Ask without fear: in an investment, you like to get a return, right?
So do the users of NFT platforms. When you launch the possibility of earning revenue associated with video games, the public feels involved. Offering what they need is crucial to connect.
Having fun while earning money is possible thanks to the application of NFT or Non-Fungible Tokens in video games. The rise of this technology promises a new structure where players take on more important roles.
Can NFTs be developed for video games, how to make money with them and what does this new economy consist of? Make yourself comfortable.
NFT development in video games
NFTs or Non-Fungible Tokens are digital assets of unique value that, together with blockchain technology, allow to create a record that accredits the differential identification of a product. Apart from being the digital assets that are transforming video games, they are oriented to the reservation of value of objects related to collecting.
Unlike cryptocurrencies, these non-fungible tokens cannot be exchanged with each other, since no two tokens are the same, but each one is unique. For example: a piece of digital art.
Now, the world of video games allows you to obtain NFT that you can sell for cryptocurrencies, which becomes a great opportunity to invest in digital assets. Most of these digital assets are based on the Ethereum blockchain network standards.
The evolution of video games
Since the development of NFTs has been gaining popularity, especially in 2020 and 2021, it is common to find news and announcements around the network of the type “NFT games to earn such amount of money per day” or “How to be the first to find new NFTs and blockchain games before anyone else”, among others. However, none of this is a coincidence, but the result of an ever-growing gaming and technology-based economy.
What is behind news like that person who paid $560,000 for the image of a newspaper column?
This leads us to look at the past and realize how few elements video games have kept from their origins. Back in the day, we had to insert a couple of coins into arcade machines. Now, blockchain-based games allow you to buy, sell and trade items as Non-Fungible Tokens. And what’s better, get money for it.
This is what is known as play to earn games, although none of this exempts the need to have skills as a gamer. If you want to start putting them into practice, you’d better get to know some of the most important NFT gaming platforms or start creating your own.
Examples of blockchain-based games: Gods Unchained, Axie Infinity and Alien Worlds.
How to apply an NFT in the video game industry? The keys
The tokens or NFT in this industry are oriented to a series of collectible elements within video games. We explain it to you through the keys of this new industry:
Video game items have gone from being able to be acquired by anyone, either because of their skills or because you pay for it, to being obtained only by a single player.
That is, if we think of Fortnite, many of its skins (weapons, accessories, characters, vehicles, etc.) can be obtained by the best players or by those who pay a price for it. However, NFTs can only be owned by a single player. Tim Sweeney, creator of the popular Fortnite game states that “NFT technology and the metaverse are coming to fruition.”
The blockchain technology on which the development of video game NFTs is based allows the authenticity of an item to be recorded as unique. And this is the basis of video game NFTs.
Unique items can be traded on marketplaces within a game and earn revenue from it. The reward is no longer just competitive, but also monetary.
Non-fungible goods are those that cannot be exchanged and are not substitutable. An example could be a work of art since no work of art is equivalent to another.
To better understand how these digital assets work, let’s take the following example: think of an NFT as a skin for your favorite video game. There is only one and it is in that game. If you want it, you can only buy the original if it is for sale. You could also make a copy, but it would have a different value, since it is no longer the original skin.
What confers value to these elements is the conviction that it has that value by those who are willing to pay an amount for them.
How do NFTs work for the development of video games?
They work through blockchain technology, the same technology that makes the existence of cryptocurrencies possible. Non-Fungible Tokens are granted a digital certificate of authenticity (unmodifiable metadata), where the value and transactions made are recorded.
Thanks to the popularity of blockchain technology and the networks that make it possible, such as Ethereum, it is very easy to trade NFTs. While it is true that the buying and selling of non-fungible assets is not as simple as that of cryptocurrencies, their value can easily increase over time. This is one of the main reasons why more and more people are willing to invest in these assets.
Who would buy a bridge doodle for $50,000 just because they like bridges?
Probably no one, but with NFTs it’s a different story. If you buy a non-expendable asset for €10,000, it can be resold for more money in the future, since it is a unique asset. There is no other like it. You don’t buy it because you like it or not, but because of the value it acquires by being an NFT.
Everything clear so far about the development of NFT for video games? If you have any doubts, give us a call.