionized digital technology, especially in the gaming industry. NFT games (also known as play-to-earn or P2E games) allow players to earn real value by playing. This article will discuss the concept of NFT, its benefits, and some popular examples of games that are shaping gaming’s future.
What is NFT?
Non-fungible tokens (NFTs) are unique digital assets that represent ownership or authenticity of an item or piece of content using blockchain technology. NFTs, unlike cryptocurrencies like Bitcoin or Ethereum which can be traded one-to-one, are unique and indivisible, with their value and attributes. The NFTs can be used in multiple scenarios. For example, they could serve as digital assets for a video game, collectible crypto-art, or real-world objects like real estate. To know better about NFT, here are the key characteristics:
Key Characteristics of NFTs
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Uniqueness
each NFT has unique information or metadata that distinguishes it from any other NFT. This uniqueness is what makes each token “non-fungible.”
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Ownership and Proof of Authenticity
NFTs are stored on a blockchain, which is a decentralized digital ledger. This provides verifiable proof of ownership and authenticity, ensuring that the asset is genuine and its ownership history is transparent.
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Indivisibility
NFTs cannot be divided into smaller units. They are whole units that can be bought, sold, or traded in their entirety.
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Interoperability
NFTs can be used across different platforms and applications. For example, an NFT representing a digital art piece can be displayed in various virtual galleries or traded on different marketplaces.
Common Uses of NFTs
- Digital art
- Collectibles
- Gaming
- Virtual real estate
- Music and entertainment
- Domain names
Related article: Best NFT Games in 2021
What Are NFT Games?
NFTs, or non-fungible tokens, are games that incorporate these tokens in their gameplay and economic system. They are different from traditional games where the developer controls all items and currencies. NFTs are a new and exciting trend in the blockchain space. Early NFTs have led to NFT gaming and the creation of play-to-earn games. Game-fi combines gaming and finance to offer opportunities to earn income by playing games. There are many ways to make money with NFTs. Finding, breeding, or winning rare collectibles is the traditional way to earn money from gaming. The players can also try other models. The Play-to-earn prototype has been very popular.
Key Features of NFT Games
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True Ownership
Players have full ownership of in-game items, characters, and assets, that are represented as NFTs on the blockchain. This means players can buy, sell, and trade these items independently of the game.
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Play-to-Earn Model
NFT games often incorporate a play-to-earn model, where players can earn cryptocurrency or NFTs by completing tasks, winning battles, or achieving milestones within the game.
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Interoperability
Many NFT assets can be used across various games and platforms, enhancing their utility and value.
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Scarcity and Provenance
The blockchain ensures that NFTs are unique and scarce, and their ownership and transaction history are transparent and verifiable.
Benefits of NFT Games
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Economic Opportunities
Players can earn real-world money by playing the game and trading NFTs, creating new economic opportunities and incentivizing gameplay.
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Enhanced Gaming Experience
The ability to own and trade unique items can make the gaming experience more engaging and rewarding.
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Community Building
NFT games often foster strong communities as players collaborate, trade, and compete within the game ecosystem.
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Investment Potential
Rare and desirable NFTs can be appreciated over time, offering investment opportunities for players and collectors.
Earn NFT by playing games
Users can earn money through the NFTs they use to play. The more time players spend playing, the more tokens and NFTs they receive. Tokens may be sold or used to play the game. This model allows players to earn tokens and NFTs in a consistent manner. Axie Infinity, one of the most popular NFT earn-to-play games, is a very popular game. The user must first invest in 3 “Axies”, the Pokemon-like pets that are part of the game, or they can receive a scholarship. Prices for Axies can range from as little as $20 to as much as $200. Smooth Love Potion (SLP), an ERC-20 Token that can be traded on exchanges, is earned after a user finds a starter group.
What is an NFT in-game?
NFTs in-game are another source of income for NFT games. Users can earn collectible NFTs in-game, as opposed to fungible tokens like Axie’s SLP. These collectibles have varying values depending on whether they are cosmetic, rare, or useful within the game. CryptoKitties is an example of a NFT in the game. The collectability of NFTs in the game is their sole basis. In the latest NFTs, both in-game NFTs and play-to-earn models are available.
Popular NFT Games
The majority of NFT games are built on Binance Smart Chain and Ethereum. Some games are based on traditional video games, but most focus on NFTs. Other NFT-based games are emerging.
1. Sorare
Sorare consists of a football fantasy game where you can trade and collect real-life soccer players. The user can build a five-player soccer team by purchasing or using tokenized cards. Every time a player wins scores a goal, or completes an event, they can level up and earn more points.
2. Gods Unchained
The Gods Unchained, an NFT trading game built using Ethereum, is very similar to both “Magic: The Gathering”, and “Hearthstone”. The players build their decks based on the strengths and powers they have to battle other players. The more the player wins, the more items they earn to sell or use. Flux can be earned by playing some ranked games such as Gods Unchained. You can use Flux to create powerful NFT Cards. The players can sell them or buy new cards to continue the cycle.
3. Binance NFT collections
With the NFT Mystery Boxes and Collection Partnerships, the NFT Marketplaces at Binance provide an NFT gaming experience for users. Digital artists and NFT games are all possible. Each mystery box includes an NFT randomly selected from varying rarities and collections. The user can either open the mystery box and reveal the NFT or sell it before opening it. NFT Collections are made up of NFTs or Mystery Boxes centered on a particular theme. Game-fi Mystery Box Collections, which include:
- Binance Play to Earn
- MOBOX collection
Built on BSC, this platform combines NFTs and DeFi yield farming. NFT mystery boxes include MOMO NFTs that have random hashing powers on the MOBOX Platform. - My Neighbour Alice Collection
My Neighbour Alice is a virtual building game. This game includes NFT cosmetics. Only cosmetic items are included in the Collection Mystery Boxes. They will be valued by users and sold on the secondary market.
Conclusion
The NFT game ecosystem is a collection of digital collectibles that have rules to allow players to interrelate. NFTs are valued by users for their collectability or utility. Game-fi is a gaming industry that has changed the way NFTs are acquired and used. NFT games represent a significant innovation in the gaming industry, combining entertainment with economic opportunities. By leveraging blockchain technology, these games offer true ownership of digital assets, a play-to-earn model, and the potential for real-world financial rewards. As the technology and market dynamics continue to evolve, NFT games are likely to play an increasingly important role in the future of digital entertainment.
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