NFTs are taking the gaming world by storm and they have reason to. Millions of people, of all ages and around the world, are hooked on video games and use any free space in their personal or work agenda to play a bit, discovering themselves an hour later still playing.
This happens because games stimulate our brain and generate a feeling of well-being that makes us want to continue playing over and over again.
In addition to entertainment, thanks to NFT you can now monetize this hobby, so the result is even greater success for the millionaire video game business. But let us first talk about what NFTs are, how they work, and how you can invest with them.
NFT: Are they here to stay?
Some are debating the longevity of the NFT phenomenon, and others are convinced that they are here to stay.
An NFT is, in essence, a collectible digital asset, which has value as a form of cryptocurrency and as a form of art or culture. NFTs are considered an investment of value. But how?
Let us analyze the term, NFT which means non-fungible token: a digital token that is a type of cryptocurrency, very similar to Bitcoin or Ethereum. But unlike a standard currency an NFT is unique and cannot be exchanged among equals (therefore is not fungible).
So what makes an NFT more special than a regular cryptocurrency? The file stores additional information. The types of NFTs vary widely, but they could take the form of digital artwork or a music file, anything unique that can be stored digitally and have value. And this value is set by the market and demand.
Possibilities offered by the crypto world to the video games world
The crypto ecosystem goes beyond cryptocurrencies, and it is thanks to technology that the crypto ecosystem has been able to expand to various industries, including the world of video games.
Until now, all digital assets purchased within a game still belonged to the game company, and players only bought them temporarily to use when playing. But, thanks to the arrival of the NFTs, the ownership of the assets have been transferred to the actual buyer, which means that they can be bought and sold on the gaming platform with additional value applied based on who has owned them. Today, many new video games are completely based on NFT, which shows how they are revolutionizing the industry.
So, NFT games use cryptocurrencies for payments to acquire advantages, swords, clothes, or unique avatars, among others. And players can buy and sell these assets, making money in the process.
With the benefit that everything is based on a secure blockchain that works as a database that cannot be violated. Information about who owns what items and how much they are worth is stored there. The record is complete and complete.
Let us see an example of how it works with one of the most popular NFT games of this year.
One Example of NFT Potentential: Axie Infinity
It resembles the famous Pokemon video game. Players will be parents of creatures called Axies, who will face other players or the game’s own AI.
Users will have to make an initial investment to start: they will have to acquire three Axies and, unlike any other traditional game where that investment is lost money, Axie Infinity allows not only to recover what they put in but also to add profits. In battles, you can win small love potions (SLP) that will give you the possibility to buy more Axies that can then be sold on the Uniswap exchange, for example.
So, what do you think? Are the NFT games worth it?