How NFTs Will Change Gaming
Cryptocurrency, the blockchain, and NFTs are slowly taking hold of everything from banking to sports. Gaming is a sector that many believe to be the best platform for NFTs to finally find their feet in the world.
There are so many ways for crypto and NFTs to be included in games that many believe gaming will be the sector that takes cryptocurrency as a whole to the next level. Here are a few ways NFTs can change the face of gaming.
What is an NFT?
While many ask, is cryptocurrency the future of online gambling? NFTs may be the future of gaming. An NFT, or non-fungible token, is the name given to a digital asset that is on the blockchain. These assets can range from art to songs and sports cards, and owning the asset means no one else can own a copy.
When you play a game such as Assassin’s Creed or Elden Ring, when you find a unique item or grind for hours to unlock a powerful weapon, you can use it in-game. However, this thing you have put hours, days, or even weeks of your time into obtaining doesn’t have any value.
There are tons of unique collectibles and gear to unlock in games that take a lot of time and effort but are not worth anything outside your game. However, turning these unlockables into NFTs makes them worth real money.
Game designers are hoping that NFTs will make their games more valuable while gamers can be financially rewarded for putting so much time and effort into their titles.
Most gamers have a love/hate relationship with loot boxes. On the one hand, you have the chance of getting a very rare item or collectible for very little money, but on the other hand, you can spend hundreds of dollars opening dozens of them and get nothing rare at all.
While loot boxes are designed to give everyone a chance to earn a rare item, it has been shown that to get anything decent, you have to spend a ton of money. However, crypto tokens and NFTs can change that.
If the items you open are NFTs, you can sell them and earn back the money you spent. If the loot box contains crypto tokens that you can use to buy more boxes or sell on an exchange, once again, you can make money.
Item & Progress Sharing
Building games on the blockchain will allow the unique option to transfer items and unlockables across titles. For years now, Pokemon has allowed you to move your Pokemon from one game to another with relative ease, giving you the option to have a particular Pokemon in a game where it doesn’t necessarily feature.
Considering how easy and quick it is to share data over the blockchain, it would be possible to transfer characters and unlockables between titles, expanding games even further.
Play To Earn
Another massive plus of having crypto and blockchain-based games is the ability to play to earn. Similar to making unlockable NFTs to sell, games can be set up in a way that allows players to earn crypto while they play the game.
The crypto can be in the form of tokens or, most likely, in the form of collectible NFTs. These NFTs will have varying rarities as it will depend on how much you have played and how much time you have put into the game.
Counter-Strike has had a rather popular weapon skin economy for many years now. Weapon skins in CS have various rarities, with some of the rarest ones going for huge chunks of cash.
However, having an actual gaming economy hasn’t been possible, as there is nothing “real” to base it on. However, with the addition of cryptocurrencies and NFTs, games can have real-world economies that can expand.
Take sports cards, for example; you can find a Lebron James card numbered 42/50. That means there are only 49 other cards in the world that are exactly like yours, and that number proves rarity.
Provable rarity is far more valuable than a perceived rarity, and making in-game items NFTs will prove their rarity or not; this will also decide how much money you will be able to get for your NFT.
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