Coinfomania: Where blockchain and cryptos live.

How Non-Fungible Token (NFT) for Game Assets Will Change the Industry

Key Takeaways:

  • Non-fungible tokens (NFTs) are blockchain-based tokens that represent unique digital or even real physical assets
  • NFTs can enable gamers to own their items and transfer them from one game to another. It also allows the Game Developers to be more transparent with the community
  • Gamers, Artists, and Developers can buy or sell their NFT’s in one of the marketplaces such as Ulti Arena. One of the most expensive gaming NFTs Cryptokitty was sold for $170,000

Games are being developed in a centralized way: game studios hire artists, developers, and managers to produce assets, sounds, music, User Interfaces – for each game there are hundreds if not thousands of assets being produced. Why should one asset be used in a game only once by a player? Why shouldn’t they own that asset and transfer it to other games? Artists should also be able to track their creatives to see in what games were used and how they were used by the players. All these challenges can be easily solved by implementing NFT’s to game assets.

What is an NFT?

To understand the concept of non-fungible tokens, it is critical to learn the difference between fungible and non-fungible items. 

Fungible tokens are the ones that can be easily replicated and there are many of them – think about a Sword in a MMORPG – that one sword can be wielded by millions of players and just none of them has a unique item – they all share the same sword’s ID. 

Non-Fungible-Tokens are unique in their nature. Using the same sword example, that one unique sword can be wielded by just one player – as either a collectible or recorded on a Blockchain with a unique identifier or block. Once it’s recorded on the Blockchain – it’s immutable and scarce – that sword can’t be replicated and there’s no other version of that sword that will be ever produced.

NFTs in Gaming

core building principles an NFT marketplace should have

As shown by Axie Infinity, CryptoKitties, and DeCentraland (MANA Token) – games can be made based on Blockchain and NFT’s – and ordinary people can earn money by just playing them! See, for example, People in the Philippines earn money playing NFT games.

Building games on Blockchain can improve the overall experience:

  • Game items will be transferable to other games,
  • Unique items will be forever unique and one-of-a-kind as NFT’s,
  • A decentralized way of making games will involve the community more, which will lead to greater sales for a particular game,
  • Game Assets, Music, Sound, User Interfaces can be used in multiple games but they will be traceable – actual reliable statistics can be made.

Are NFTs the Next Gaming Revolution?

Non-fungible tokens have a huge deal to offer to the world of gaming. According to Duke Vu, CEO of Ultiarena.com – an NFT Marketplace for Game Assets with Proof-of-Gaming:

“We believe that NFT’s will change the world of gaming as we know it. Imagine every game in the future to be made on Blockchain – you can transfer any existing game items from one to another. Assets can be traceable and also unique – artists and developers will have new ways to monetize their creations and see how they’re used”

The biggest impact they will have is by enabling users to truly own unique and rare in-game assets. Users who own extremely rare NFTs may also make a considerable income by selling their assets. Whether we call it a revolution or not, NFTs will change the way gamers interact within games.

Here are some unique advantages also with creating NFT’s in Games:

  • Non-fungibility: Each NFT is a cryptographically made token that represents something truly unique or non-fungible – it can’t be changed with another NFT. In each NFT, there will be metadata made that is a permanent and unalterable record on a particular blockchain. Similar to a certificate of authenticity – it will be very hard to fake it. Many cryptocurrencies such as BNB’s (Binance Coins) are identical to each other – and therefore they’re not unique.
  • Rarity: NFT’s as Game Assets, Sound, Music, or User Interfaces will be truly rare as they’ll be made by Game Artists in limited amounts or in single quantities. This feature will make the prices of some assets skyrocket. Example? In 2018, a CryptoKitty named Dragon sold for 600 ETH, which was the equivalent of $170K at the time.
  • Indivisibility: BNB, ETH, or BTC can be divided into much smaller amounts. NFT’s can’t be – just like a ticket for a football game – you can’t take 1/10 of that ticket. It has to be used, bought, or sold as a whole.
  • Ownership: Through blockchain technology, now the players can be the true owners of the game assets. Up until now, if you buy something from the game store – it still technically belonged to the Game Studio or Developer that made that game. With NFT”s – now a gamer can truly own a piece of that game – directly from the Game Artist!
  • Interoperability: Games are now being developed in a central way. With NFT’s – game assets, sounds, music, User Interfaces can be used in multiple games and can also be traced back to the original creator. Decentralized game-making is the future.
  • Immutability: NFT”s live on the blockchain itself. They can’t be changed or altered. So even if the game shuts down – those assets will live on forever on the chain.


Affiliate:  Get a Ledger Nano X for $119 So That Hackers Won't Steal Your Crypto!

Follow us on Twitter, Facebook, and Telegram to receive timely updates. Subscribe to our weekly Newsletter.