WHAT ARE NFT’S?
Like cryptocurrencies, NFT’s or “nonfungible tokens” are a token system that helps a platform secure the digital ledger of blockchains and help gamers and users in the authentication process of digital purchases. In the gaming platform, NFT’s help gamers and users to buy, sell, and earn inventory items in-built in blockchain games, and in the long run, these inventory items that are brought can be sold off to the highest bidder. Thus, providing an opportunity for gamers to earn profits in the blockchain gaming platform. NFT gaming has drifted the gaming industry with a new pattern of making money by enabling players to collect assets in-game and sell them with the “play to earn” principle.
NFT GAMING AND ITS FUTURE:
According to Hardik Joshi, COO of Citrus, there is a drastic difference between crypto gaming and NFT gaming. Crypto games use cryptocurrencies such as Bitcoins to transact with gamers. In contrast, NFT games use specified gaming tokens purchased on a blockchain gaming platform to transact with gamers. Hardik Joshi adds, “ The best features of NFT gaming is that any inventory items such as skins, land, armor or any in-game assets are converted to NFT’s and later can easily help in the transaction or selling of the assets on the blockchain platform.”. For example, Citrus, a blockchain gaming platform, uses Citrus tokens that are Binance smart chain tokens that help accelerate blockchain gaming technology. Hardik Joshi adds, “ Gamers can purchase these tokens through a trusted wallet. In return, gamers can use this token to purchase in-game assets and later sell them off to great values”. Another such NFT is the Axie infinity, popular with up to 42 million sales in June 2021.
Additionally, Citrus allows gamers to create their unique avatars. Citrus will enable them to take this avatar and use it on another game for the same value if the game shuts down. Hardik Joshi believes that, like NFT’s, FT’s are also gaining popularity recently, and gamers will soon be able to transact with FT currencies.
OWNERSHIP PATTERNS THAT EXISTS IN NFT GAMES:
In a recent interview with Hardik Joshi, COO of Citrus, it was revealed that gamers could claim access through three different strategies of their assets. The three options are:
- A gamer can buy a new avatar or a character and breed it with NFT’s. This adds value to the breeding tools; These breeding tools can later be converted into great deals.
- Gamers can buy assets and purchase digital items for a specific game on native or third-party marketplaces.
- The last option would be, spending time playing the game to unlock and claim new items.
In whatever way, The gamers are provided with complete ownership of their assets while playing NFT blockchain games. Gamers can either sell or pocket all the money made with such transactions. Game developers are working hard to provide and update in-game inventories so that a gamer would not stop after gathering all the inventory items. This makes a gamer get more hooked and pick more assets under their ownership. Gamers were previously skeptical about owning assets as before the platform had the significant ownership of a gamer’s asset. Now, as the marketplace has popped off to be one of the mainstream platforms, gamers are given more opportunities to gain their ownership.
SPECULATIONS SURROUNDING NFT GAMES:
One of the significant speculations for a gamer is having more genres of games on the NFT platform. Game developers partnered with NFT blockchains are putting in many efforts to create AAA games under different genres. Ultimately, the goal of a developer is to entertain a gamer and provide them with the great values of NFT blockchain gaming platforms. Another speculation is the low rarity of items in-game. Gamers have to understand that NFT blockchain gaming platforms are budding platforms in the universe of gaming. Slowly but surely, game developers and blockchain gaming platforms have promised to bring in more options and rarity of items in games. Since each rare item holds more excellent value in the long run, gamers are curious to get the most out of it. “ This is the beginning of the road map laid down towards the revolution of blockchain gaming. Soon more and more users are expected to indulge in NFT games and make it one of the mainstream platforms” , says Hardik Joshi.
I’m a highly experienced and respected author in the field of Cryptocurrencies. I have written numerous articles and books on the subject, and my work is highly regarded by my peers. I have a strong understanding of the technology behind cryptocurrencies, and I am always up-to-date with the latest developments in the space. I am also an active investor in cryptocurrencies, and I have made a significant profit from investing in this new asset class. In addition to my writing and investment activities, I am also an active member of the cryptocurrency community, and I frequently speak at industry events.
