Have you ever wanted to build your own NFT game but don't know how to go about it? Hang on, there's a way to go about building games, and there is an even better platform to make your game idea profitable.
Before we digress further, if you just heard the term NFT for the first time, let's go over this magic word. NFTs and NFT gaming have been all the fuss since 2021. They got so widespread that every day seemed dedicated to news of someone splashing $2.7 million on an ugly ape or getting a ticket to a show in the metaverse.
What are NFTs?
NFT stands for Non-fungible Tokens. To explain NFTs, it would help to understand what fungible or fungibility means. Fungibility is an economic term for an item's quality that makes it possible to be substituted for another item of equal value. Two things are fungible if they are identical and can be interchangeable. A box of chocolate from a producer is the same, even if from different stores, same with a dollar bill.
Non-fungible goods, on the other hand, are goods with unique qualities. Hence, they have unique values and cannot be interchanged. An example is a piece of diamond.
Back to NFTs, these are cryptographic tokens that represent ownership of a truly unique item. They can be used as proof of ownership for a physical object in a digital space like the metaverse. An item's qualities to qualify as an NFT include uniqueness and scarcity.
The ownership of the team should also be verifiable. Popular examples of NFTs are images, videos, artworks, GIFs, gaming items, metaverse real estate, digital certificates, metaverse items, and access cards.
NFTs are strapped cryptographically to a blockchain network like Ethereum. In fact, the Ethereum Blockchain pioneered the NFT space. However, more Blockchain networks allow NFTs on their platform now. Different Blockchains operate on different standards.
This could also mean different functions that can be integrated into their Smart Contract. ERC721 is the first and most widely used NFT Smart Contract standard. It allows the assets built on it to be uniquely identifiable, non-duplicatable, and indestructible. The protocol also allows the transfer and tracking of assets across its network.
Some other standards exist, like ERC998 and ERC1155, which, although similar to ERC721, allow both fungible and non-fungible tokens.
One major problem the Ethereum Blockchain has is the high gas fee or transaction charge. This anomaly prompted the famed Cryptokitties game creators to design the Flow Blockchain. Their Blockchain catered to gamers and users interested in crypto collectibles.
Other Blockchains such as Tezos, Palm, and Solana have sprung up to improve the gaming experience and collectibles on Blockchain.As NFTs keep getting mainstream attention, people are exploring different use cases, and NFT games have captured an enormous interest in the public.
In February 2022, Axie Infinity crossed over $4 billion in sales of their NFT collection, earning them the title of most expensive NFT collection.