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Non-Fungible Token (NFT)

Non-Fungible Token (NFT)

- What is NFT?

NFT is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable. NFTs can be used to represent items such as photos, videos, audio, and other types of digital files.

NFTs have already begun to make a splash in gaming, and it’s no surprise. Thanks to the underlying immutable record of blockchain, players can claim actual ownership of in-game items. They can be resold on secondary markets, loaned out, taken off-platform, and even fractionalized.

Nobody, not even the developers, can just take it back from the gamers, and therefore these items now represent a quasi “investment” — making them much more than just a one-way purchase.

while the global gaming industry continues to grow across all markets, it remains structured in a way that primarily benefits game developers and perpetuates a one-directional flow of value where players spend money to unlock access to in-game assets and gameplay configurations. In contrast, blockchain-built games and decentralized applications (dApps) enable players to capture the utility and value of in-game purchases and asset acquisitions more effectively. Some considerable benefits for using NFT in gaming are given below:

1. Ownership of in-Game assets:

In NFT gaming, a player gets full control over his earned and acquired assets and he can earn cryptocurrencies instead of them. Physical ownership gives more incentives of playing on a blockchain-based game and can turn out to be a regular source of income.

2. Highly secure environment:

An NFT based gaming solution provides a high level of security and reliability. A gamer can remain assured of the security of his digital assets as blockchain technology gives his wallet an impenetrable shield of highly sophisticated technology.

3. Transparency and Provable rarity:

NFTs work on the principle of rarity or scarcity. Blockchain helps in maintaining the transparency of digital transactions. It also serves as a tool to prove the rarity of the asset which leads to good returns in exchange for the asset.

NFT for gaming industry is the future as we can see many gamers are taking it up not just as a hobby but more as a profession. With gamers joining “Play-to-Earn” models and earning, NFT game development has made its niche. Those who don’t join the trial will later find themselves alienated.