The Digital Asset Takeover
What Are NFTs?
Non Fungible Tokens; These are tokens that can not be replaced easily and more often than not have unique characteristics, they are generally used for collectables and in-game assets.
When we get NFTs in gaming, their usually a piece of Armour or a Weapon, even Land or another useful item to be used by your gaming experience.
However we are starting to see famous sports icons tokenize their contracts or property owners selling their property on blockchain by tokenizing that and using a smart contract to automate the sale process with clear record of who, when and how much.
Does It Make Sense In Gaming?
For me personally it makes complete sense, being an avid gamer for close to 3 decades now and there has never been a time when you could.
1) Earn from games on your browser/computer,
2) Actually own the assets you unlock or trade!
There have been tournaments, rare items worth tens of thousands in gaming for decades now but it is not quite as straight forward as it is today.
Now, if you unlocked an ultra rare CSGO skin and wanted to sell that, you would have to sell your account, not no more you wouldn’t.
If CSGO utilized certain aspects of blockchain then that “skin” or any item could be minted and sent to your blockchain wallet where you could then either hold, sell or link up your wallet and use that item in your game, for the first time in gaming history the player has the potential to own the game!
The image below displays an NFT from a game in alpha stage called “The Six Dragons” which is a personal favourite.
Since the inception of this use case for blockchain it has become extremely popular with thriving marketplaces popping up all the time.
One of the most recognized is “Open Sea” here you can find hundreds, thousands of NFTs which cover all kinds of games also including some collectible art too!
Benefits
- Ownership/Resale Value.
- More Likely To Create A Player Driven Economy.
- Provable Fair/Transparent.
As an example when you play a game that use aspects of “Blockchain” technology, when you unlock an item in game.
That item will be “minted” and sent to your blockchain wallet which then makes you the owner, generally your wallet is linked to your game so the item can still be used in your gameplay just now you can either sell or trade if you wish without any restrictions.
Real Estate
Now this potentially could put thousands of people out of work meaning that using smart contracts and blockchain technology in the property industry will eliminate administration fees, eliminate chains and provide 100% accurate records without the worry of fraud or theft.
Anybody who has bought a property will know that thousands are spent outside of actually paying for your property ending up in the pockets of real estate agents and legal fees.
The world is changing and it is time we started to remove the middle man and put more trust in reliable technology such as “blockchain” which is yet to be hacked.
These are just a few simple ways that tokenizing your property can be efficient and extremely rewarding!
Here is a brilliant article furthering explaining why blockchain is becoming popular in the real estate world- Property Tokenization: The Future of Real Estate.
