Why NFTs?
The very first NFT — the Nyan cat meme — was created by Chris Torres nearly a decade ago. Since then, NFTs have gone a long way to prove their position in the blockchain world. The animated flying-cat has been viewed and shared hundreds of millions of times, and the most expensive NFT ever sold belonged to digital artist Beeple for $69 Million, setting a new record for the world of digital art. Yet NFTs are not limited to digital arts. One example is Twitter founder Jack Dorsey’s NFT auction of the first-ever tweet, with bids hitting $2.5m.
These are just a few instances of booming NFT market. So what are NFTs and what makes them prospective?
NFT stands for Non-fungible Token.
An asset is called “fungible” when it can be interchanged — like money. For example, you can change a $20 note for two $10 notes and you will get the same amount of money. In contrast, non-fungible assets cannot be interchanged with something else because it possesses unique properties. Think about the Mona Lisa by Da Vinci for instance, you can see its replicas or photos everywhere, but the original one is forever unique. And it is this very uniqueness that makes NFTs valuable and potential investments.
NFTs and Gaming
So what exactly is the impact of NFTs on the gaming industry?
It can be said with confidence that NFTs are bringing a “paradigm shift”, as it is often said in the scientific world, to the gaming industry, as a whole new business model is being born.
Up until present, the field has been dominated by ‘free-to-play’ games, the mechanism that transformed the gaming world with the introduction of Internet gaming, which enabled the easy adaptaion of gaming to every corner of the world.
With NFTs, the novel concept of ‘play-to-earn’ is gradually entering the playground and has potential to replace the old ‘free-to-play’ model. In this new configuration, gamers will no longer be ‘cash machines’ who simply pour their pocket money into games, instead they will be able to earn real profit from their favorite leisure activities.
Gaming is always among the most prolific entertainment industries ever existed, and it is still growing exponentially every year. NFTs meet this huge demand by creating a new market niche with ‘virtual goods’ at its heart. As gamers are increasingly willing to spend on in-game items just as much as they spend in real life, especially in the context of the current pandemic, the market is promised to be even more dynamic than ever. And what can be better than playing games and earning real profits at the same time?
The Future Of Gaming
So eventually, what will the future of gaming look like?
First, there will be more gaming platforms that allow players to play and earn at the same time. With each in-game asset serving as an NFT virtual asset that can be traded and auctioned for profit, the gaming world in the future is expected to be much more competitive and lively. You may have heard of Cryptokitties or Axie Infinity, two of the pioneering NFT gaming platforms which are both tremendously successful projects with huge fan bases. Next will be DeRace, the versatile horse racing universe that allows users to make money out of every move, from horse trading, breeding, racing, to betting.
And second, the game industry will be more transparent and decentralized. NFTs will be the time of indie game developers who have ample creativity but do not want to be confined by formal contracts. These creators will be given a fair chance of access to financial funding for their brainchild through the presale of in-game assets.
To wrap it up, playable NFTs have the potential to disrupt the gaming industry by creating a niche market of virtual assets that also serve as in-game properties.
Gaming will become both fun and profitable, are you ready for the new era of gaming?
About DeRace
DeRace is a complete NFT horse racing ecosystem where you can participate in horse races, breed NFT horses with unique characteristics, host races in your own NFT hippodrome and earn profit while doing it.
DeRace is electrifying the current NFT market by allowing players to fully interact with their DNA-enriched NFT horses and have full control of their own hippodromes.
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