The usage of NFTs in gaming industry is rising overtime. Let’s explore how playing games is not only about entertainment but also offering income to its users.
NFT
The abbreviation of this word is Non-Fungible Token, and their inventions are due to the emerging Web3.0. Non-Fungible Tokens are virtual currency within the world of cryptocurrency and nowadays these are prioritized even more than Bitcoin. Tokens that are not fungible mean these tokens cannot be exchanged and withhold their uniqueness or technically copyright. Money is a currency or asset which is fungible, now for better understandability let’s take an example if I give Mr. X a 100 rupee note and he wants to pay me back the same amount, he has two options he can either give me that same money (not another note of 100) or else exchange with 2 of the 50’s, 5 of the 20’s and various other combinations of currency. So hence money is fungible, but it could have been non-fungible if Mr. X returned me the same 100 rupee note with its unique serial number imprinted on it since its inception. Since the collapse of the barter system, we have never done that, and money acquiring a non-fungible feature is baseless. Money is useful to us because of its fungible characteristics which help evolve trading and business, but NFT is more advanced, and its feature of singleness makes it more valuable. If the barter system extinguishes because of money as a medium of exchange, then NFT can also do miracles. The owner of NFT is clutch onto tokens that are irreplaceable. Assets become more valuable when it is purchased through NFT because you cannot make them commutable under any circumstances. The above elaboration was all about the importance of NFT and its transparent definition, by analysing the nuances of the features of Money.
Gaming
Gamers earn tokens of the cryptocurrency world as NFT are tokens used to purchase assets digitally playing online games and earning cryptocurrency is the new trend because users can earn while they play games. The NFT allows us to purchase and sell digital assets. Digital assets could include video games and paintings, but it must be digitally purchased through NFT because it allows a purchaser to track the owner of the asset through the blockchains. A game lover nowadays is more inclined to crypto gamification because playing these games and of course winning helps them to purchase digital assets. The developer of this digital strong suit sells these to a purchaser where he (the buyer) gets possession of the digital treasure. The NFT buyer will have ownership of that digital content, but he won't be able to make amendments. Thus, making the traditional way of trading and gaming vacillate and thereby diverting gamers choose crypto gamification over anything. NFT devotees, game lovers, and investors of cryptocurrency are accentuating the admiration of NFT gaming. Thus, the market of crypto gamification is escalating rapidly. The attribute of interoperability in crypto gamification makes gaming more fun and interesting for game lovers. The Play-2-Earn facet of crypto gaming is driving the attention of non-lovers of gaming too. The characteristics of blockchain permit gamers to use tradable commodities, unique characters, and abilities. So NFT investors and gamers are getting hooked on this revolutionary world of cryptocurrency gaming. Crypto gamification has impacted massively with its productive technology because gamers are not only extinguishing their gaming-loving spirit but also receiving financial rewards. Everyone will feel satisfied if they earn some monetary rewards or profitability by participating in an activity like gaming. The preliminary stage includes the choice of the player’s preferable blockchain games. Then the players can purchase and collect different types of in-game assets. This is how it works when it comes to crypto gamification for a new player or purchaser. Binance NFT marketplace is such an example of it, where gamers can do trading with their in-game NFT’s. Lastly, the gaming metaverse future has been emphasized through IGO (Initial Game Offering) by Binance NFT.
GameFi
Web3.0 focuses on DeFi (Decentralized Finance), and Gaming with DeFi is known as GameFi. This type of crypto gamification is also referred to as P2E games. P2E or Play-To-Earn procedure means here, gamers play games to earn NFT to purchase digital assets. Digitally soundness is what we are advancing towards, so earning NFT through gaming and investing in digitally purchasing items that are unique and exclusive. We know that the distinctiveness or centrality of any product makes it very worthy and helps us earn high rates of profitability when it sells that. Oneness is always preferred over stereotyping. Thus, GameFi is the fusion of old Gaming with DeFi. This creation has re-structured the traditional method of gaming for players and investors in trading. As mentioned before, even non-gaming people are getting inclined towards P2E games. When playing games helps us to earn some financial rewards such as NFTs why won't people have an urge to follow the modern evolving and emerging path of crypto gamification.
P2E (Play-2-Earn)
P2E or Play-To-Earn are games built on blockchain technology. It basically helps users to invest their unremitting efforts and time by meaning NFTs. These NFTs as mentioned before are the currency with singularity features, and that is why these are etymologized as Non-Fungible Tokens. Crypto gamification is different from traditional games. Traditional games are played just for fun and refreshment but games mingling with DeFi are played to earn. So, gaming has changed from P4F (Playing for Fun) to P2E (Playing to Earn).