Most people assume crypto and NFT are the same but both are different. NFTs are based on blockchain platforms that allow the minting and exchange of cryptocurrencies of a specific type. The basic difference between crypto and NFTs is that two NFTs can not have equal value. Meanwhile one 1 crypto coin will be equal to one coin.
In this article, we will discuss NFT games, like why they are trending and what features and functions are making them more advanced than traditional games. As the demand for NFT based is increasing day by day, then you can also churn this opportunity by developing your own game with the help of a crypto app development company.
Before diving in, let’s know about the blockchain and NFTs.
WHAT IS A BLOCKCHAIN?
A blockchain is a distributed network of software that works like a digital ledger and helps you to make a secure transfer of assets without an intermediary. Anything from digital currencies to any titles can be stored, tokenized, and exchanged on a blockchain network. This network is decentralized which means it is not regulated by any central authority so, without facing any issues you can easily make your transaction.
The first blockchain technology was introduced in 2009 with the Bitcoin blockchain which is a secure, censored, peer-to-peer electronic cash system. As anyone can access it, then it is an example of an open or permissionless blockchain.
In short, blockchain technology is an advanced database mechanism that is transparent for information sharing within a business network. Here, each block is represented by its owner, and if anyone makes changes to it, then the whole chain will be updated automatically. It all comes in an encrypted format that can be accessed by only the owner. Hacking or information theft is almost impossible in blockchain technology.
WHAT IS A NON-FUNGIBLE TOKEN?
NFT refers to non-fungible tokens, which are created using the same technology as used in cryptocurrencies. It means NFTs are based on blockchain technology. By using the NFT marketplace you can easily exchange or trade it.
Like Ethereum and Bitcoin. NFT cannot be replaced or interchanged because each NFT has unique properties. Physical currency and cryptocurrency are fungible tokens, which means they can be traded or exchanged for one another. But NFTs are non-fungible tokens, which means they can neither be replaced nor interchanged due to their unique properties.
Features of NFT (Non-fungible Tokens)
Here are the features of NFTs that are making them more advanced and demanding.
NFT can be anything or everything and basically, represents internet collectibles like artwork, games, video games, virtual land, memes, and many more with an authentic certificate created by blockchain technology.
It is a unique copy of virtual items that comes in digital format and it is impossible to make a duplicate copy of this. That’s why no one can cheat on you.
NFT exchange can be done with the help of cryptocurrencies such as Bitcoin on particular platforms.
Benefits of Creating a New NFT Game
Are you looking to start your NFT game development company? If yes, then before this, let’s have a look at the benefits of creating an NFT game.
Drawing Venture Capital
As an investor, entrepreneur, or businessman, you would certainly like to get the best ROI (Return on Investment), and it is possible through NFT game development. Here, you will get a chance to sell unique NFTs and make more money by charging entry fees to your game. You can also apply unique business models or ways to make more money. But your strategy should be in favor of both users and owners.
As we all know that NFT is in its infancy and the NFT gaming market is not overcrowded. So, you will not face high competition here and you can easily target your audience in an easy way. If you opt for the right business plan and marketing strategy, then within a short span of time you can emerge as a top-notch crypto app development company.
NFT games offer you a huge scope for scalability that is not available in traditional games. NFT gamers are always looking for a new gaming platform that is rich in features and functions that help them to earn and invest in cryptos. So, there is also a possibility for game developers to retain their position in the NFT gaming industry.
Additional Ways of Earning
If you are going to sell or buy your NFT games, then you have to pay transaction fees, and most NFTs imply a paid membership. So, there are many additional ways of earning that are not available in traditional games.
The Benefits of NFT Games for Users
If you are looking for an NFT game, then you should know about the positive aspects of games for users. Here are the benefits of NFT games that you will not get while you play traditional games.
In traditional games when you make any in-game purchases then you cannot transfer them out of that game platform. But the NFT game platform grants players the ownership of in-game assets. With the help of blockchain technology, you can save, sell, and can transfer to another game platform. It simply means that once you buy it, it will belong to you. So, all this is possible due to blockchain.
Collectors always give priority to rarity and authenticity, and the scarcity of in-game NFTs can be checked at any time with the help of blockchain because all kinds of information of assets are stored here. Blockchain is a kind of digital ledger that keeps all records and you can easily know the uniqueness, ownership, and history.
NFT games are based on a decentralized network and decentralized games exist on independent blockchains that act like a backend framework for other games that are interconnected with it. Hence, when NFT's game assets are designed then it is common that they will be interoperable across different environments. For example, two games that are based on the same blockchain will support the same in-game assets like armor, vehicles, weapons, and even entire characters. Such a feature is not available in traditional games due to the absence of blockchain.
Immutability is the best thing about NFT games. When a traditional game operator closes its services, then players traditionally lose all their assets that were purchased by him. But in NFTs, such kinds of things don’t take place. Here all records are secured on the blockchain even your game purchases. So, a new game can be designed by using an existing blockchain protocol. Here, records are permanent, and no one copies or tampers your assets.
NFTs and the Future of the Crypto Gaming Industry
After introducing crypto and NFTs in the gaming industry, there are many fruitful results. But most notably, NFTs are still in their infancy and there is a need to make them more appealing and intuitive to mainstream players who might not be technically sound. Despite these obstacles, the potential for profit will motivate traditional game owners to experiment with NFTs.
As people are being more aware of NFTs games they are taking more interest in them, and within a short time period, there is a huge fan following of NFT. In the near future, it has huge scope and it has overcome all kinds of issues that players were facing while playing traditional games. Blockchain-based games have the potential to rule the game market and their features and functions are also making them more advanced.
This article helps you to know the role of crypto in NFT game development, and why the demand for crypto-oriented NFT games is increasing day by day. As we know NFT games have become the best way to make money for both users and owners, and you can also introduce your own NFT game with the help of an NFT game development company. As the future of games is based on crypto and NFTs, then we can assume there is a huge scope.