The concept of “NFTs” has been often misunderstood by newcomers. I’m writing this article to clarify some misconceptions and inform you about the benefits of NFTs, so that your new favorite game doesn’t become your last due to lack of interest. so let’s discuss what are NFT’s and how they are changing the world.
NFTs aren’t a new concept in the gaming industry. In fact, one of the first collectibles released back in 1996 was also referred to as an NFT. The game “Magic: The Gathering” (MTG) is probably still the most known example of an NFT, but there are other games you may or may not be familiar with that also qualify as NFTs.
NFT stands for Non-Fungible Token, which means that all tokens are unique in some way. MTG released the first NFTs back in 1996. This enables players to trade cards without fear of duplication. Other examples of NFT games include CryptoKitties and CryptoCelebrities.
How can you benefit from NFTs?
NFTs have been around for years, so why are people only now starting to discover them? And more importantly, how can they benefit you as a new gamer entering the crypto world? It’s time to let you in on a secret. NFTs aren’t a new concept, but they haven’t been taken advantage of properly until recently. NFTs offer players a multitude of benefits and unlock several new possibilities within the gaming industry
Rewards for playing:
Instead of giving you one unique reward (such as a badge or title), NFTs allow developers to give out several rewards, which can be unlocked by simply playing the game. Want to show off your rank on the leaderboard? Earn achievements for completing quests? Unlock new avatar skins by levelling up? All of these options are possible with NFTs, which makes it more fun to play than most other games out there.
This is an example of how you can “upgrade” your character in CryptoKitties by breeding and collecting unique kitties. Collectible: Most NFTs are designed as collectibles. Since every NFT is unique, every single one of them has a certain value attached to it. Some may be worth more than others – for example, if you own the first ever “Horse A” CryptoPunk released, this will likely be worth more than if someone else unboxes the exact same CryptoPunk.
Read also: What are the top 8 Bitcoins use cases?
Limited edition collectibles
A lot of NFTs are designed as limited-edition collectibles. Games like CryptoKitties and CryptoCelebrities take this one step further by releasing special, unique kitties & celebs! This means that owning an NFT is also a bit like owning virtual real-estate. The value of your NFT will grow over time, so there’s no risk of buying the cheapest one on an exchange and losing out – you can’t lose if you don’t sell!
Today, most games have a pay-to-win model. Once you’ve bought a game and your wallet is empty, there’s really no incentive to keep playing the game – unless of course you enjoy playing it so much that losing all your funds won’t stop you. This is where NFTs are different – paying for a game with paid currency doesn’t grant you any advantages over other players, so there’s really no risk of getting “tricked” into buying the best items in the game.Using NFTs instead of regular in-game currencies helps remove the “pay-to-win” motivation. You can buy items to show off your support for the game, but they don’t give you any advantages over other players.
Tradable
As mentioned above, NFTs are tradable on exchanges, which means that you could potentially make money by simply playing the game! There are some limitations to this though. You can’t simply buy NFTs on exchanges and expect them to be worth a lot in the future – they only increase in value when people buy, sell and trade them. However, owning rare NFTs does help you make some passive income every time someone else buys or sells one of these items.
