NFT Gaming tokens
Blockchain technology in gaming is driven by non-fungible tokens (NFTs Gaming Tokens), digital assets that represent in-game content. These Tokens are unique, rare, and indivisible, while the blockchain networks that underpin NFTs facilitate player ownership, provable scarcity, interoperability, and immutability.
NFTs are cryptographic assets on blockchain with unique ID codes and metadata, which distinguish them from each other. They are an individualized digital commodity that can’t be exchanged for another asset, but only for themselves.
Since most NFTs are registered on blockchains, their ownership can be publicly verified, and even transferred, just like with conventional crypto exchange tokens. This means that NFTs Gaming tokens can be traded, so owning one could lead to proceeds upon selling.
NFTs have countless utilities, but one of the most popular ones is unquestionably NFT Gaming. This disruptive concept is actually quite simple at its core: some, if not all in-game items, characters, and anything in between that players can own are turned into NFTs. This means that securing these assets actually gives players ownership of them outside the game, too.
Within the gaming community, streamers’ thoughts and opinions hold incredible weight. Popular streamer Shroud, argues that NFTs are, in fact, not really thought out and that bringing them into the gaming space is too early at this stage.
While this could be a valid point, others who disagree claim that despite some projects being unable to deliver an experience that is up to par. There are legitimate initiatives out there that actually manage to integrate NFTs into their gameplay in a completely seamless, yet powerful way. That is, the ability to monetize in-game results and earn by playing, which is the most universally loved feature of such programs.
NFTs Gaming tokens- Play-to-Earn (P2E) Examples
How can one earn by playing?
That being said, the Play-to-Earn (P2E) aspect of the game is quite simple: players need to collect NFT cards (which have rewards attached to them), trade cards with other players, and stake Gaming tokens. These tokens can then be exchanged for other cryptocurrencies (Bitcoin, Ethereum, and others) and eventually for fiat (e.g., USD, EUR, CAD) currencies.
Use Cases for Gaming Tokens
Gaming tokens have found a variety of different use-cases within these online games, so let’s dive deeper into them.
These tokens can be used to:
- Create or upgrade weapons or armor within the game
- Breed or combine multiple in-game creatures with the goal of creating a new creature with attributes that are rare
- They can be acquired by simply playing the game and completing quests or specific goals within the game
- They can give you access to exclusive in-game tournaments, locations, or customization options
However, the main reason why these tokens exist is to drive the in-game economy, and as such, all of them have some value associated with them.
This heightens their interest beyond just gamers but cryptocurrency investors as well.
In other words, to buy land in Decentraland, you need to have a gaming token. To get a token, you need to buy it at a cryptocurrency exchange, and as such, the token has value.
The more tokens you have and the more tokens you can earn in the game, the richer you can become in the real world as a result of simply selling these tokens on a marketplace.
Watch Vidoe on NFTs Gaming Tokens
Some argue the concept of Gaming token is too early to be globally adopted, others state that it has already allowed thousands to earn a decent income by simply playing, the idea is ready for the masses.
But we found that NFTs are emerging as a great source of earnings. Every day someone comes with a collection of NFTs and gifts them to increase their followers.
While both sides of the coin are completely valid opinions and points of view, one should stop to think about which one holds more weight in the long term.