NFTs in Gaming- All your answers in one place.

    What are NFTs in Video Games?

    Nowadays, when we talk about cryptocurrency and NFTs, we stumble upon a term called Blockchain. Blockchain technology basically stores the data so that it is nearly impossible to steal it.

    This technology is the reason behind the high costs of some graphic cards in the market.
    Blockchain is also used in some video games. These games have different characters and “skins” to spice things up a bit; they have introduced the concept of NFTs in the game.

    These games have started distributing “non-fungible” skills, characters, kits, and skins to the players under certain circumstances. These are treated as NFTs having special powers inside the gaming world.

    NFT integrated games.

    Do not get confused between the downloadable items in the game menu and NFT items. Unlike your standard power-up tools, NFTs are based on Blockchain. When a user buys the NFT item, he has complete ownership of it and may even “lend” or transfer their item to someone else. But when that transaction goes through, the item will be under the ownership of the other person. This is because each NFT is unique and can have only one owner.

    Some of the most popular NFT integrated games include Axie Infinity, CryptoKitties, Gods Unchained, among others. NFTs can be game-specific or platform-specific. For example, Ubisoft Entertainment’s NFT can be used across all the games under their franchise, given that they have that feature.

    How does a game with all the characters as NFTs work.

    Just like any other video game, these games have characters too. The only difference is that these characters are actually NFTs. You do not need to understand the concept of Blockchain or Cryptocurrencies to play them. To help you understand things a bit better, given below are two such examples.

    • Axie Infinity
      Developed by Vietnamese studio Sky Mavis, it uses Ethereum-based cryptocurrencies and has 2.8 million active players. In this game, players raise a pet and enter various battlefields and treasure hunts with them, the catch is this- all the pets are NFTs, called Axies.
    • Axie is partially owned by its users, i.e. the players operate the marketplace. The most expensive Axie ever sold was for 820K dollars.
    • Gods Unchained-
    • Boasting complete ownership to its users, Gods Unchained is a card trading game that lets the users collect, sell and trade their deck of cards inside the game. This means that not only they sell their NFTs to the players, they also allow in-game tranfers between the players too.
    • The game is free to play for all. To play this competitive game, players need to bring out their best tactics for the combats. Users can personalise their deck of cards as per their needs whenever they want.

    What does it mean for the gaming world’s future?

    The jury of NFT features in video games is still out. While many gaming brands, like Xbox, are cautious of NFTs in games, some others have outright rejected them.

    Tim Sweeney, the CEO of Epic Games, is not in the favour of NFTs in video games. In September 2021, he tweeted that NFTs are currently “tangled up in scams” and hence not their cup of tea.

    For now, let’s see what the future holds!

    Stay in the Loop

    Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

    Latest stories

    You might also like...