The NFT Game Changers
Non-fungible tokens (NFTs) have been gaining a lot of traction lately. It seems like everyone from major corporations to individual artists and creators are getting involved in the space. NFTs are special types of cryptocurrency tokens that are uniquely identifiable. Further, they cannot be replaced by another token. This makes them ideal for use cases such as digital art, collectibles, and, of course, gaming.
The NFT concept is the ultimate game-changer and is bringing new life to the gaming industry. Gamers can now own their favorite game characters and digital assets. They can also trade or sell these assets for real-world money. This is a huge shift from the traditional model of gaming. Video game players used to pay to play a game, but wouldn’t actually own anything in the game. Now, with NFTs, players can invest in their favorite games and earn passive income from their gaming experiences.
NFTs Are Changing The Industry
NFTs are also changing the way that games are developed and published. Specifically, they help break down the barriers to entry for new game developers. In the past, game development was a centralized process. A few large companies would develop and publish games. But with NFTs, anyone can develop and publish a game. This has led to a surge in new and innovative game ideas.
The Origins Of NFTs
The first NFT was created in 2014, when CryptoKitties was released. This game allowed players to buy, sell, and trade digital cats on the blockchain. Amazingly, at one point, one-third of all Ethereum transactions were related to CryptoKitties. With over $40M in sales, this showed the potential of NFTs and how they could be used to create new kinds of digital assets.
Since then, NFTs have grown in popularity and are now being used in a variety of industries. For example, art galleries are starting to use them to auction off digital artwork. Musicians are also using NFTs to sell and distribute their music. And online gaming platforms are using them to create digital collectibles that can be traded or sold. Even Las Vegas Casinos are utilizing the tokens to represent loyalty points that can be used for rewards.
NFT projects that we consider “game-changers”
Decentraland is a virtual world where you can own land and build experiences. It was first developed in 2015. Then, in 2017 they sold virtual land for $24M in an initial coin offering (ICO). While the project is still under development, they already have a functioning economy with a native cryptocurrency called MANA that is used to buy land.
NBA Top Shot
The top sports NFT? Top Shot is a basketball highlight platform built on the blockchain that allows users to buy, sell, or trade official NBA moments. It currently has a valuation of $250M.
Axie Infinity is a digital pet universe where you can breed, collect, and battle pets. The project currently boasts over 100,000 daily active users. Players of Axie Infinity collect and mint NFTs which represent axolotl-inspired digital pets known as Axies. It was created by Vietnamese game studio Sky Mavis in 2018. The project uses Ethereum and has sold over $6M worth of digital pets since its launch.
MiniMetamon is a Pokemon-inspired, “collect-em-all” immersive NFT experience, founded by Nick Rains. It is set to fully launch in the Summer of 2022 and has a pre-launch valuation of $70M. Collectors will mint, trade, transfer, and burn their metamon in order to complete their metadex!
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