๐ƒ๐จ ๐ฒ๐จ๐ฎ ๐ฐ๐š๐ง๐ญ ๐ญ๐จ ๐๐…๐“ ๐ฒ๐จ๐ฎ๐ซ ๐ ๐š๐ฆ๐ž?

NFTs Outside Gaming

Put Aside the Hype

Since the 2017 peak of inflated expectations, the world has been on the lookout for actual, interesting blockchain applications beyond cryptocurrency store of wealth, investment, and payments. Plenty of time and effort was put into development, but when would it turn into users and cash? Late 2020/early 2021, it turns out. Today, that reality is playing out with non-fungible tokens (NFTs) in the digital collectibles and digital art worlds.

Up the Slope of Enlightenment

Take the world of digital art. Non-fungible tokens are solving real problems in the art world. Anyone can put up a faked Picasso on their wall, or profit from art owned by a dictator. With digital art on the blockchain, it gets to take advantage of blockchain features: the public ledger is there for everyone to see and trace. No fakes. Furthermore, if you do not want to trade with a known Al Qaeda, or other money-laundering wallet, that information is also available for you to verify on the blockchain. Thousands of pieces of art from Jews murdered or dislocated during the holocaust sit in our museums. With NFTs, these pieces can easily be identified, and returned to their heirs ethically.

NFTs In Gaming

The question of the day is, โ€œwill gaming emerge as another application for NFTs along the slope of enlightenment?โ€

Technology Applications

What they are and can do?

Player Needs

Now, to the juicy stuff โ€” what are the player needs that NFTs can deliver for gamers on? Perhaps the primary mode of value from an NFT comes from the sense of ownership and possession. That is why its earliest successful applications have come in art and collectibles. As Finish Line says about Top Shot, โ€œitโ€™s about the glory, the bragging rights and the exclusivity.โ€ Gamers have also been trained to feel a sense of ownership and satisfaction; while Free Fire is free, millions of gamers are willing to pay up to own cosmetics. So, we can see NFTs solving the need of unique ownership over rare cosmetics, for example, in gaming.

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