NFTs, that’s non-fungible tokens in case you are wondering, are now big in gaming. That’s because they offer gamers a convenient way to resell game assets that didn’t exist until fairly recently.
In a nutshell, NFTs are digital certificates of ownership. They are different from bitcoin in that they are more like a trading card than a currency.
Trade one NFT for another and you have a different item. Trade one bitcoin for another and you have the same thing, just like you would if you traded a dollar for a dollar. NFTs are held on a blockchain, the same technology used by bitcoin, so their ownership is tracked and corruption is impossible.
NFTs are now used to trade many kinds of digital files like photos and videos. In gaming, NFTs can be used for assets such as in-game items and avatars so you can trade these items with other gamers.
In this article, we’re going to dive into how to use NFTs for gaming and everything you need to know to get started.
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Where NFTs can be used
There are dozens of different games using NFTs. The huge advantage of NFT games is that when you begin playing a new NFT game, you can trade assets with other gamers. Trade avatars or game items for a game you are no longer interested in playing and get assets for your new game.
As you will realize, external trading is not possible in many games. Minecraft, for example, does not allow you to trade the assets you’ve gained in the game for assets in any other game. If you are a serious gamer, using NFT games offers better value for money since you needn’t have unused assets hanging around.
There are dozens of popular NFT games. These include Axie Infinity which is similar to Pokémon. Other favorites amongst NFT gamers include Alien Worlds where you can build a new universe, Upland which is a property trading game based on real-world homes, and tower defense game Crazy Defense Horses.
How to pay for gaming NFTs
NFTs can be created by anyone with a digital file to sell, such as digital artists or content creators. Anyone can buy NFTs and you can do so using either cryptocurrency or a regular currency like USD.
To buy the NFTs you need to get started, you’ll need to find an NFT marketplace and browse through what’s available. Once you’ve bought an asset, you can bring it with you into the relevant games.
You can also buy NFTs as an investment to hold onto since their value may increase over time. It’s important to realize that its value may also decrease, so undertake extensive research if this is something you are interested in doing. Like all investments, NFTs are not risk free. That said, choosing the right NFTs for investment now has the potential to be incredibly lucrative, just like cryptocurrencies have been for many early investors.
To make a profit, NFT games charge a small fee for entry. Since gamers are trading in-game assets rather than purchasing them from the game, entry charges are necessary. An alternative model is to take a percentage of NFTs traded within the game.
Remember that time and effort in a game are rewarded. This is particularly true of play-to-earn games. Once you gain assets, they are yours permanently for keeping or trading. The three games discussed above, Upland, Axie Infinity and Alien Worlds are all play-to-earn games but there are dozens more.
How to use NFT gaming community hubs
With the emphasis on trading, community hubs are becoming increasingly important to the NFT gaming community. These are places where you can share and view opinions on the latest NFT games, see what swaps are available for trades, find like-minded gamers to socialize with and create a gamer profile to show off your collection. In other words, hubs like Gamerse are niche social media networks for NFT gamers.
LFG is a well-used acronym across online platforms. It stands for ‘looking for group’.
You can set out to LFG, trade and play at one-stop NFT gaming ecosystems. Hubs like Gamerse consolidate the more fragmented world of NFTs by bringing everything into one place. If you are just starting out, then heading here would be a good choice as it will make navigating the world of NFTs as a newbie a lot easier.
The future of NFTs and gaming
As you’ll soon see, NFTs and gaming are a match made in heaven, offering several advantages to gamers that can’t be found outside NFT games. Gamers have suffered the problems of centralized games for too long. Decentralizing games onto platforms like Gamerse means that users’ resources are protected and far more useful.
NFTs also hand power back to the community of gamers, since this is where all assets lie.
The future of blockchain technology and its application to gaming is bright. It’s certainly an exciting time for NFTs and gaming.