Revolutionizing Gaming By Introducing in-Game Items as NFTs
Ever since the pandemic, both cryptocurrencies and the online gaming sector have witnessed considerable growth. So have NFTs — a concept where cryptos and gaming merge to give excellent outcomes. NFTs, or Non-Fungible Tokens, for the uninitiated, are a type of digital asset that can be used to represent real-world items such as art, music, films, etc. So, what relevance do they have in gaming? Well, NFTs offer a type of proven digital ownership, and they may also be used to represent virtual world in-game items.
NFTs in the gaming industry
CryptoKitties, a game that allows players to buy, collect, breed, and sell virtual cats, is one of the first examples of NFT gaming. This was also one of the first instances of blockchain technology being used for leisure and recreation. NFT games have come a long way since their origins with CryptoKitties, and now feature play-to-earn models. GameFi, as it’s come to be known, combines the worlds of finance and gaming, allowing players to earn money while they play.
Typically, in NFT gaming, native currencies are used to generate and collect unique NFTs that can be used in-game for specific utility actions. In fact, NFT gaming is a growing industry that has even transformed gamers into investors. Certainly, in the gaming industry, NFTs can be used in incredible ways.
NFTs and blockchain-based gaming, in particular, are built differently than standard games. While traditional games bring in money only for the developers, in-game and in-app purchases in blockchain-based games and decentralized applications allow the players themselves to gain and own value.
Furthermore, in a traditional game, the developer retains complete ownership of any item or expansion purchased with real-world currency. And this ownership can be easily revoked. An NFT, on the other hand, gives the player complete control and autonomy. In-game items are available for players to hold, trade, and sell as they see fit.
Arguably, the biggest benefit of NFT games can be seen in one particular arena: in-game items.
The potential of in-game items as NFTs
Users can typically play traditional games to gain items or “in-game” tokens that others will buy from them. And such sales bring in billions for gaming developers. But, at the end of the day, people prefer to be in command of their own assets. And traditional gaming does not allow this.
When the game is built on NFT, however, each of these items is unique, and you may trade them for tokens such as cryptocurrencies or sell them for real money if you own them. Players these days are more than willing to pay for a one-of-a-kind in-game skin that adds nothing to the game other than a distinctive look for the character. Because NFTs in gaming are frequently customization products, owning specific skins or equipment even carries a certain level of prestige.
All of this is made possible through NFT gaming. Non-fungible tokens can be used to represent all digital assets in the game, including game characters, in-game items, skins, maps, card collections, and more. It’s all yours, and it can’t be taken away or revoked.
Here are the major benefits that NFT gaming provides for the average gamer:
- Ownership of in-game items: NFT gaming, as we’ve seen, gives players complete control over their earned and acquired assets, allowing them to earn cryptocurrency also. Physical ownership significantly increases the appeal of playing a blockchain-based game and can even become a reliable source of income for gamers.
- Enhanced security: NFT games give a high level of security and reliability, allowing gamers to rest assured that their digital assets are safe because their wallets are safeguarded by blockchain.
- Proven rarity and transparency: NFTs are based on the concept of scarcity or rarity. As we saw earlier, blockchain aids in the transparency of digital transactions. In addition, it also serves as a tool for establishing an asset’s uniqueness, which results in high returns in exchange for the asset.
NFTs will undoubtedly alter the gaming industry and have a huge impact on how gamers engage with games. As we’ve seen, NFTs allow users to actually own valuable and rare game assets that aren’t owned by game companies and profit from them by selling them. This attracts a significant number of players to play NFT games.
Currently, there is less value in gaming because there are no significant financial rewards; however, if people have a chance to play in exchange for something valuable, there is no doubt that they will do so. As a result, game developers will be compelled to include NFTs in their games in order to appeal to gamers, resulting in more NFT involvement in games.
Altura: Enabling Convergence of Blockchain and Gaming
Altura is a next-generation NFT gaming platform that allows game developers to mint, distribute and transact Smart NFTs that represent in-game items. By linking each game item as an NFT that can be bought and sold on the Altura marketplace, Altura NFT makes game item ownership fairly straightforward. This allows gamers to own their own items and exchange them freely. At the same time, game developers can gain an additional income stream from the sale of their objects, allowing them to improve the gaming experience even further.
You can find out more about Altura by visiting the official website.