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The next booming thing in the digital world that drives the crypto market to the next level is "The rise of NFTs".
NFT Marketplace is being a more preferable option for many crypto entrepreneurs and also people who seek ownership for their own properties.
NFT stands for Non Fungible token which can not be interchanged like cryptocurrencies. When many crypto enthusiasts search for the next big thing after DeFi, the decentralized finance in the crypto market, everyone found the answer as "Non-Fungible Tokens - NFTs".
Get a detailed insight about NFTs here -> What is Next After DeFi?
Hope you have got a clear overview of NFT now. This NFT has the tendency to disrupt many industries which include Art, Collectables, Decentralized domains, Fashion Industry, and more.
Look at the list of Major Industries Disrupted by Non-Fungible Tokens (NFTs).
One of the major industries that are being impacted by NFTs is the Art Industry and these NFTs are being the solutions for artists and the art industry to solve the issues of ownership. The art industry is getting transformed to the next level by the utilization of NFTs and blockchain.
Explore here how the Art Industry is being impacted by NFTs? -> How Non-Fungible Tokens (NFTs) Are Transforming The Art Industry?
Another major industry on the list, that has a huge transformation by the application of NFTs is Gaming Industry. The global gaming industry has drifted by blockchain and NFTs.
Let us have a look at how these NFTs have impacted the global gaming industry.
Blockchain-based gaming creates value for players more than game developers. In traditional games, the value of flow is always one-directional and the players spend money to get access to any in-game content.
In traditional games, you can buy a skin for any of your favorite weapons and use it. But what do you get in return or what happens for the actual value of items? If you are not able to return or sell it, you will lose it.
With NFTs it is much different. The NFTs preserve or generate value for the players of the game.
When any player buys any in-game assets in the form of NFTs in any blockchain game, they not only get the utility of it but also an actual digital asset that they can own.
The players can even trade or sell it or convert it back and the value of it increases over time. More and more blockchain games are utilizing NFTs in recent days to grab more players to their platform.
Many NFTs use Ethereum blockchain and it is also prevalent on many networks such as Binance Smart Chain (BSC), EOS, TRON, and more.
Listed here are the benefits of NFTs in the gaming industry.
In traditional games, the in-game purchases are non-transferable and this one-time investment remains locked up in the single gaming world.
But with NFTs gaming environment, the players grant ownership rather than game developers. With blockchain technology, gamers can save, sell or move in-game purchases to any of the other supported games.
All the traditional games available online exist on single servers which are centralized and thus make it complex to communicate & share in-game assets with others. But in decentralized games, the blockchain acts as a framework for all other interconnected games. This makes the decentralized game assets which are represented as NFTs that are designed to be interoperable across various environments.
For Eg: Two games that are built on Ethereum can support for same in-game assets such as vehicles, armor, or all the available characters.
If any traditional online games are shut down, the players lose all their in-game purchases.NFTs exist independently of any specific game and live on the blockchain itself. Such in-game purchases can be bought & sold whatever happens to the game and the new games can be designed to the existing blockchain protocols.
These NFTs based blockchain gaming assets can not be duplicated because of their permanent records.
The blockchain or distributed public ledger validates the uniqueness and number of each NFTs and its ownership history.
Collectors value rarity, the scarcity of in-game NFT Purchases, and authenticity are provable via the immutable records embedded with NFT's blockchain.
Bitcoins like cryptocurrencies are divisible into smaller units and intended to be used as a medium of exchange. But the NFTs must be bought, sold, and saved as a unit that is indivisible.
NFTs in gaming can have a lot of benefits and listed above are the major benefits of usage of NFTs in the gaming medium.
As discussed above, the NFTs are being used by many blockchain-based games. Listed here are the general categories of NFTs in gaming that are emerging in recent days.
This Branded NFTs resemble the traditional collectibles in the digital version. The collectibles utilize established brands, as like sports franchises.
If you had put panini stickers or baseball trading cards on the blockchain, then it comes under this branded NFTs category. These Branded NFTs meet the demand of the people and translate their interest over the NFT markets.
The NFTs which are relevant to any underlying games and also to the players is termed as Game-relevant NFTs.
In-game items or skins fall under this category. The players or owners do not have a direct impact on the value of NFTs.
Since, the value will majorly be defined by the demand for it, which is generated through the games incorporating the NFTs.
This is similar to that of previous and in-game items, skins and characters fall into this category.
The major difference is that the players can change the value of the NFTs actively.
If your World of Warcraft heroes is NFTs, you will be able to max out the level and that will be more valuable in the market than level one heroes.
This NFTs value heavily depends on the games utilizing it and the players are able to control it to some extent
When you have offered to choose between any two equal boxing gloves and where one of them belonged to Muhammad Ali himself, which will you choose?
The history of ownership can create significant value for all collectible. As there is full transparency when it comes to history, with NFTs it is possible to do the same for all digital assets, which has easy verification of ownership.
However, the generation of value through the gameplay as well as the in-game economy requires careful design and balanced games.
These are the current usage of NFTs and in many games, avatars are made as NFTs.
Since blockchain is new technology and the NFTs are a newer concept. Building a game consumes time and the blockchain gaming industry started to spawn games utilizing this massive blockchain and NFT technology.
As NFTs are more valuable and sustainable, the use of NFTs in blockchain games is becoming more beneficial and drifts the whole global gaming industry to the next level.
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Hey Peeps !! This is Anushya an enthusiastic and energetic individual who persists in the field of Blockchain and Cryptocurrency for more than 4 years. At present, surviving as a Business Consultant and Blogger at Bitdeal. I am fascinated towards the upcoming trends and technologies in the digital globe. Stay tuned with us to move forward with innovations in the crypto industry !!
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