Gamified NFTs prove that a Non-fungible token can be more than just a digital picture. Gamified enables players to trade and exchange gaming resources for outcomes that result in monetary rewards. NFT Gamification is a particular set of components that can be traded to play and earn extra money. Gamified enables players to trade and exchange gaming resources for outcomes that result in monetary rewards.
Since the beginning of stuff people have collected stuff. Stuff such as art, stamps, vinyl records, vintage cars, pokemon, and yes NFTs. For some, their collections are their identity and there’s no clearer way of expressing your identity than with rare collectible items. We’ve even seen traces of that behavior in the crypto market where investors show off portfolios and brag about their altcoin picks, but among all interests nowhere is this behavior more common than in the gaming world.
Players of massively multiplayer online games work for years to improve their virtual characters and collect in-game items to stand out from the virtual crowd. These items are often so rare and difficult to find that the time alone spent obtaining them lends them such value and earning these in-game items gives the player a sense of achievement. Which makes the process so addicting. If we take a step back we discover that these in-game collectibles are ultimately just cosmetic items that provide little value apart from aesthetics and virtual street cred. Sure they can be sold for in-game money but players never had a legal way to convert their item’s virtual value into real-world value, but that’s all changing thanks to NFTs.
In this article, we’ll talk about gamified NFTs and explain how gaming projects like Axie Infinity are changing the gaming industry. Now if you’re new to NFTs, in general, don’t worry we won’t take a single step closer to gaming NFTs until we catch you up on their cousins the NFTs or Non-fungible tokens. Non-fungible tokens are cryptocurrencies defined by one special trait they’re Non-fungible. Now, something is fungible if you can exchange it for another thing of the same type at no loss or gain. For example, a single dollar bill is exchangeable with any other single dollar bill, or in the crypto world, you can trade bitcoin for any other bitcoin since they all have the same value. Money, precious metals, bonds, shares, futures contracts, and oil are all considered fungible assets.
Non-fundable assets include art and real estate. No two works of art are the same nor will you ever find two houses that have the exact same value. The same can be said about NFTs an NFT is unique and you cannot exchange it with anything else without losing or gaining value. What’s more important is the value proposition behind NFTs. They can represent ownership of a digital or physical object on the blockchain. This allows artists to sell their pieces online by accessing decentralized marketplaces full of speculation and interest and while some may disagree art sometimes takes the form of a video game and that’s where gamified NFTs come in.
In their current form, NFTs are primarily a form of speculation. We buy digital art of animals like apes foxes and lizards and use them as our profile pictures on social media. If we get lucky our investment increases 10 to 20 times in value in just a few months and sometimes these NFTs grant us access to special organizations that offer bonuses to NFTs holders. Apart from speculation and exclusive social club membership, NFTs are of little to no practical use.
However gamified NFTs for lack of a better phrase are changing the game. Gamified NFTs represent tokens that players use within a game and when players collect these tokens whether they are characters or items or something else. The game responds by unlocking additional content or introducing new gameplay elements. Imagine an NFT representing each pokemon you can catch in the game and you can trade yours for another pokemon of higher value on an open marketplace. These game-based NFTs have completely changed the gaming industry by allowing players to have full decentralized control over their in-game assets. Players can sell them on a market or transfer in-game items between their multiple player accounts without involving the game developer.
Gamified NFTs prove that a non-fungible token can be more than just a digital picture NFTs can be part of a larger ecosystem inside which it serves an actual purpose and with a greater purpose a greater value.
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Have we seen anything like that in the crypto market yet? Axie infinity is the leading player in the world of gamified NFTs. Not only has this game seen tremendous growth but it has also pushed NFT boundaries by creating utilities so great that players earn thousands of dollars simply by playing the game. If you’re an avid crypto investor you’ve heard about Axie infinity. After all its native token AXS became extremely popular this year after it surged from four to a hundred and thirty dollars within the span of months.