TL;DR Breakdown
- In blockchain gaming, one can earn real money from trading gaming items online.
- Developers implement decentralization and incorporate in-game NFTs
- NFTs in blockchain gaming enables players’ equalization regardless of the amount of money they spend
What is Blockchain Gaming?
Blockchain gaming is a type of gaming that operates with the actual ownership of gaming items. It means that one can earn real money from trading gaming items online. Blockchain gaming uses the same technology as cryptocurrency and can use crypto coins to exchange during the trade. With the help of GameFi, gamers can earn from the online games they engage in. With games going for $47.73, it is significant enough that blockchain gaming is such a trendy phenomenon. Once a gamer trades items online, she can change the currency to ease exchange and transactions.
How NFTs are used in blockchain gaming
NFTs stands for Non-fungible tokens. These are digital assets that have ownership and copyrights to one person. They are one-of-a-kind possession that any other thing cannot replace. Their worth does not lie in their value but in their uniqueness.
In blockchain gaming, there is the incorporation of in-game NFTs. NFTs range from a couple of collectibles that vary from game to game. For instance, NFTs traded in an online battle arena will be a variety of items that can be used to personalize players. These are visual enhancements of avatars, outfits, weapons, or skills. A gamer can sell a specific avatar that she has earned from the game to another gamer. This ensures interoperability between players.
In a game like Cryptokitties, players breed kittens that are different in terms of appearance and functionality. Players use the kittens as NFTs that can be sold and bought in the game. Each bred kitten is unique and entirely belongs to the gamer. The average price of a kitten is $65.76, but the price of a kitten can go as high as $300000. The value can vary according to the rarity and customization of a kitten.
Unlike most online games, blockchain games ensure that accrued digital assets are not deleted by owners of the game or the gamer. The owner can keep assets and NFTs for as long as she wants and moves the assets to different games. Apart from that, there is the exchange and the making use of information; hence a player can move her public profile from one game to another.
Impacts of NFTs on blockchain gaming
With a market cap of NFTs standing at $80,267,164, there is a spike in the activities going in blockchain games. This means an addition of gamers and collectibles, consumables, and other trading items to the platform. More gamers have decided to monetize their gaming hobbies. Some have made quite an amount of income from sold items.
NFTs in blockchain gaming enables players’ equalization regardless of the amount of money they spend on games. Gamers can attest that there are times when players are outdone not because the players are better at the game but because the player invests more in the game.
NFTs are available for gamers in Binance Smart Chain and Ethereum blockchain. There are also NFT Mystery Boxes that are availed to players to try their luck on earnings.
However, although blockchain games are safe and secure, gamers should beware of scammers. Scammers could swindle NFTs by hacking and by the use of compatible wallets. Another chance of loss is if it is by the game rules. Gamers should also scrutinize their smart contracts since they are self-executing and could lead to a loss.
NFTs have a significant impact on not only blockchain gaming but also the gaming industry at large. Traders are becoming gamers and vice versa, or both. NFTs will enlarge the sector as well as give more gamers reasons to game!
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