NFT’s Now Moving Into The Gaming World

NFT’s or Non Fungible Tokens are serving as an incentive to change the video game industry forever. Find what these tokens are and who’s leading the drive.

By JohnSnow, Posted 19 Nov 2021

Major game developers focusing on NFT’s

NFT’s, also known as Non Fungible Tokens; it’s an emerging technology that is yet to become commercialized, in fact, not many people are even aware of what NFT’s actually are. However, its potential is being realized by a handful of commercial entities and gaming organizations. NFTs are a new form of digital ownership that is revolutionizing the gaming industry. They are redefining what it means to own a game. The first thing you need to understand about NFTs is that they can’t be pirated. If an illegal downloader tries to download your game, the only things they will get are useless files because NFTs are tied to your private key. Your private key is impossible for them to steal or pirate because it’s just a string of numbers that you have on your computer, not something physical like a CD or DVD.

NFTs enhance the gaming experience by increasing interactivity with in-game currencies

NFTs are a type of digital asset that is more than just an in-game object or character. NFTs can be traded, given away, or even created by the game’s players. This provides players with a sense of ownership and pride for their virtual property. The use cases for NFTs are limitless. They range from unlocking new playable characters to designing your own spaceship. It also allows developers to create more engaging games by allowing players to spend money on the in-game items that they want most instead of relying purely on loot boxes.

The rise of blockchain games

Blockchain games are a new type of game that is becoming very popular. They are built on the blockchain technology, which ensures that there is no centralized authority. The mechanics of these games are very different from traditional games. Blockchain games are based on the so-called crypto-collectibles, which means they are unique tokens, each with their own value. These tokens can be collected and traded with other players around the world. In terms of the integration of NFT’s, gaming developers intend to use the Ethereum blockchain model; but who exactly is leading the way?


The Big Time, Game, Big Time Studios, NFT's technology
 

Who’s at the forefront of NFT gaming?

The answer to that question is Big Time Studios, a Los Angeles based gaming developer whose roped in industry vets from the likes of Epic Games, Blizzard, EA, and Riot to collectively create Big Time, a new RPG game that will use NFT’s as a reward system which in turn will rope in more players. As it stands, Big Time Studios, outside of leveraging the talents of other gaming developers that have given us exceptional titles like God of War, World of Warcraft, and Diablo, are in the process of raising  $21 million in order to bring NFT’s into the gaming economy. Big Time’s intention is one of a two-fold nature. The company wants to create the technology that will make it easy for other gaming companies to integrate NFTs into their gaming models, and in order to achieve this goal, the company is also making the first game that will showcase the ability for players to earn NFT’s. The game, known as Big Time, will be an RPG that allows up to six players to cohabitate in a gaming environment that consists of dungeons with monsters to be slayed for valuable rewards. The game will also serve as an educational tool as it will allow players with no knowledge or experience of blockchain technology to collect NFT’s, which have real-world value. This in turn will also help to propel and ultimately proliferate the use of blockchain technology in the architecture of games development. According to Big Time Studios CEO Ari Meilich:

“Everyone is waiting for someone to come along and launch a game that is of quality, and something that they can look up to that serves as a good showcase for the technology,” he said. “We’re trying to do that. But at the same time, we’re looking to put together some hard data on whether this monetary premium that you get with NFTs is really there, once you get past the 100,000 or 200,000 monthly active users. We’re dogfooding [eating their own dogfood] with the technology.”

The price index on FTSE100 and S&P, which is the market capitalization of the top-performing companies on the London Stock Exchange and Dow Jones will most likely be affected and rise as more top game developers will follow this trend and bring competition to the table. Who knows what the future holds? While an actual release date for Big Time is yet to be announced, one thing is clear, this game is going to revolutionize gaming. Anyone seen Ready Player One?

 

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