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NFT stands for Non Fungible Tokens. In simple words, NFTs are the unique or non-replaceable items. For example if you own any art digitally like a video, audio, painting, an image etc then you can own it digitally and sell it and earn money.
Now, how is it that something I own digitally is not copied or anything. Consider an example, suppose you have an ownership of an image and some other person copies it and try to sell it, then here comes the role of blockchain.
In such cases, blockchain already knows that you are the owner of this image as when you take the ownership it gets recorded in the blockchain and blockchain tracks all of its transactions throughout.
So, when some fraudster tries to sell something that he doesn’t own, it automatically alerts people and he will not be able to sell it. NFTs transaction gives an additional income to the owners.
For example, you own an artwork and sell it for some amount to a person so the ownership now is shifted to that person but you will always remain the first owner of that artwork and then again when that person sells that artwork you get a percentage of that price also known as loyalty amount.
Now, the question is how NFTs are affecting gaming and is it justified? Let’s see.
When you play a game, it has its own accessories, say, guns, weapons, clothes, coins etc. and all these things are available in unlimited quantities in the game.
All the purchases you make in the game remain in the application itself and are of no use in real life. But, NFT has changed this concept. Now, in games some of the accessories like say some special skin are of finite quantity all over the world and if you buy it you can register your ownership for it and sell it in the game itself for real money that does not just remain in the application. Isn’t it mind blowing? You can now own and sell the digital assets and actually make money out of it.
I think that NFT, blockchain, metaverse etc. are the future. Changes at first may appear sore but are sweet in the long term. So, yes this change may also seem like NFTs are absconding the essence of gaming but in my view it actually is increasing its essence. NFTs and all the money associated encourage youth to involve in esports, more which is encouraged at global level, and perform enthusiastically. It is always good to have something in return in exchange of tour time and effort.
NFTs will empower everyone to grow their skills in the respective fields and use their brains before any transaction they make. It will give financial independence and will be a corruption free field.
So, in my opinion this is the future and it must be accepted with open heart and encouraged.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
