In recent years, the concept of NFT (Non-Fungible Token) has become a hot topic of discussion. NFTs first came to the public’s attention when the digital artwork “Everydays – the first five thousand days” by the artist Beeple (Mike Winkelman) was sold in March 2021 for nearly 69.3 million USD. The news quickly spread around the world and suddenly the public became aware of NFTs.
You do not have to be a data scientist or an IT expert to understand what NFTs are and how they work to fathom how much they will mean to the gaming industry; or rather, how much NFTs will transform it.
There is no doubt that the next generation of gaming and entertainment will be all about giving gamers better opportunities to own and trade various objects that make up the virtual worlds in which games are set.
Thus, by using blockchain technology, so-called NFTs and cryptocurrencies, you can create a gaming world that is completely different from the one known to the public today. But do not worry, all the entertainment is still there, and best of all – it is undoubtedly improved.
Wait, rewind… how can NFTs be used in games?
NFT is an acronym for non-fungible tokens. These are thus tokens that are non-exchangeable, which is different from cryptocurrency tokens, as each NFT has a unique value and cannot be exchanged for another.
This is because each NFT is given a unique “blockchain code” that cannot be duplicated. The token itself can be duplicated, but the ownership is always exclusive.
So, when you combine NFTs with games, you get unique tokens that can be both traded and competed for. In the world of gaming, an NFT can be all kinds of objects – an animal, a piece of land, an outfit – you name it.
And more specifically, how will they transform the gaming industry?
So, the main advantage of games with NFTs is the uniqueness of the blockchain creations, which offer original ownership that cannot be challenged. This is something that cannot be found in any other game today. So, thanks to the use of this type of technology, all gamers can have a say in the game’s development.
What is else, all items are stored on the specific blockchain, which allows gamers to access their NFTs at any time. With that said, NFTs can be accessed even though the server is down, and it is also possible to move NFTs to other platforms and games.
Gambling thus becomes a combination of entertainment and trading, something that is truly revolutionary for the gambling industry.
And what about the gambling industry?
That NFTs, blockchains and cryptocurrencies could revolutionise the gaming industry is one thing. But could they transform the gambling industry as well? Could legitimate gambling operators, like the popular Casumo casino, use non-fungible tokens in the future?
Yes, it is possible. NFTs could be a major part of the future of the gambling industry as well. NFTs can increase the excitement and variety of games and can give players rewards for their loyalty. But what it will look like more specifically, only time can tell.