Ask Leo : What are NFT Games?

in LeoFinance6 months ago

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NFT Games, also known as Blockchain Games, are play-to-Earn mode games (play to win) based on Blockchain Technology that use the real property of the items or attachments (True Item Ownership), employed in technology that is found in the nucleus or in the essence of cryptocurrencies, such as Bitcoin or Ethereum. This allows players to acquire items or unique and unrepeatable items through NFT, which can be collected, sold, purchased or exchanged.

NFTs are more than the digital equivalent of traditional collectible cards. As digital goods, you can change or modify with time and own multiple functions. On the contrary, analog cards are static, they do not change over time and may lose value if they deteriorate when used to play.

In NFT games, participants get unique NFTs as rewards for complying with the objectives of the game. These NFTs increase their value over time due to blockchain-based transactions, and the transfer of items is done through intelligent contracts that automatically send the NFTs to the players.

As the data of a block chain can not be modified or altered, there is no possibility that third parties Alteren, disrupt or ignore said contract, therefore, the NFTs represent unique elements that can become valuable assets by which many people would be willing to disburse considerable sums of money to acquire them.

Characteristics of NFT Games

Incompatibility: A digital asset or NFT of a game can not be used in another, that is, there is no interoperability or interworking, so a character of Cryptoblades can not be used in Axie Infinity, and vice versa. This property also applies to collectible items, such as letters or collectible cards.

Indivisibility: NFTs can not be divided into smaller denominations such as Satoshis or WEI, which are the minimum units for the monetary systems of Bitcoin and Ethereum networks respectively. They exist exclusively as a complete and indivisible item.

Indestructibility: Because all NFT data is stored in the block chain through intelligent contracts, each token can not be destroyed, deleted or replicated. Likewise, the property of the tokens is also immutable, which means that players and collectors are actually owners of their NFT, not the companies that create them.

Verifiety: Another benefit of storing historical property data in the block chain is that elements such as digital art works can be traced up to the original creator, allowing the parts to authenticate without the need for a third-party verification.

Thanks to the development of Blockchain technology, players and collectors can now become immutable owners of game elements or items, unlike traditional video games, as well as getting money with them through their sale. In some cases, participants have the ability to create and monetize structures such as casinos and thematic parks in virtual worlds, such as The Sandbox and Decentraland.

The Fire of NFT Games dates back to 2017 when it came to the Cryptokitties market, a game based on the Blockchain of Ethereum and developed by Axiom Zen, which allows players to buy, collect, raise and sell virtual cats.

This is one of the first attempts to implement Blockchain technology for recreation and leisure. The popularity that reached the game in December 2017, shortly after its launch, caused the congestion of the Ethereum network, which made it reach a historical maximum in the number of transactions and produced a significant slowdown in the platform.

Posted Using LeoFinance Beta