NFT stands for non-fungible token. It is data added to a file that creates a unique signature. This can be an image file, a song, a tweet, a text posted on a website, a physical item or various other digital formats. In the case of Incarnate, it is a gaming object for you to collect, trade or sell.
This basically means that someone can own a digital file (and that it’s marked with code to differentiate it from any digital replicas).
So what is an example of an NFT?
If you were one of those players who played FIFA at some point in your life then you owned NFT’s! The point of the ultimate team game was to collect and trade the best player’s cards to be the best.
So how does this differ from a card collection? A card collection is a real-life object that you can hold in physical form. The NFT cannot be held physically.
How does NFT affect the gaming industry?
NFT’s have been around from the beginning of multiplayer games. They have recently been picking up interest from investors and collectors who are either looking to sell them on for a nice profit or keep them for their own personal use. NFT’s bring a lot of income into the industry that wasn’t there before, therefore the companies are getting a massive payoff because of the NFT feature! NFT’s make games exciting especially as a company can limit the number of NFT’s floating around and this causes a marketplace to inflate prices because it can be seen as a premium item. NFT’s have some positives and some negatives because they can make the game much more enjoyable however it can also paywall it unless you are super lucky to get some of the best ones.
How can NFT’s in gaming make money?
Because they are unique, investors will fork out to buy them if they think it is worth it. Some games have marketplaces that they’ve built so all the NFT’s are in one place and so investors can buy them from this marketplace and not need to search the whole web in order to find it.
What are play to earn NFT games?
Players can claim ownership of game assets through three main strategies. They could create or breed new characters, purchase digital items on native or third-party marketplaces, or unlock and earn new items. Whichever way a player chooses to access these game assets, they have exclusive ownership rights over them. This means that they can distribute or sell them and pocket any the money made from such trades. This is why this gaming model is called play-to-earn.
NFT’s have really come to life since the crypto has started booming so people thought involving them in gaming would be a great idea and, in fairness, it has generated a lot of money and it is not slowing down anytime soon! NFT’s will continue to rise as more people become aware of them and see the true value of some! Once people start seeing how it’s possible then this could create an opening for the everyday user to get into NFT’s.
A film that showcases NFT’s well is “Ready Player One” as they leave their own reality to find rare items in an online game. This is an easy way to see how NFT’s could affect the world!
What are your thoughts and feelings on NFT’s? Let us know in the comments below!