Let’s start with the beginning — What is an NFT
So just like Pete Davisdon sang to the music of Eminems Without Me: “So what the hell´is an NFT, apparently cryptocurrency, everybody’s making so much money, can you please explain what’s an NFT?” Alright Pete, we’re gonna give it a try. (Here’s the clip just if you wanna get a good giggle out of it, it actually gives a pretty good intro) A Lesson On NFTs — Eminem ‘Without Me’ Parody (ft. Jack Harlow) | SNL S46
As SNL Morpheus explains, NFT stands for Non Fungible Token, but let’s be honest, that doesn’t tell us much. What non-fungible means is non-replaceable, unique, there is only one of a kind. So add that to “token” and what you get is a kind of digital certificate of ownership which is made possible thanks to the almighty blockchain technology. Each NFT has a unique ID, and is interchangeable.
And you might be asking yourself, digital certificate of what exactly? Good question. NFT´s can be used in many different ways, especially in the gaming industry, which is why we are here in the first place.
NFTs can serve multiple purposes, starting with rewards, whether it’s from competitive gaming, play2earn or even in-game objectives, all the way to gaming assets such as avatars, skins, weapons, lands in the metaverse etc. The potential for this is immense, hence the current hype. NFT´s can motivate players to be more active and willing to participate in the game to reach different levels. The main reason behind this is the sense of ownership that comes with each NFT, unlike in the past, where assets had to be bought, yet no ownership was entitled, specially in AAA games. In each game or platform the use of NFTs will vary, but overall it benefits the players and the gaming industry as a whole. The blockchain technology upon which it works, allows them to be transferred and traded, adding the supply and demand factor that is behind the current momentum.
How it all started in the gaming industry
Many have been against the NFT revolution, and not without reason. At first NFT´s were seen as another added expense to add towards fully experiencing AAA games. Here they go again, the big publishers filling their pockets even deeper. But when taking a closer look, it turns out that NFT´s actually balanced out the current establishment, and empowered the user more than ever before. Previous issues found in multiple AAA games where money had to be spent to speed up the process or even fully enjoy the experience have now been slightly decreased. Same situation with year lasting tokens in the sports gaming sector. Where up to now assets would only last for a year, NFT´s give us the opportunity to claim forever ownership of any given purchase, regardless of the date or game it was gained through.
Ideally, NFTs can satisfy the needs of all gamers. For one they will provide a unique souvenir, specially for those who love the game, for others, the potential to be optional and non-gameplay intrusive in functionality.
Given how AAA games cost so much to develop, the inclusion of NFTs looks to help the publishers as well, which of course benefits us gamers… no one likes a glitch.
NFTs are clearly starting to follow this direction, which offers a real win-win situation for both parties involved. Gamers who want to spend on NFTs get to do so, and publishers get to have that additional extra juice to keep up with rising costs. All of it without leaving aside those wanting to just play the game in the most traditional of fashions, with no questions asked and no additional extra payments demanded.
NFT´s in gaming. Revolution in the ecosystem
NFT´s are all about adding and creating value for gamers, whilst giving them real ownership over their acquired in-game assets. Add the opportunity to market these NFT´s and the whole gaming experience has now taken a much more real life value. It’s all more tangible.
There are many different ways that NFT´s can revolutionize the current ecosystem. Here are the most significant ones:
- In- Game Assets — Claiming Ownership
Weapons, avatars, items, lands and anything else that can be earned or purchased within a particular game, is now yours for good. NFTs enable the user to claim ownership of the game collectibles and all items you can win within the game. As you all know, this has never been the scenario in traditional gaming, no matter how much you paid for it.
2. Rewards are now Payments
Players are now able to get real value for the milestones they acquire from games in the form of rewards. These can easily be transferred through the many different wallets available.
3. Ownership can be Transferred
NFT´s biggest Market place, Open sea, is really hot right now. A player can sell his game collectibles at any time he chooses to, and get value for them. This makes the buyer to be the current owner through transfer of ownership and it is updated on blockchain.
Remember the definition of NFT. Non- Fungible means they cannot be duplicated, lost or fraudulently possessed.
I mean, what else does blockchain stand for, if not transparency. It’s all out there, for every transaction theres a contract, and it’s all public.
The investment opportunity is huge, just look at Garyvee´s famous 11pm call with Logan Paul and a few other top players regarding CryptoPunk. Now that’s a story worth checking out
With all of these benefits already a reality for the gaming industry, there is no doubt that the NFT-gaming category will become a Billion Dollar Market very soon in itself.
Follow us on our social networks so you don’t miss any news from the play-to-earn industry:
- Official Instagram: https://www.instagram.com/banger_games/
- Instagram Daily: https://www.instagram.com/bangergamesdaily/
- Twitter: https://twitter.com/BangerGamesGG
- Discord server: https://discord.gg/3XQmj9kGQe
- Telegram chat: https://t.me/Banger_Games
- Telegram Announcements Channel: https://t.me/bangergamesannouncements
- Medium: https://bangergames.medium.com
- Linkedin: https://www.linkedin.com/company/banger-games
- Website: https://bangergames.com