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NFTs and games: Exploring the concept and play-to-earn opportunities
Hardware & Software
Objective
This article aims to provide a deeper understanding of non-fungible tokens (NFTs) and introduce games based on NFTs, with a focus on the “play to earn” model. NFTs are virtual objects that are neither exchangeable nor quantifiable, making them unique and irreplaceable. The recent rise in popularity of NFTs, especially among the younger generation, has led to a growing market where these tokens are bought and sold with cryptocurrencies such as Bitcoin or Ethereum.
What is a NFT?
"NFT" stands for Non-Fungible Token. The word Fungible comes from the Latin and means "fungible". Fungible tokens are goods that are determinable by a unit of measurement and interchangeable with items of the same kind.
NFTs, however, do not have this property. This is because NFTs are virtual objects that are not quantifiable.
A real hype has formed around NFTs in recent months and trading in the virtual tokens is becoming increasingly popular, especially among young people. The tokens are bought and sold again with cryptocurrency, such as Bitcoin or Ethereum.
Under such a token, you can imagine an image that exists only once. Well-known NFTs are, for example, the "Bored Apes." These cartoon monkeys wear a different outfit and accessories on each NFT.
Crypto games and the play-to-earn model
Crypto games are online games based on the "play to earn" principle. This means that money can be earned by playing.
Crypto kitties
Crypto Kitties www.cryptokitties.co is a game based on NFTs. The player can create random cats and then combine them to multiply. Various mini-games can then be played with them on the website. At the same time, the site acts as a marketplace where players can trade their cats. Each cat is unique and has attributes such as speed of reproduction and generation, which affects its value.
Ethermnon
The game Ethermon https://ethermon.io/ is also based on NFTs. Here, the player can buy virtual monsters with the cryptocurrency Ethereum and put together a team from them. Players can then compete with these teams in an arena, similar to Pokémon.
Splinterlands
Splinterlands https://splinterlands.com/ advertises itself as the largest crypto game in the world. The game is a trading card game (TCG) LINK. That means it's about collecting cards, which are then used to play. Players can use their cards to participate in tournaments with prize money in exchange for an admission fee.
In addition, cards can be rented to other players daily for a small monetary price.
Conclusion
The NFT market continues to see significant growth and promises a prosperous future. Crypto games offer a refreshing approach to the gaming industry with their play-to-earn model. These games use NFTs to provide unique and engaging experiences that allow players to earn rewards while pursuing their favorite pastime. As the field of NFT-based games expands, the potential for innovation and further integration of blockchain technology into the gaming landscape appears promising.
Questions & Wishes
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