NFT games: will they overcome traditional games?
NFT games: will they overcome traditional games?
Games have been around for centuries. In that time, they have evolved from simple board games to the complex video games we play today. But now, there’s a new type of game that could revolutionize gaming as we know it: Non-Fungible Tokens Games (NFT).
What are NFT games? Well, they can be anything you want them to be! Unlike traditional video and board games, which operate on finite rulesets and goals, NFT takes creativity to the next level by allowing players to create their own objectives and ruleset for each game session. Players use cards or other tokens with pictures or words on them like dice in standard tabletop RPGs, but instead of rolling these items, they place them face down where desired.
In this article, we will look into NFTs as a new way to understand blockchain technology and assess the potential applications of NFT tokens within the game industry.
An Introduction to Non-fungible Tokens (NFT)
NFT stands for a non-fungible token, and they are a new type of blockchain token that isn’t divisible. It means that one NFT can hold different attributes, like color or shape, and only belongs to one person simultaneously.
This is contrary to most standard cryptocurrency tokens with fixed values and indivisible nature (ERC-20 tokens). Their main purpose is to represent fungible assets like currency (BTC) or shares in a company (STO), where each unit has the same value and represents the whole asset.
These new specific types of ERC-20 tokens called non-fungible tokens are based on unique characteristics, making them distinct from all others without duplication possible. This makes them useful for representing ownership of unique digital assets or physical assets.
The first implementation of NFTs in the form we know today was created by Rare Bits, which introduced them to the crypto space through their platform in January 2018. Since then, awareness has grown immensely among both developers and investors.
NFT can be used for games where each unit becomes unique so that it’s impossible to find two identical tokens. They can also be sold and resold on exchanges, like any other cryptocurrency token with a fixed value, though they are not divisible at all (there is no need for it). Furthermore, using this technology, various digital assets like virtual items or physical property can be represented by NFT tokens. We will discuss its potential applications within the gaming industry later in this article.
Since they are digital assets with unique functions or values, they are stored in a special kind of wallet designed specifically to store NFTs called a non-fungible token wallet. The most commonly used NFT wallets today are Ethereum based ERC-721 and ERC-20 compatible wallets.
It’s worth noting that one can also create and use their own custom blockchain for storing NFT games data. This opens up lots of opportunities for developers as it allows them to experiment with different databases or even create new ways to handle storage which will be impossible with traditional cryptocurrency tokens.
