What is NFT game? Why has it thrived in recent times?

Sunday, 9 January 2022 (1 year ) 1.4K views

2021 is a big harvest year for NFT games, when the number of players and revenue increases rapidly.

What is NFT game? Why is it so thriving?

NFT game is a blockchain-based game that tokenizes in-game assets. This game genre allows players to earn real income in the form of non-fungible tokens (NFT).

Depending on the game, players will receive crypto or NFT after playing and earn income from selling NFT.

what is nft game

The blockchain technology that is preferred by gamers is to allow players to participate in voting in activities, it is in stark contrast to traditional games where all decisions are in the hands of the producer.

Tokens in NFT games have the effect of buying and selling game items, staking items / bonus tokens, upgrading game experience, and many other utilities.

Today’s successful NFT game projects including Axie Infinity (AXS), Alienworld (TLM) or Aavegotchi (GHST) all have native tokens.

Almost all NFT games have a fund called a Treasury that holds tokens to coordinate the game’s economy. This is the answer to many gamers asking where the bonuses come from.

game nft

The money in and out of this bankroll will be regularly public as well as decided by the DAO – a decentralized autonomous organization of players.

Blockchain games have been around since 2017 with the first hit NFT game project Cryptokitties or “raise virtual cats,” which used to cause the Ethereum exchange to become clogged with too many transactions.

It is also thanks to this game that the inspiration for new NFT games appears like this. According to experts, there are 3 reasons for this NFT game to thrive like this.

  • Thanks to the development of the virtual currency (electronics) market in general, the crypto market capitalization has surpassed trillions of dollars.
  • NFT items are very valuable, some NFT paintings by artist Beeple sold for nearly 70 million dollars, in addition, other works such as music, videos, etc. also have the opportunity to make money.
  • According to experts, this is the most important reason for the development of NFT games due to the impact of COVID-19, millions of people have lost their jobs, and switched to making money online.

Credit: Internet

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