We’re sure that by now you’ve heard the term NFT or Non-fungible Token bandied about amongst the crypto crowd, or seen a news article about how an NFT has been sold for millions of dollars.
NFTs have exploded, seemingly out of nowhere in 2021 and are becoming a huge deal in every industry imaginable, from art, to music, to collectibles, and gaming.
But what exactly is an NFT, and why should you care about it? Is it worth the hype – or the money?
Much like cryptocurrency, many observers will tell you the bubble is bound to pop, while others believe NFTs are the future and will change the way we invest going forward.
Non-fungible tokens, or NFTs, are digital assets which hold value due to their provable uniqueness or collectibility.
NFTs have gained popularity as art, music, videos, and in-game items, as well as other collectible items.
While NFTs have technically been around since 2014, they have come to the forefront in 2021, and they are an increasingly popular way to buy and sell digital artwork and assets. In June 2021, a staggering $129 million was spent on NFTs.
However, unlike other standard coins on the blockchain, the biggest selling point for NFTs are that they are unique and one-of-a-kind and can’t be exchanged like-for-like. NFTs can be kept as collectibles, or traded as the value goes up.
The most interesting application for us here at GameFi, however, is their use in gaming.
Our new real-time price prediction battle game, The Crypto Prophecies, will make use of NFTs for Characters and magical items. This allows our players to own unique and rare NFTs, while playing the best blockchain gaming experience.
NFT stands for non-fungible token. While it shares a similar kind of programming as crypto, like Bitcoin or Ethereum, the two are quite different.
Cryptocurrency, like traditional money, are “fungible”, which essentially means that they can be traded or exchanged for one another. It also means that they are equal in value – one dollar will also have the same value as another dollar; one Bitcoin is always equal to another Bitcoin.
This fungibility is what makes money and crypto a trusted means of transaction, in the real world or on the blockchain.
NFTs, however, each have a unique digital signature, which in essence makes it impossible for one NFT to be equal to one another – hence it being non-fungible.
A Crypto Prophecies (TCP) NFT is not equal to a Botwars NFT, for example, and a TCP NFT will not be equal to another TCP NFT. All TCP NFTs will be unique in some aspect. Even if a player owns two Blaze Crypto Prophet NFTs, they will still be unique in some way.
Like Cryptocurrency, NFTs exist on a blockchain, typically the Ethereum blockchain, although many other blockchains also support NFTs.
An NFT is created, or “minted” from digital assets that can represent both tangible and intangible items. Some of these include:
In essence, NFTs are much like physical collector’s items, except that they exist in the digital realm. Instead of getting a physical collector’s statue of your favourite game character, you’ll get an in-game skin, item, or character.
What adds more value to your NFT is that it includes exclusive ownership rights, which means that an NFT can only have one owner at a time.
NFTs include unique data that makes it easy to verify ownership, and therefore transfer between owners.
NFTs offer content creators, artists and game developers a new way to monetise their creations.
NFTs have been hugely popular amongst artists, who no longer have to rely on auction houses or galleries to sell their art, and can even program in royalties, to ensure they get a percentage of any future sales.
Of course, here at GameFi, we’re more interested in how NFTs can be applied in the gaming space.
We believe that NFTs have huge potential as unique, in-game items and collectables, which hold value in multiple categories.
For example, the NFTs from our new game, The Crypto Prophecies, will be valuable as collectibles, while also aiding the user’s chances to win in-game with magic abilities, while also becoming income generating by winning tickets for daily prize draws. There are many layers to the utility of our NFTs in The Crypto Prophecies.
The first critical item you’ll need to start acquiring NFTs is a compatible digital wallet. This will allow you to securely store your NFTs and any other cryptocurrency you may own.
You will also need to invest in some cryptocurrency, like our very own TCP tokens, in order to purchase your NFTs. This will largely be dependent on what crypto is accepted by the exchange or merchant where you’ll purchase your NFT.
Some popular NFT marketplaces include OpenSea, Rarible, and Foundation. You’ll be able to buy and sell your Crypto Prophecies and Botwars NFTs on many of these marketplaces eventually.
To start with, The Crypto Prophecies will also have a seamless in-game marketplace where players can use their TCP tokens to purchase various NFT items.
While NFTs are relatively new and it can be hard to judge how the market will perform going forward, there have been good signs during the recent crypto-market downturn to indicate that NFTs have some resistance towards the typical crypto-market volatility.
GameFi co-founder and CEO, Paul Lindsell feels that NFTs are only just starting to demonstrate the value they can hold for gamers, stating: "It is so exciting and rewarding to see the NFT market continue to grow, even through a crypto market downturn. This really starts to demonstrate how NFTs are finding their place and giving users value.”
However, we encourage you to approach NFTs in the same way you would any other investment. Do your own research, ensure that you understand the risks, and proceed with caution.
We’re getting ready to launch our Crypto Prophecies NFTs soon. Be sure to sign up to our newsletter today to get an alert when the sale goes live to avoid disappointment.
We’re also excited to be launching The Kingdom Vault, where you’ll be able to stake tokens and earn bTCP or TCP as a reward, the tokens that power our game and NFTs. For more information and to sign up to play, head to https://www.thecryptoprophecies.com.