I’ve spent the last few days looking up and researching NFT’s, (Non-fungible token)! I’m sure you’ve heard the buzzword thrown around over these past few months, and over the coming years, it will be more prominent. However, no media is better suited to really maximise this NFT technology than the gaming scene.
A non-fungible token (NFT) is a special type of cryptographic token which represents something unique; non-fungible tokens are thus not mutually interchangeable. This is in contrast to cryptocurrencies like bitcoin, and many networks or utility tokens that are fungible in nature. What makes them special is that gamer naturally already understands the concept of NFT, but the difference here is that if you lost your game data or if your account got deleted, you’d lose the rare items you’ve acquired in-game. However, with NFT and the blockchain, your items are forever preserved and can retain their value. It’s the natural evolution to you buying someone’s game account because you understand the value of the account! And as games begin to implement NFT, you could in theory take your items from one game to the next game, within the same game series of course!
Digital art, which is currently spearheading the NFT digital revolution, is hard for people to wrap their heads around the use of such items! Why spend would anyone spend such a high amount of money on digital art? I can just copy and paste it, so what’s the actual? Ownership! That’s the gist of it! The idea of owning anything has always been the appeal of art. It’s a way to flex basically, and it’s also a great way since they appreciate over time. I mean, remember, once upon a time we too asked why people would pay for art when you can just print out a replica and just hang it in your house!
With video games it’s a different story, not only will you have ownership of the items you craft or acquire, but you can also use that item in-game, which already gives it an inherent value! And if it’s a one-of-a-kind item or an event item, that just increases its value. However, there is more to NFT that people aren’t thinking off! Let’s say you are a notable content creator, and you create an item or acquire an item that super rare, you could set it up so that when you sell that time, and it gets sold again to another user, you could make royalty of that sale! In a sense, you could make an income in-game, which is a sci-fi fantasy dream come true! Not only that, you could set an NFT item in a way in which only those who hold such items over time will gain access to certain events, ability buffs, mounts, basically anything you want!
There’s so much practicality with this technology in gaming that’s it’s insane! Imagine an IP like Digimon using NFT, making every Digimon captured or bred 100% unique to that owner and giving it value as time goes on. If you play gacha games, then this concept should sound amazing to you! Now, it’s possible for your pulls to have an actual, tangible value that can be traded. Right now, the NFT space is small, with most NFT games being mobile games currently, but that will soon change! I’m genuinely excited to see how this space will evolve in the coming years! Ubisoft seems to think so as they’ve partner with the creator of AXIE INFINITY, one of the most fleshed-out NFT games out there to try out!
All I’m saying is, keep an eye out for this, it will change gaming as we know it!