NFT is a term that emerged in the gaming industry in late 2021 and will undoubtedly become one of the hottest topics in many industries in the coming years. If you are still not sure why a particular video game should be blockchain based (or rather blockchain technology) or if it is something good or bad for games and players, or if it will affect the bonuses offered by ICE Casino in any way, then There is still no clear answer to this question. But now it may be a good idea to try to understand what this most attractive new trend in the industry means. We will explain what NFTs are, what they look like in games, and what this means for the average player.
What is NFT anyway?
Whether used in games or any other application, the abbreviation NFT stands for “Non-Fungible Token” for a digital element. The name sounds a bit complicated, but in fact the concept itself is very simple. NFT is simply a certificate of ownership of a digital product that can be produced in limited quantities. NFTs can be added to digital images or memes, video clips, or even something abstract like the original source code of a website. If something can be “changed”, it is a commodity that can be exchanged between the parties – for example, a hundred zlotys banknote.
Regardless of the form, when you have NFT for a particular digital product, you are the owner of a certified token registered in a special digital book or blockchain. You simply get a special link confirming your connection to this digital asset. Just as someone can own a very expensive car in the real world, NFTs also offer the opportunity to own a small part of the digital landscape. It’s like having a title deed to something that only exists on the internet.
How can NFT be useful for video games?
When it comes to video games, large corporations see NFT as a way to continuously stream digital content revenue. For example, if a rare Fortnite skin is offered as NFT, the player can first unlock that skin in the game and then claim it. Once this is done, the token for that skin can be resold to the highest bidder. No matter how much such leather is sold, at Epic Games, its original designers will continue to earn a commission from the operation. In addition, the new owner can sell the skin to another interested party, Epic Games receives a commission each time.
In addition to including NFT in every game that sells cosmetics, it’s easy to see how NFT rules can be applied to card-collecting games like Ultimate Team Modes available at various EA Sports games. Basically, each card in this mode can be a separate NFT. This means that you can sell the ownership of any card on your deck to other players.
Thus, in addition to being paid for by the player who received the original package of rare cards, EA can theoretically open a completely new revenue stream based on the resale of these rare cards as long as NFT is profitable. While there has long been a kind of “black market” for people who sell Ultimate Team accounts, which are rare cards, for real money, NFTs serve as an opportunity for the publisher to eat their own slices of this lucrative cake. This is a completely legal way!
Can a game publisher technically create his own auction house without necessarily relying on blockchain? Of course. But NFT is an extremely smart solution because it combines current cash flows with end-investor interest in blockchain initiatives. If corporations can make investors happy and make money at the same time, they will not want to overlook the potential of NFT.
Features of NFT
An “irreplaceable symbol” (abbreviated as NFT from the English described above) is a digital, cryptographic symbol that maps a unique blockchain element. NFT has many uses. It can be a real-world object, such as an in-game digital asset, a cryptocurrency product, or even real estate. NFT is able to create a long-running distributed digital storage network and solve the ownership problem in the world of copy and paste.
NFT cannot be converted. This means that each token is completely unique and in no way can be exchanged for another, the same token. For example, you can convert 1 BTC to another 1 BTC, which will be the same as the original in all respects. But for NFT, this is simply not possible.
But NFT-based games are very different from keeping cryptocurrency in your wallet. Such an NFT game will apply this technology in its rules, mechanics and methods of interaction between players. For example, it can represent your character or your chosen avatar as an NFT object. In addition, any virtual items you receive during the game can be NFT tokens. This, of course, means that you can exchange your NFT tokens or sell them to other players to make a profit. The latest model “Play to win“or”play for profit“It also allows players to profit from NFT jobs, which manufacturers include in such an opportunity!”
Play-to-profit NFT games allow users to earn money by playing. The general rule is that the player receives a token as a reward. This means that they earn more when they play longer. This option is especially popular among users in less developed countries, and is an excellent alternative to earning, stable income or social security.