Blockchain and NFTs are poised to revolutionize the gaming industry. This article will discuss the why and how. But first let’s explain how we got here.
NFTs — Non-Fungible Tokens — have taken much of the internet by storm. It was a term that only the most ardent Ethereum supporters knew about in 2020. Now, they are a household world and not only that – a buzzword representing tech innovation. Dozens of other major blockchains now support NFTs – from Bitcoin to Binance Smart Chain.
Unique tokens and digital signatures called NFTs were created by a blockchain, a distributed ledger that is accessible from many computers worldwide. The process done to create an NFT is called “minting” an NFT.
NFTs and cryptocurrencies – the other type of token on a blockchain – have one major difference.
Cryptocurrencies, like any currency, are fungible – designed to be swapped out or replaced by many others just like it. You can replace a $20 bill, quarter or gallon of supermarket water with many other coins. A non-fungible token is an opposite – it is unique.
Something non-fungible in everyday life would be a driver’s license. It might cost someone $400 of time and money to get a driver’s license, but one cannot simply hand someone $400 in return for their driver’s license. You need your own unique version.
Similar to NFTs, tokens are not fungible and can be used in digital spaces on blockchain. In less than one year, NFTs were accepted by the worlds of digital art, collectibles, and art.
What is the secret to this rapid turnaround? One, this reduced power for the traditional gatekeepers of the space. It was the central gatekeepers that decided who artists would feature.
For the first time ever, an unidentified artist could now access an NFT marketplace in almost every country around the world to create an NFT. You could sell your art for cryptocurrency. They saw potential and accepted this technology as the future for their business.
Gaming x NFTs
NFTs, as well as the blockchain, are set to revolutionize gaming.
Gatekeepers are traditional gaming studios as well as corporations that have large gaming departments such Microsoft, Sony, and Nintendo. They make billions from the gaming industry. They do not want to share their earnings.
Traditional gamers, streamers and streamers are comfortable with their success and have a negative view of NFTs. How can blockchain gaming succeed? Here’s how:
- The industry of gaming is huge and expanding. This Statista report shows that there are currently 3.24 Billion gamers around the globe. There are now 2.2 billion gamers on mobile devices. Across the developing world, this figure is projected to balloon next year – and every year after that for some time.
- The blockchain NFTs allow for greater organic economic growth.The economy of every successful game can grow exponentially by using NFTs in a Play-To-Earn system. The blockchain technology that is not limited by borders can make all this possible. Participants in Tanzania and Thailand, as well as Omaha, have no restrictions. Only they will need an internet-connected cell phone.
- It is easier and cheaper to develop on open protocols. Open protocols are available on public blockchains like Binance Smart Chain. Bsc can be used by any developer to build games.
- You own the assets Traditional gamers might argue for a Play-To-Earn system, but let’s look at NFTs to see how they alter this. As NFTs, in-game characters, skins, and attributes give ownership to users. While you could “own” assets inside centralized gaming, you are given that right by the game studio. When the game closes, the asset goes.
You can transfer this NFT to a cryptocurrency wallet. In the future you might even be able port it to another game. This will give you full control over all your assets.
NFTs not only show ownership but also the provenance of who created them and their chain. The value of an NFT owned by a champion player could be increased. It is possible for NFTs to be used by champion gamers.
The gaming industry in five years’ time will be completely new. It will also be built upon the blockchain and fully supported by NFT.
PizzaBucks, an established gaming developer is currently building its Metaverse and adding NFT-supported Play-To-Earn gaming. A highly anticipated AAA-rated, high-end graphicsally-composed auto racing game is the first.
It will allow players to race in various cities all around the world. The game will allow you to customize cars and avatars as well as the purchase of real estate, music, collectibles, and art. NFTs are the user’s ownership that allow for customizations.
PizzaBucks’ launch of its first game will be followed by continued development. Every game has full NFT functionality and Play-To Earn. This gaming ecosystem will be produced using the Binance Smart Chain. It allows for seamless user experiences with low transaction fees.