“ If crypto is an endless space, then NFT’s are the black holes of it.” – Avanik Vekariya, Founder, Citrus Tech.
In the blockchain, NFT is a digital collection of valuables and assets. This material prepares gamers in their games to buy inventory collections such as ammunition, food, and other items that add significant value once sold. In the game world, NFT games have grown to be popular as a way to make money. You can sell your in-game NFTs to other collectors and gamers or use play models to earn tokens.
WHAT ARE NFT’S, AND HOW CAN THEY BE VALUABLE?
NFT token is a blockchain-based digital cryptographic token representing a single object. NFT can be used in a variety of situations. It could be a digital asset of a game, a piece of crypto art, or even a tangible object like real estate. In the world of “copy-paste,” NFTs have faced the challenge of creating a digital identity system in a substandard manner. NFTs are not corrupt in any way. This means that each token is unique and separated from the existing NFTs, Or NFT is part of a series with many variations. Each NFT metadata will change to this, as it would to a series of real-world currencies.
This is not the case when buying ethereum, as well as many other popular cryptocurrencies such as bitcoin. The idea of these digital currencies is that they are like cash – they are interchangeable and cannot be distinguished from each other.
For instance, Citrus, a blockchain gaming platform, has its own NFT called the Citrus token. Gamers can purchase this token to buy valuable in-game assets, which can later be sold to have a beneficial impact.
PROTOCOLS TO FOLLOW WHEN PLAYING NFT GAMES:
NFT games are not the same as just keeping crypto-collectibles like CryptoKitties, CryptoPunks, or EtherRocks (some recently sold over half a million) in your wallet.
Instead, NFTs are applied to the rules, mechanics, and player participation within the game. They can be used to represent your unique character or avatar, or they can simply represent objects within the game (such as weapons, armor, potions, and more). You can use it within the game for profit, but it can be exchanged or sold with other people for more profit. So, how do you technically put NFTs in the arena? The developers created smart contracts (pieces of automatic code) that create the rules for NFTs used in the game to exchange, produce and use them.
GROWTH OF NFT GAMES IN RECENT TIMES:
The reasons why the video game industry will be one of the significant contributors to the adoption and implementation of NFTs are enormous. According to Avanik Vekariya, the founder of Citrus Tech, the gaming industry is expected to grow at an annual rate of almost 10% over the next five years. The concept of NFTs will help generate a niche in a new market that continues to see an evident growth in demand, i.e., an increase in the value of ‘tangible assets.’ Today’s players are more willing to spend on game items like what they used to in their real life. This is especially true during the ongoing epidemic as physical activity is limited, but this trend is likely to continue after COVID-19. This is a real blessing for game developers and gamers of the NFT realm. Now they are likely to make money and share the intellectual property of their seemingly beautiful creation.
HOLD ONTO THE FUTURE OF NFT GAMING:
The future of NFT gaming is inevitable. It has pulled in a lot of gamers to purchase in-game items and sell them of superb value. The number of items will vary depending on their makeup, unusuality, or performance in the game. This is similar to how modern free gaming games like Fortnite, Apex Legends, and Counter-Strike: Global Offensive made money with their games. The token method is generally more reliable because gameplay can earn tokens invariably, and NFT drops are more organized. Users in low-income countries have flocked to the NFT gaming universe to find an alternative or supplement to a fixed salary or social security. Game developers are more focused on fixing bugs in existing games and providing amazing games in the future in different genres.
I’m a Crypto author and I take great interest in the Blockchain technology. I have been writing since 2014 on various aspects of the Bitcoin protocol and the Ethereum network. I’m also a regular contributor to Decrypt, where I cover news and offer analysis on the latest trends in the cryptocurrency industry.