How Gaming NFTs are Changing the Gaming Economy
29 Novembre 2021 - 11:52AM
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NFTs and blockchain are about to transform the gaming sector
forever. In this article, we break down the why and the how. But
first let’s explain how we got here. NFTs — Non-Fungible Tokens —
have taken much of the internet by storm. In 2020, it was an
obscure term familiar only to the most entrenched Ethereum
enthusiasts. Now, they are a household world and not only that – a
buzzword representing tech innovation. Dozens of other major
blockchains now support NFTs – from Bitcoin to Binance Smart Chain.
NFTs are unique tokens or digital signatures created on a
blockchain (decentralized ledger supported by many different
computers on the internet). The process done to create an NFT is
called “minting” an NFT. NFTs and cryptocurrencies – the other type
of token on a blockchain – have one major difference.
Cryptocurrencies, like any currency, are fungible – designed to be
swapped out or replaced by many others just like it. A $20 bill, a
quarter, a gallon of water at the supermarket can be replaced by
many others just like it. A non-fungible token is an opposite – it
is unique. Something non-fungible in everyday life would be a
driver’s license. It might cost someone $400 of time and money to
get a driver’s license, but one cannot simply hand someone $400 in
return for their driver’s license. You need your own unique
version. In the same way, non-fungible tokens operate in the
digital realm on the blockchain. The world of art, digital art and
collectibles embraced NFTs and they are now deeply embedded into
the culture of those fields in less than a year. How did this
happen so fast? For one, it minimized the power of the traditional
gatekeepers in the space. Art galleries were the centralized
gatekeepers who decided which artists would be featured. Now for
the first time, an unknown artist could log onto an NFT marketplace
from almost any country in the world and mint an NFT. They could
display their art and sell it for cryptocurrency. The gatekeepers
saw the writing on the wall and embraced this new technology as the
future of their industry. NFTs x Gaming The next logical field is
that NFTs and the blockchain are poised to disrupt gaming. The
gatekeepers, traditional gaming studios and corporations with large
gaming divisions such as Nintendo, Sony and Microsoft are making
billions in the gaming sector. They are not excited to share their
profits. Many traditional gamers and streamers have grown
successful and comfortable and are understandably critical of the
talk of NFTs disrupting gaming. So how could blockchain gaming win
out. Here’s how: The gaming industry is massive and growing. There
are now 3.24 billion gamers in the world per this report from
Statista. Out of this, there are 2.2 billion mobile gamers. Across
the developing world, this figure is projected to balloon next year
– and every year after that for some time. NFTs on blockchain make
it possible for outsized organic economic growth. Using NFTs as
part of a Play-To-Earn model, the economy of any successful game is
poised for exponential growth. This can be made seamless through
blockchain technology, which is borderless. Players in Tanzania,
Thailand and Omaha have no barriers to participate. All they need
is a cell phone with an internet connection. Open protocols are
more efficient and inexpensive to build on. Public blockchains such
as Binance Smart Chain are open protocols. Any developer can build
games on Bsc. Ownership of Assets. While traditional gamers could
argue that there is an existing Play-To-Earn model, let us take
NFTs and how they change this. In-game player characters, skins and
attributes as NFTs give ownership to the user. While you could
“own” assets inside centralized gaming, you are given that right by
the game studio. If the game is shut down, there goes the asset. If
this is an NFT you can port this to a crypto wallet, and in the
future, you may even be able to port to another game, you will have
full sovereignty over your assets. NFTs show ownership, but they
also show provenance (who created it when) and the chain of
ownership. An NFT used by a champion gamer could have increased
value. The concept of royalties is also potential in NFTs, making
it a potential win-win for an artist who created it, or even the
gaming studio, as well as the players who use and trade it.
PizzaBucks Five years from now, the gaming industry will look
completely different. And it will be built on the blockchain with
full NFT support. A leading gaming creator, PizzaBucks is building
its own Metaverse and filling it with NFT-supported Play-To-Earn
gaming. The first of these games is an upcoming highly-anticipated
AAA-rated high-end graphically composed auto racing game. The game
will feature players competing in racers in cities across the
globe. It also will feature the customization of cars, avatars, the
acquisition of real estate, art, music and collectibles. All of
these customizations will be supported with NFTs that are owned by
the users that purchase them. Followed by the launch of the first
game, PizzaBucks will continue building its gaming metaverse, with
full NFT and Play-To-Earn functionality in every game. The gaming
ecosystem is being produced on the Binance Smart Chain, allowing a
seamless user experience with minimal transaction fees.
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