With the birth of blockchain technology, the world has seen the creation of virtual assets that can be owned and transferred like real-world goods. These digital items are known as non-fungible tokens (NFTs). NFTs are different from other types of tokens because each token has its own unique properties. This new technology opens the door to the introdcution of the American Dream to a completely new generation of people.
In other words, NFTs are not interchangeable with other tokens. Using NFTs to create virtual items allows developers to create games and economies around these unique tokens, which is something that hasn’t been possible before now. These new types of virtual assets are making inroads into everyday life by giving users a way to invest in an asset that cannot be duplicated or counterfeited.
Here’s how non-fungible tokens (NFTs) and NFT games are changing the lives of people everywhere by introducing them to the American Dream: owning your own business and making money from it.
What are NFTs?
NFTs are a type of token that are unique or non-fungible. Unlike fungible tokens (FTs) like the ETH token; which is interchangeable with all the other ETH tokens, NFTs are one-of-a-kind. The non-fungible nature of NFTs means that each token is unique. For instance, a token representing a specific car will have specific vehicle details like its make, model, and year.
Another token may represent a specific person. NFTs use the ERC-721 standard. This is an open-source protocol that was created by the CryptoKitties development team. This protocol allows game developers to create virtual goods that are unique and non-interchangeable with one another.
How NFTs Are Changing the Game for Gamers and Developers
Anyone who’s ever played a video game has dreamed of making money from it one day. Now, that dream can become a reality thanks to the emergence of non-fungible tokens (NFTs). With NFTs, gamers can now sell their virtual assets for real-life money. What’s more, developers can create games around these unique tokens and make money from micro-transactions.
NFTs allow gaming companies to monetize their games by selling digital items in their game. Gamers can then buy these virtual goods using real money via an exchange. The game developer can then sell these digital assets on a marketplace. Once they sell the virtual items, they receive real money in their bank account.
This new business model has given rise to a new generation of gaming companies and gaming tokens. Gaming companies like Enjin and GG.BET are now offering gaming tokens, which are like stock in a company. These tokens allow gamers to own a part of the company and benefit from the company’s success.
A Look at NFT Games on the Market
- CryptoKitties: this game is the grandfather of NFT games. It was the first ever game to implement this new type of virtual asset for its users.
- Etheremon: this game allows you to own and trade digital monsters. You can battle against other players’ monsters and win some ETH.
- Gods Unchained: in this game, you can buy and sell cards representing different gods from different mythologies around the world.
- Bitcrystals: this game allows you to buy, trade, and sell virtual crystals that you can use to build your own kingdom.
- Axie Infinity: this game is similar to CryptoKitties as it allows you to buy, trade, and sell digital creatures called Axies.
The American Dream: Owning Your Own Business
The American Dream is all about owning your own business and making money. Thanks to NFTs, millions of gamers can now achieve their dream of owning their own business. With NFTs, game developers can create games around these unique tokens.
Gamers can then buy, sell, and trade their virtual goods for real-life money. This new business model has given rise to a new generation of gaming companies and gaming tokens. Gaming companies like Enjin and GG.BET are now offering gaming tokens, which are like stock in a company.
These tokens allow gamers to own a part of the company and benefit from the company’s success. Owning a token that represents a successful gaming company is one way to achieve the American Dream. You can also make money from your tokens by trading them on exchanges.
NFTs are here to stay. They will be changing many aspects of our day-to-day lives. There is opportunity for people to be ahead of the pack and take advantage of those opportunites by creating and bulding. They’ll be able to use NFTs as a vessel to onboard people from existing communities. We live in exciting times, I hope you are prepared.