What are NFTs and their relationship with the video game industry

Non-fungible tokens, or NFTs , are digital assets that are characterized by their uniqueness. To better understand its meaning, it is necessary to know two fundamental concepts: expendable goods and non-expendable goods. The former are interchangeable and substitutable, in addition to having a value based on their number, size or weight, while the latter are not substitutable for others of the same kind, NFT Development services quality or quantity. A fungible good is money. We can use as an example a 20 dollar bill, which when used or consumed, runs out, and can also be replaced by any other 20 bill.

In this context, an example of a non-expendable good is a work of art, since it is not consumed when used and cannot be substituted either, since it is unique, it is not equivalent to another, and, therefore, it cannot be exchanged.

It should be noted that no NFT is the same as another, since they are characterized by their exclusivity and authenticity, there is no possibility of their being duplicated and they cover a wide range of elements ranging from digital works of art and fashion items to video games.

gaming industry

A disadvantage of the traditional purchase of gaming assets is that these assets are usually owned by the video game developer, On the other hand, if the video game assets were NFT Development company, they would guarantee the user that their purchase is not subject to the decisions of the company, but that they already have ownership regardless of what happens to it.

Undoubtedly, NFTs will gain more and more strength in the gaming industry, hand in hand with the metaverse that will drive the purchase of digital products and that will undoubtedly game industry.

Applied technologies

NFTs are purchased through cryptocurrencies . While Ethereum is one of the most used for such transactions, WAX is used for purchases related to video games and virtual characters.

In this way, non-fungible tokens work through blockchain technology , which is used by cryptocurrencies, which operate through a decentralized network of computers, with blocks linked and reinforced by cryptography.

NFTs go hand in hand with an unalterable digital certificate of authenticity and the essential idea of buying them is that their value will increase over time, and then they since it is a unique asset.

An expanding market

The NFT industry encompassed a $237 million market in 2020, representing a 299% growth over 2019, according to a report by L’Atelier BNP Paribas and Nonfungible.com. The transactions carried out in the NFT market have exceeded 200 million dollars only at the beginning of 2021.

These figures indicate that the NFT market is booming and will continue to expand in the coming years.

Later, with the arrival of the new century and the generational change, various companies launched innovative consoles that made the love of video games skyrocket; This, hand in hand with characters and stories that have crossed the barriers of the gamer world, becoming icons of popular culture and a first-rate artistic expression.

Today, users who were not used to being part of the gamer world spend hours playing various games that are just a click away from their mobile phone, which they can download or view directly through Facebook, a platform that has become the Favorite for many users.

As we can see, the industry has changed so much during the last two decades that it is difficult to predict what video games will be like in the future, what is clear is that they will go hand in hand with technological innovation, so investing in video games It will also represent investing in other subsectors such as e-sport , augmented reality and virtual reality.

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