What Is NFT in the Gaming: Key Principles and Advantages
With the advancement of modern technologies, in particular, cryptographic tokens, many questions arise in society. What is NFT in gaming? Let’s explain this concept and figure out its application in the video and casino entertainment fields.
First and foremost, you need to understand the general gist of the NFT term. It is a unique, non-fungible token that cannot be replaced with something else. This feature distinguishes NFT from fiat and cryptocurrencies, making it valuable in different areas. Digital assets, based on smart contracts and blockchain techs, have a distinct identifier, which makes them irreplaceable.
Simply put, a non-fungible token acts as a certificate of ownership of a particular virtual object. If we talk about the NFT meaning in games, these assets are a core element of their gameplay and economic systems. Let’s delve into this topic and highlight the benefits of using NFT in the entertainment world.
Non-Fungible Tokens and Video Games
The incorporation of NFTs in video games has changed the player experience drastically. These assets can include in-game items, skins, real estate, various collectible objects, etc. Gamers got the chance to gain real-world value from their virtual advances and possessions. Previously, players could use their digital property only within a specific game.
Let’s emphasize the critical peculiarities of NFT in gaming:
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True ownership. In conventional games, players don’t possess their in-game money, items, or achievements. In fact, such assets are placed on a centralized server operated by a particular developer. Therefore, these items/currencies can be seized or voided at any moment. In contrast, in NFT video games, players’ assets are stored on the blockchain, and game developers cannot revoke them. Thus, you can enhance or trade them in the same way as physical items.
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Exclusivity. Each token is unique and cannot be copied. Furthermore, many games provide players with limited editions of NFTs. Sometimes, NFT holders can relish special game modes or early access to innovative gaming features.
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Interoperability. Many tokens can be utilized across dozens or even hundreds of video games. You’re no longer limited to one entertainment product; use your previous achievements to boost your progress on any other compatible platform.
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Monetary gain. You can seamlessly sell your non-fungible tokens on numerous marketplaces, such as OpenSea or Bybit.
How do NFT video games work? There are two entertainment types available in the modern market.
Play-to-Earn Products Based on NFT
Such games offer enthusiasts the opportunity to make money when playing. For example, people perform various tasks or get through the levels to obtain tokens. Many game developers grant NFTs for continuous playing. Gamers can use digital assets to improve a particular item or character’s skills. Sometimes, publishers carry out draws, and the lucky ones get non-fungible tokens in random order.
In-game NFT
Entertainment products based on this approach are even more beneficial for enthusiasts. You can earn unique tokens to use in the game or transform them into real funds. As a rule, in-game NFTs represent avatars, weapons, trading cards, and other items. The price at which they can be sold depends on their external attractiveness or utility within a specific game.
What NFT Games Are Already Available?
Let’s look at the existing virtual games that support non-fungible tokens:
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MATR1X FIRE — a mobile shooter featuring a breathtaking cyberpunk design;
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Alien Worlds — a gaming metaverse in the Sci-Fi genre where admirers roam through outer spaces;
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The Sandbox — a Minecraft-associated metaverse in which gamers create anything and own their virtual lands;
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Gods Unchained — an NFT trading card entertainment recalling Hearthstone.
Surprisingly, the field of the NFT application goes beyond video games. Fans of casino entertainment can also benefit from this state-of-the-art phenomenon.
NFT in the iGaming Scope
Many iGaming experts assert that online operators must implement NFT technologies as soon as possible to maximize their potential. Why is it so important? Take a glance at the NFT advantages for the casino field:
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Some slots already offer players the opportunity to win exclusive NFT-based prizes and dispose of them as they want. For instance, consider the NFT Megaways game from Red Tiger, where you can obtain Crypto Punks characters acting as Wild symbols. We recommend you redeem a Vulkan Vegas promo code to get the most out of this slot at a trustworthy casino.
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Many NFT gambling platforms provide visitors with one-of-a-kind incentives. A lot of them offer customers NFT in gaming instead of the usual free spins and match bonuses. Occasionally, gambling companies establish VIP programs in which the most active participants gain more valuable assets. Moreover, non-fungible tokens can be utilized to access exclusive tournaments or lotteries. Visit the BC Game website to get acquainted with their unique Degen Pass network. It allows token holders to launch particular decentralized slots, participate in prize drops, and create distinctive avatars.
NFT-friendly casinos can also strengthen players’ safety and security. Customers have the opportunity to use non-fungible tokens as avatars and don’t disclose their personal data. Moreover, gamblers don’t have to share sensitive information to sell or trade their NFTs. All transactions occur on a blockchain; therefore, you can enjoy absolute anonymity. As you can see, the prospects of non-fungible tokens in the gaming scope are endless.