The hottest digital tokens are non-fungible tokens. These tokens can provide verifiable certificates proving authenticity for almost anything. Your favorite sports collectibles, artwork, and even real property are all available with NFTs!
One year ago, Beeple’s “Everydays: The First 5000 Days” sold for over USD 69 million as an NFT at the prestigious auction house Christie’s. NFTs are now a well-known technology and have transformed from an obscure phenomenon to mainstream. NFTs have grown rapidly at an alarming rate. Some estimates indicate that they are up by 1,785% over Q1 2021. NFTs have seen a rapid increase in sales, with NFT markets now selling more than USD 40 billion.
With people realising the falsity and repeatability of current perceptions of authenticity, this has led to this. The creator economy has been affected by copying content without credit to its original author.
Gaming’s Power Dynamics Will Change With NFTs
Web 2.0 networking platforms and media platforms such as YouTube, TikTok and Instagram give creators some freedom over the way they promote their content. Yet there’s a long way to go before creators can adequately monetise their content.
Web 3.0 (and NFTs) appear to be next on this track. Their support is a huge boost to the creator economy, where artists and creators across all walks can monetise the content of their creations right from the start. NFTs, especially in music and art have enabled artists to own and directly deal with the community, rather than via intermediary record labels, auction houses or production studios.
NFTs offer a wealth of utility. These are however just some examples. As NFT applications expand across all areas of healthcare, supply chain, gaming and music, the market for NFTs is expected to grow to USD 80 billion in 2025.
In the gaming sector, traditional Web 2.0 games have long faced the issue of centralization with the game’s developers reaping all the rewards. Exclusionary content such as skins, battle passes and weapons or other collectibles in games are usually restricted to those purchased. They have little value outside of the game.
Web 3.0 eliminates all these constraints by allowing users to carry their in-game assets over to other games they are interested in. These limitations can be broken and will add more value to your NFTs. It also facilitates the Play-to-Earn model to encourage everyone to become a member of the community.
EIP3664: The Next Generation NFT Gaming Protocol
Web 3.0 is a revolution in the way players are able to interact within virtual spaces. Web 2.0 games favored the creators and the owners to enjoy the benefits. In-game assets have little utility outside of the game, so the effort players put into earning them is almost meaningless. Web 3.0 or blockchain games put users in the centre of their economic model and allow them to have their assets as NFTs. Also, utilities can be pinned to assets beyond the game.
Developers used the ERC1155 protocol to bring these gaming features to life. Developers could do more with the token standard than ever before. It had limitations, as it did with all evolutions. It couldn’t modify game props to add upgrades or other attributes. It simply could not imbibe the props’ rich features and functions into the smart contract.
Cradles developed an entirely new NFT protocol in order to address some of these drawbacks. ERC1155 is compatible with the EIP3664 protocol, which will allow game developers to expand their gaming NFT operations.
Developers can create a full RPG prop system by using variants of ERC20 to manage game attributes, and the EIP3664 contract that supports multiple attribute tokens. EIP3664 standards NFTs (gNFTs), help to improve the Ethereum gaming ecosystem by enabling more sustainable smart contracts.
Four distinct game attributes can be supported by developers under the EIP3664. Developers have four options for designing contracts.
- Changeable General Attributes
- Transferable Attributes
- Upgradable Attributes
- The Evolution of Attributes
EIP3664’s Utility: Customization, Interoperability And More
The first AAA MMORPG online, Cradles uses blockchain technology to allow the trade of props. Cradles’s modular NFT protocol is said to pave the way for immersive gaming experiences as well as art and other forms of entertainment. Players can modify, upgrade and even evolve in-game NFTs with the EIP3664 protocol. This is a revolutionary development considering that Web 3.0 games rely on pre-built stock NFTs, which can be provided by the game.
EIP3664 protocol also allows for interoperability among the NFTs. It can even be used with other games that use the same protocol. This will increase the demand and value of these NFTs, and make it easier to monetize them.
These are the Key Takeaways
NFTs represent a shift in commerce, community interaction, and power distribution. EIP3664 sounds like it will bring the best aspects of ERC1155 into a new gaming protocol and create an immersive, more enjoyable gaming experience.