Online gaming is all about innovation and exciting ideas. The dynamism of blockchain technology fits into this mould. The role of NFTs in the Online Crypto Gaming industry is vital! NFTs promise to transform the ownership models in crypto gaming! Digital ownership is not a new concept in the ownership game. That said, the entry of NFTs promises to make this process more efficient and easier to track. Online gambling platforms like BC.GAME are a hub for developers looking to borrow the most exciting ideas in the blockchain space. The rise of NFTs was natural, given their utility.
Non-Fungible Tokens (NFTs) in Online Crypto Gaming
Non-fungible tokens (NFTs) and gaming were always the perfect matches. The concept of NFTs comes with ownership and tracking connotations that are useful in gaming. When you say something is fungible, it is replaced by another identical item, which is mutually interchangeable. Therefore, a fungible product has no unique identity and is replaceable by another similar item or items of equal value. For instance, a hundred-dollar bill is replaceable by two fifty-dollar bills. Non-fungibility is the opposite of this scenario. No NFT can replace another because each has a unique identifying code. They rely on different token standards, mostly the ERC-721, for a unique code that distinguishes each NFT.
NFTs Create Exclusivity in Tracking Value
The uniqueness of each token is a valuable asset for game developers. Fungible currencies can have the weakness of money laundering, where money enters circulation from unofficial sources. This interchangeability presents the problem of easy counterfeiting of fungible items. For NFTs, they are impossible to counterfeit. Each token has traceable origins and can prevent potential counterfeiters from hijacking a legitimate industry. They provide enhanced protection and can be a reliable channel of tracking value.
NFTs burst into the public consciousness in 2021 when several artists created NFTs for their music or art and auctioned them. These auctions fetched prices in the millions or even tens of millions. The people who purchase such works of art or memorabilia know that their ownership is secure, and these pieces can have a resale value. No one else can bring a credible claim that they own a similar NFT. There are no two alike preventing unauthorised transactions.
Benefits of NFTs to Crypto Gamers
NFTs have several benefits to the online crypto gaming industry. For one, NFTs are indivisible. Regular cash is divisible into cents, while Bitcoin has Satoshis. NFTs must remain whole to be valid. This utility is possible because they use smart contracts to prevent data destruction. The inability to subdivide or replicate NFTs appeals to developers and investors who want something definite. It is inherently an asset and offers certainty. An intangible asset with authentication capabilities is impressive.
They revitalise online gaming by allowing gaming platforms to track in-game items effectively. The in-game item aspect of gaming is enormous. Games like Pokémon Go popularised the part of competitively seeking to gain certain in-game items. However, these platforms have centralisation constraints, and gamers can only do so much with their items. Decentralised gaming terraces allow more control over their gaming items, including the ability to trade and potentially benefit from them.
With NFTs, tracking these items is straightforward, offering better stability of tenure. This certainty has brought value to gaming ecosystems. The secondary NFT market is robust and relies on supply and demand forces to maintain prices. Some may not understand the abstract concept of NFT ownership. Cryptocurrencies are not physical products that you keep in your house. Instead, you own the digital keys to a virtual product but have the assurance of exclusivity because no one can recreate the NFT. This concept of digital collectables is not new to gaming, and NFTs bring a more secure system of tracking the value of these digital collectables.
Scarcity and Utility
Digital collectables have scarcity and gain the value associated with this quality. Their stature will only grow within this community as the online gambling industry expands. Some gaming platforms are exploring the trading of NFTs across multiple platforms, which would vastly enhance the utility of NFTs. Platforms cannot erase the ownership of digital collectables without the community noticing because no other token can replace what you own. Therefore, the value of the NFTs is in their certainty and uniqueness.
Online gaming markets are in for an excellent run as this industry increases. The platform operators have to respect the property rights of the token owners. In this era of decentralisation, this aspect is massive. Traditional gaming companies owned the gaming items and merely licensed the items to players. For NFTs, gamers own and control these items without the arbitrary practices of their previous overloads. The ownership means that you can exercise proprietorship rights better. Selling these items for profit allows online gaming enthusiasts to benefit from the secondary speculative market and gain value. Any gaming asset can be an NFT and part of the robust in-game economy.
Blockchain gaming is disrupting the traditional gaming power structure. NFTs are the perfect tool for this gaming era because they represent unprecedented empowerment to gamers. The ability to create and trade items in-game is precious. NFTs present a new era for gaming and all aspects of the blockchain, including online crypto platforms like BC.GAME. The few auctions that have broken records this year offer a glimpse of what will come. It will be fascinating to watch the progress that they will bring to this industry in the future.