Inside the World of NFT-Based Games

NFTs absolutely boomed into the world, with advocates as diverse as top artists and Snoop Dogg. Non-Fungible Tokens were making headlines all over the place as huge names in the world of art and media launched their own NFTs. In 2024, the industry has become a bit more sophisticated as more and more people try to monetize their work with NFTs, and collectors try to get their hands on the rarest and most valuable NFTs.

Game development is a world full of techies and early adopters who know the brilliance and potential of blockchain, so NFTs quickly crept into the culture.

Casinos were some of the first businesses to catch on, and there were a few different ways in which NFTs were introduced into casino gaming. Casinos launched their own NFTs that could be potentially given to players as additional rewards if they played at a certain casino. These could be given to players during table games like poker, but the more obvious mechanic is for these NFTs to be distributed among top online slots games and video slots.

In some casinos, NFTs can fall onto the reels and be awarded through the game’s mechanic, or they may be distributed as loyalty bonuses, weekly draws, and more. Of course, their value varies depending on who is awarding them and the demand for these NFTs, but the industry is growing, and there are even specific NFT casinos that are giving out NFTs as rewards to players, sometimes instead of other prizes. The industry has changed and crypto and blockchain tech is at the forefront of driving that change.

NFTs Explained

Are NFTs still like a foreign language to you? For many people who love gaming, NFTs are still something of a confusing concept, as they are new and the idea behind them is pretty unique.

Unlike other assets or even currencies like Bitcoin or Ethereum, which are all about fungibility (meaning each unit is the same as the next), NFTs are unique. Each NFT is special in the way that no two are alike. They’re effectively digital certificates of authenticity that prove you own something special in the vast world of the internet. People are drawn to that uniqueness. Sometimes there can be only one of a certain NFT. People have already created NFTs of some pretty interesting and even humorous things.

Blockchain has helped to make everything more secure. You can track the entire history of an NFT – from its creation to every single transaction it’s been through, helping people to prove the history and track the lifespan of any NFT they buy.

While a lot of people associate NFTs with physical artwork (and its digital representation) there are loads of different forms, they can be assigned to things like sound or other digital files. An NFT can even be a character in a game.

NFT Games

So how does an NFT become part of a game and the way players engage with that game? When looking for new and interesting apps or games to play you may have noticed some that market themselves as Play 2 Earn (P2E), and they’re different from classic console games or other apps and Steam games you might already have.

Anyone who knows about virtual pet games and turn-based strategy may already know that one famous example of an NFT game is Axie Infinity, a game that has become a very popular way for people to earn and trade NFTs. It is a clever use of the crypto and blockchain technology.

Players get their own characters called Axies in the game and can train and compete against other players in a turn-based platform. Axis are all different, with their own traits and abilities, so some of them are far more sought after than others.

There’s a whole currency within the game that provides an ecosystem and ways for people to trade. It is called AXS and is a huge part of how Axie Infinity works, including selling and trading the characters (Axies).

This is only one example of NFT gaming, there are a lot of these games that are often called Play 2 Earn games, some of which give players the chance to earn new NFTs when they spend time playing the game. Lots of these games can also just be played on a mobile device so they don’t require a console or some complex server on a PC. The games are simple and straightforward for players to get started with and often have some appealing characters and intriguing gameplay.

Other NFT games include Decentraland (the name is of course a pun on the fact that it is decentralized). In years to come, NFT games may become more mainstream and some of the existing huge game franchises might also incorporate NFTs.

Conclusion

There we have it, hopefully, this guide has explained a little bit about how NFTs are changing games, as well as how crypto can now provide an option for people to move their money around and do so in a faster and much more efficient way. NFTs and crypto are being embraced by the gaming industry as well as the gambling industry due to their transparent nature and the speed of transactions.

The post Inside the World of NFT-Based Games appeared first on PlayStation Universe.

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