Understanding NFTs and their potential to revolutionize trading

People who frequent social media are most likely aware of the word NFT. It stands for ‘non-fungible token’, an asset minted and traded on blockchain technology. Many of its functions are similar to cryptocurrencies such as being stored in a wallet and traded on an exchange, but its fundamental functions differ greatly. 

What is an NFT

An NFT is a digital asset that represents a property. It could be a copy of a document, the schematics of a commemorative item, or a digital artwork in a series. There can only be one copy of anything existing on the entire Ethereum network. If a copy is minted on the same blockchain, then the users can recognize the original based on the NFT’s history. 

The potential uses of NFTs are still being explored and will continue to expand as time goes on. As of January 2022, the most popular ones are digital artworks, video game assets, moments in sports events, and programmable voice files from talented voice actors. One of the most popular trends in 2022 is earning money with NFT games and here’s what you need to know:

NFT in video games

Many video game publishers are working on a way to use NFT technology to revolutionize gaming. They are particularly interested in how this can reward playing to contribute so content creators also get to enjoy games alongside players. This includes allowing people to create their own in-game assets which they can sell for profit.

NFT opens the possibility of fostering community-driven development for video game titles. It could include the inclusion of player-made creatures like in the successful Axie Infinity. Likewise, it also revolutionizes the collectable game assets like in Ubisoft’s Quartz where the NFT are functional cosmetic items. 

In January 2022, famous voice actor, Troy Baker, partnered with VoiceverseNFT. Their goal is to help voice actors share and profit from their talents using pre-recorded works. The idea is that these voices can be arranged, in tone, pitch, and syllables, anywhere by the owner. Thus, it can mean minimal rework for further video game updates while the creator continues to gain revenue over time. 

The metaverse explained

The metaverse is a concept of a virtual world where everyone can join and explore. Different companies are working together towards its development and each of them has their own visions to contribute. Some see it as a great platform to revolutionize social media while others see it as a possible extension of online shopping. The most exciting idea for the metaverse is referring to it as a gaming platform. 

Regardless of everyone’s intentions for the metaverse, they all share one key concept: it’s cyberspace where people can appear as avatars. Its contents can be anything and that is where NFT comes in. Most envision the metaverse as a world created entirely by NFTs. Plots of lands can be minted and owned by either companies or individuals just like in real life but without having to pay taxes. Among the first to make reservations and add original content are casino companies like NetEnt. 

What’s next for NFT gaming

Web3.0 is coming as the Ethereum blockchain continues development and earning money with NFT games is among the best ways to welcome new contributors to its ecosystem. Video games have come a long way from being simple entertainment. It has become a great medium for interactive storytelling as well as competitive esports. Play-to-earn appeared in the advent of NFTs. Game developers and publishers are looking forward to expanding that experience as well as ushering in the era of ‘play-to-contribute’, the age of content creation.