Beyond the transfer of value is the immutability and differentiation of projects running on open ledgers with smart contracting capability. Admittedly, because of smart contracts, creators have launched some of the best crypto games. Among other industries, crypto gambling has been revolutionized and made transparent like never before. One of them is the rise of non-fungible tokens, or simply known as NFTs.
However, this is just the beginning of an exploration.
Thanks to tokenization, there are infinite possibilities with smart contracts. Automated, they execute once certain rules have been met meaning some tweaks can be made to introduce even better products or refinements.
As the blockchain blossoms, creators are “hungry”, rolling out new standards to further extend the functionality of smart contracts.
What are Non-Fungible Tokens (NFTs)?
To better understand what Non-Fungible Tokens (NFTs) are, one ought to understand the concept of money and fungibility.
Money is considered fungible.
Fungibility is a concept that denotes exchangeability.
Money, in almost all jurisdictions, is a medium of exchange and a unit of account. For instance, each dollar can be changed for another because they are fungible. Likewise, each Bitcoin can be swapped for another despite being perhaps minted differently.
It is the fungibility feature that makes most cryptocurrencies money.
Other salient characteristics may impede their goals for the lack of depth and liquidity affecting its volatility, a reason why critics dismiss cryptocurrencies as reliable money.
On the other hand, NFTs are tokens adhering to a certain standard within a given blockchain. In Ethereum, for instance, tokens complying with the ERC-721 standard are considered NFTs. However, the underlying feature is that most of them are non-fungible.
A non-fungible token is unique and indivisible, bearing a set of characteristics that markedly differentiates it from another. It means a single NFT token is whole, shifting from address to address in a closed ecosystem without being split into different units.
Often, what makes these tokens unique is the set of data stored in a smart contract.
However, what gives Non-Fungible Tokens (NFTs) value is their uniqueness and rarity.
Application of Non-Fungible Tokens (NFTs)
With tokenization and integration of blockchain in traditional processes like gaming, for instance, has opened up endless opportunities. Within the blockchain gaming realm, NFTs are fast-tracking and facilitating the processing of data and asset digitization.
Already, NFT has been used in fine art. Here, creators who previously had a difficult time protecting their intellectual property are now protected from copyright infringement. Art can be bought, sold, and showcased with proof of ownership stored permanently in the blockchain.
Also, NFTs are being used in virtual assets like the sale of domain names and more. However, it is their increased application in collectibles and integration in blockchain gaming that’s interesting.
Demonstrating the potential of Non-Fungible Tokens (NFTs) was the sudden rise of cryptocurrencies in late 2017. Digital kitties bred and sold digitally were sold for hundreds of ETH. It is also because of CryptoKitties that inspired the tokenization of not only celebrities or sports stars by individuals banking on their future value.
NFTs in Blockchain Gaming and Crypto Gambling
In gaming, NFTs are used to mark unique assets that cannot be copied and duplicated in separate systems. Digital assets that need to be different from other items can be identified using non-fungible tokens.
But since blockchain gaming is completely decentralized, a gamer has more latitude. Benefits like in-game assets give gamers a sense of control and ownership, a diversion away from centralized gaming systems.
Scientists have proven that because of something called the Endowment Effect, people tend to value things they own or control. Control can be because of sentimental attachment or the need to make money.
With control and the maturing blockchain gaming ecosystem, the odds of a gamer porting their experience to other metaverses or platforms without having to start all over again is a means of earning real money.
There is even more possibility in the current health crisis caused by the coronavirus pandemic. Gamers are taking their time to better understand the technology and ways through which their distribution can align with their interests.
Blockchain gaming blended with NFTs introduces a new dimension of interaction, power, and control gamers haven’t experienced before. They can earn money from trading unique items and feel a part of the game while concurrently helping in the promotion of the game.
Simply, NFTs hand back the gamer control and can be rewarded for their online gaming activities.
Game creators on the other hand are challenged to be creative and mint new NFTs that are attractive enough for gamers to exchange.
BC.Game Listings of Non-Fungible Tokens (NFTs)
Meanwhile, there are portals like BC.Game through which punters can stake on leading gaming platforms.
By using the ENJ coin, gamers of any of the supported online games like the Bitcoin Crash Game can win and accumulate more coins or tokens.
BC.Game is a complete ecosystem helping foster the growth and success of blockchain gaming. It has listed some gaming tokens and popular enabling blockchains through which fees are denominated in. TRX, the native currency of the Tron blockchain popular for leading gambling and blockchain games, is supported.
Additionally, their recently launched public forum is free to join. Considering its close ties with gaming and crypto, most discussions center on cryptocurrencies but could also comprise gaming experiences and techniques of earning more tokens from any of the listed Bitcoin gambling games supported by BC.Game.