Non-fungible tokens, or more commonly known as NFTs, have skyrocketed in popularity over the past years, especially during the height of the Covid-19 pandemic. For newbies alike, the acronym might seem too complicated, but in this article, we will define it using the simplest terms.
An NFT is a certificate of ownership of a digital good that’s supposed to be made in a limited quantity. They can be attached to digital images or memes, video clips, or even something as abstract as the original source code for the World Wide Web. If something is “fungible,” then it is a mutually interchangeable commodity — like a dollar bill or Bitcoin. For NFTs, since they are “non-fungible,” they cannot be interchanged with another NFT or token.
Regardless of the format, whether it is an image, video, artwork, or in-game items, when you have an NFT for a specific digital item, you own its certified token on the blockchain. Simply put, you get a specialized link that proves your connection and ownership to the digital asset. Just like someone can own a highly valuable car in the real world, NFTs offer an opportunity to claim a small slice of the digital landscape. It’s like owning the deed to something that exists purely on the internet.
While the most common types of NFTs that make it to the headlines of mainstream media are artworks (the digital artwork ‘The First 5000 Days’ by artist Beeple was sold for a whopping $69.3 million in March 2021 in a Christie’s auction) and collectibles (to this published date, the most expensive Bored Ape Yacht Club NFT was sold for a mind-boggling $3.4 million), there is one type of NFT that truly stands out from the first two (2) aforementioned types because more and more people are now seeing it as a new income stream, some are even considering a career out of it — this is NFT gaming.
Why did NFT games become such a hit?
NFTs broke the internet during the pandemic. It can be heard and seen in media outlets around the world, almost everyday, headlining from people spending millions of dollars for a pixelated image to a 22-year-old lad who was able to purchase two (2) house-and-lot properties just by playing an NFT game.
The play-to-earn model of NFT games is the main factor why more and more gamers from the traditional video game market are now embracing the blockchain space. Aside from the opportunity of earning real-world money, here are the other factors why NFT games have become a huge hit:
- Since NFTs are stored on the blockchain, all players receive the “right to transfer” the digital collectibles they gain access to.
- Each NFTs that exist are unique and no one is alike. They cannot be duplicated nor destroyed.
- An NFT’s ownership can be traced and is transparent on the blockchain.
- Limited items bought from in-game marketplaces can retain their value for as long as there is demand for the item.
- Utility NFTs — items typically used inside a game — can build a new decentralized community and economy as NFT ownership grants access, rights and benefits from reward schemes, early releases, live events, and more.
Now, compare that to a centralized gaming activity wherein all data, assets, and game characters are owned, retained, and managed by gaming companies and developers, and you will clearly see why gamers are now investing their time and money on blockchain-based games. The former simply means that if a traditional video game shuts down, you will lose access to all of your hard-earned in-game assets. Those sleepless nights you spent to complete daily missions or the hefty sum you spent to purchase the most powerful weapon are all put to waste. But for NFT games, that will never be the case!
What are the top NFT Games today?
Like most startups and established companies, there are groups that will surely secure the top spots of the ranking every year highlighting their latest achievements in their respective industries — this also applies in the blockchain gaming space. These NFT games that we’re about to discuss become the trend that spearheads the growing NFT craze due to the successful integration of NFTs in timeless and classic game themes. Gamers now have the opportunity to play their all-time favorite game genres while earning money.
For newbies in the NFT gaming space who want to check out what NFT game will be worthy of their investment, both time and money, here are the top four (4) blockchain games to consider, as of this article’s publication date:
Axie Infinity borrows the game idea heavily from the Pokemon game series, with the difference that it runs on blockchain technology. In this Ethereum-based game, players breed and collect NFT-based digital pets called “Axies” for the core purpose of battling other players. Each individual Axies has its own genetic imprint, therefore, the weaknesses and strengths of Axies are passed down to their offsprings. As it is a blockchain game, these digital pets are tradeable on Ethereum NFT marketplaces, and the price of each depends on their rareness and unique traits.
Axie Infinity introduced Smooth Love Potion (SLP) and Axie Infinity Shards (AXS) as the platform’s native ERC-20 utility token. The latter functions as the governance and staking token, while the former is used as rewards for every quest, battle, and adventure done by users.
It is a free-to-play game designed to infuse elements of NFT into a familiar card-trading game genre. Gods Unchained is played by accumulating cards either through purchase from other players or winning player-versus-player matchups wherein card quality and the player’s skill and strategy will determine the winner. Like in typical centralized online video games, this NFT card game implements a ranking system where players of the same ranks are being matched to determine who will be on top of the specified rank.
A voxel-based gaming metaverse and is considered one of the most active NFT gaming platforms where players have the opportunity to build and trade their virtual assets — think of it as a version of the other popular voxel-based games Minecraft and Roblox but with the integration of blockchain. Aside from creating or building objects and selling them on the marketplace, players can create their own custom game within the platform.
Sandbox 3D introduced their own native ERC-20 tokens, SAND and LAND, for their metaverse. These tokens allow players to purchase in-game items on the platform’s marketplace.
The game integrates NFT, decentralized finance (DeFi), and the metaverse to mimic economic competition and collaboration among players to explore other planets. This is achieved by incentivizing players to compete for Trilium (TLM), which is required to control competing decentralized autonomous organizations (Planet DAOs) and to gain access to additional gameplay.
In the Alien Worlds metaverse, players can acquire NFTs to mine TLM, engage in battles and complete in-game quests. Depending on their strategy, players may purchase and assemble NFTs that best suit their gameplay. Additionally, players may engage in governance by electing the Councilors of six Planet DAOs, and thereby influence the direction of the game.
The Future of NFT Games with NFTing
The latest NFT trend for 2022 is utility, and NFTing is working to be at the forefront of this innovation in blockchain. We will bring ease-of-access to the next generation of NFTs as we are a believer of a complete, total, and unprecedented freedom when using NFT marketplaces. Aiming to be the hub for all things NFT, it is rational that we help artists and projects provide more utilities to their NFTs by developing and integrating the best features for the platform.
NFTing is also exploring ways for NFTs to interact with the real world, such as concert tickets, diplomas, authenticity certificates and much more. The limit of NFTs is where we take them to.
