Interest in knowing what is an NFT It is one of the most popular topics of the moment, little by little it has taken ground until it reached videogames, and incidentally, it has generated a debate about its implementation.
Companies like Electronic arts Y Ubisoft They showed an interest in applying this system in their next releases, starting with some projects.
Here we explain everything you need to know about what an NFT is and how it could be incorporated into video games.
What is an NFT and how does it work?
The term is an abbreviation for Non Fungible Token Y refers to exclusive digital goods that are associated with a unique key through a chain of cryptocurrency blocks, the famous blockchain.
These assets are practically impossible to hack because the operations that involve them must be approved by at least 51% of the computers that make up the chain, and these can be thousands.
Unlike cryptocurrencies, which are also anonymous keys that are associated with the person who currently owns them, NFTs are not mass-produced nor can they be divided into parts.
These characteristics allow the work to belong only to one owner, who can sell it as if it were a material good, only intangible.
Under this premise, images, drawings, music, videos and even memes have already begun to be marketed under this concept, giving rise to a market that is growing.
Now that we tell you what is an NFT, it’s time to talk to you about how it works.
How does an NFT work in video games?
Because the blockchain allows you to link elements to a single person, the studios saw a window of opportunity to sell content within their products, be it skins, properties, weapons and more.
CryptoKitties, developed by Axiom Zen, it was the first title to implement NFT trading under a blockchain of the cryptocurrency Ethereum, giving users the ability to buy and sell virtual cats.
Its success was such that in 2017 the transactions of Ethereum they were affected by movements within the game, which allows users to generate profits, although we will talk about that later.
Another example occurred with The Sandbox, a title in the style of Minecraft where a player bought a yacht NFT for a price of $ 650,000, breaking the record for the most expensive digital property in the metaverse.
From the incorporation of this type of transactions, users can earn money, which is why the concept of Play to Earn games.
What are Play to Earn games?
Buying NFT goods is not as simple as it seems, since it is not enough to swipe your credit card or go to an OXXO to buy them.
As they are transactions based on cryptocurrencies, the games must work using one of them, and therefore, resort to an exchange service from which they usually obtain commissions.
So far it does not seem to be a problem, but if the title becomes popular, the very operation of the market will cause prices to rise and cause fluctuations in which you can win or lose a lot.
The idea of ​​connecting to a virtual world just for fun is relegated and becomes a real business.
A moment ago we talked to you about CryptoKitties, and precisely here there is a record that a player managed to generate $ 700,000 through trade.
Possibly at this point you will see NFT Play to Earn games as a great business opportunity, but not everything is honey on flakes.
The downsides of NFTs
As you have seen, the market generated by NFTs depends on many variables, causing a lot of speculation regarding the value of the goods.
This means that you basically buy a code that does not have its own value, but is determined by the market, so your mission is to sell it or risk keeping it in case its demand increases.
The big problem with this system is that you depend on the success of each game; That is, if it goes viral you can make wealth, but if it fails after a while you will lose all your investment.
Although technically the NFTs that you acquire belong to you, they require an environment to exist, in this case, video games, so if the developers can leave you with nothing if they decide to shut down their servers.
NFT scams
The most recent of these occurred with the Fractal platform, owned by Twitch co-founder Justin Kan.
A group of hackers managed to obtain the username of a bot from Discord Through which they offered NFTs, which are items belonging to some games. About 373 people fell for the trap, losing a total of $ 150,000.
Before this event, Evolve Apes, a title where you could evolve and put monkeys to fight, made 4,000 sales before hitting the market, sadly, it was never completed and the developers disappeared with their profits.
As you can see, NFTs need to be thoroughly analyzed before being implemented in video games, otherwise users could face various risks.
Now that you know what an NFT is, do you think this transaction method is the future of the gaming industry? Tell us in the comments and Follow us on our social networks.
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