NFT Games: What you need to know?
First off, let’s get deep into fungibility. “Fungibility? What is it?”, you might ask. It is a concept of a thing that is interchangeable for another “same kind same quality” item. Unlike cryptocurrency that is fungible, NFT is the opposite. That makes NFT different as it is unique and irreplaceable.
What is NFT?
NFT or Non-Fungible Token, is something unique or irreplaceable. NFT is a digital asset that represents any real-life object, such as art, music, videos, written art, and in-game assets. Furthermore, NFT uses blockchain ledgers to authenticate unique digital collectibles, which allows buyers to own the original item. All the sold assets contain a unique digital signature that works as proof of item ownership.
What is NFT Game?
NFT game can be seen as a biproduct of both the play-to-earn game and NFT. It offers players the opportunity to earn money, generate income from the time spent playing the game. Players can also create irreplaceable and unique items from the game itself. Many players are turning to play-to-earn NFT games nowadays as they carry the potential to generate real money.
How NFT Game Works?
In NFT games, players are required to solve in-game challenges and tasks to be rewarded with in-game tokens. All the earned tokens can then be used to collect or create a brand new NFT derived from the existing in-game assets that come in the form of characters, avatars, items and many more. Apart from collecting assets for battle purposes, players may also increase the assets’ value through active gameplay for future use and trade them with other players in a respective marketplace using cryptocurrency.
Example of NFT Game
We have Let’s Gold, for example. In the game, players are required to make an initial investment to adopt Iros, an in-game creature that can be collected by the player. By completing tasks and challenges, Iros’ value will rise. Once an Iros reaches the desired value, players may put it on the Let’s Gold Game Store, a marketplace for players to sell and trade Iros with one another.
With the NFT concept implemented into the gameplay, players will have the opportunity to be the owner of the asset and sell or change it on the market or auction house. Thanks to the in-game utility and collectability, NFT games' values are now roaring up in the gamers’ world.
This information shall help you understand the real meaning of NFT games.