Even though the NFTs made very huge changes in various industries, the restructuring it made in NFT gaming and the influence it has in the NFT sports is the most remarkable one in the history of Non Fungible Tokens. All the advantages highlighted in the NFTs are made possible because of the association with Blockchain technology. The NFT and Blockchain combo has made a definite change in the digital and crypto space. The role of Blockchain in the Non-Fungible Token is too high. And at the same time, NFT has completely changed the centralized body of the gaming industry into a Gamer’s friendly space. This blog will take a tour of how NFT has changed and influenced the existing industry.
NFT and Blockchain
Non Fungible Tokens are both physical and digital assets that are tokenized by assigning a unique value to them. These Non Fungible tokens are inseparable, and they can’t be separated. To attain these characteristics, NFT and Blockchains will have to sync up in a perfect line, and the integration should be done very perfectly. The smart contract development, where the predefined commands will never let any intermediaries carry out tasks defined automatedly.
How Blockchain makes a difference in NFT
The Blockchain network is completely decentralized, and when blockchain integration happens with the NFT, the NFT gets the nature of decentralization. This makes NFTs secure and privacy-friendly. Moreover, NFT’s immutability is gained by the Blockchain association. All information about the NFTs will be stored in the distributed servers. So the information will be very safe.
- Token standard
NFT has a unique preference when it comes to token standards. To ensure the Non-fungible nature, NFT will support only token standards ERC-721, ERC-1155 similar characteristic token standards of the same blockchain or different blockchain.
Other than Immutability and privacy concerns with the decentralization of the concept, every intermediary in the process of buying and selling will be eliminated. This helps in mitigating various unwanted charges and in fastening the speed of the transaction.
As Blockchain made the NFT solid, the centralized gaming space was replaced with the Decentralized space with the NFT’s debut in the gaming industry. The entry of NFT in the gaming industry made the development of games in which the assets of the games can be tokenized into NFT and can be sold in the NFT marketplaces. NFT lets the gamers monetize while playing NFT based games. And it even changed the centralized servers into decentralized servers, and this helps in the immutability of the gaming assets. With the emergence of Mobile-based gaming, the count of gamers increased by billions.
Here are some examples of NFT gaming
It is completely a fantasy-based game, where the assets have the ability to be converted into NFT. The concept of gaming is based on the survival of a player in virtual land. The market cap of Decentraland is about 1.724 Billion.
Cryptokitties is a Blockchain-based NFT gaming platform, and these cryptokitties are sold for millions of dollars.
NFT sports are entirely different. It became the platform where the users can collect precious moments, memoranda, super shots, or any other sports-based asset that is considered to be a collectible can be converted into NFT. NBA Top shots and much other Sport NFT marketplace are excellent examples of the NFT sports marketplace.
The NFT sports marketplace is getting more traffic from sports fans and from the crypto space. They are making millions of dollars very easily in the NFT sports marketplace.
The Need for Blockchain is very high in NFT and its subsidiaries. The blockchain powers them with immutability and makes them decentralized. Which helps in reducing the charges and helping in boosting up the speed of the transaction made. And at the same time, NFT’s peakiness in the market is mainly for its uniqueness and ownership authenticity. Which other tokens find hard to provide. Finally, Blockchain is making a huge difference in the crypto space and even in the digital space.