News - What role do NFTs play in gaming?

By Luc Vesters

What role do NFTs play in gaming?

NFT

The rise of NFTs in games created excitement among gamers. Selling in-game assets for money did not exactly add to gaming enjoyment. Converting games in cash is also often criticized. But NFTs play an important role in the blockchain gaming space.

Why are NFTs used in gaming?

NFTs differ fundamentally from cryptocurrencies such as Bitcoin, Ether and the like. In the latter, each unit can be exchanged for another unit of the same cryptocurrency. This is an important feature of currencies: Each unit has the same value. In short: every coin and token in cryptocurrencies must be fungible.

For NFTs, the opposite is true: they are not fungible. Each token is equipped with unique properties, so they cannot be exchanged at will. And that's why they are so important in blockchain gaming.

Blockchain games: Why are NFTs important?

The fact that NFTs are not interchangeable gives them many uses in games. For example, they are used to represent unique items, weapons or other in-game items. Avatars can also be represented as NFTs. The transparency of the blockchain allows you to prove who owns which item anytime, anywhere.

But that's not all: items can also be much better traded. For example, if you manage to collect particularly rare or exciting items by playing a play-to-earn game, you may be able to sell them for a profit - thanks to NFTs.

Because they are transferable, they are also not tied to the respective ecosystems of individual games. Instead, they can be traded globally.

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