NFT platform is gearing up for a push into the NFT gaming market
Despite some reservations, the gaming industry is already assisting in developing the next chapter of digital collectibles. NFT gaming is one of the most common uses for non-fungible tokens, aside from art. About a year ago, NFTs were hardly a blip on the radar, but now they’ve developed into a $41 billion market opportunity.
Balthazar, an NFT gaming platform, polled over 1,100 members of its Discord community in the Philippines. According to the study, 32 percent of participants would quit their employment or consider doing so if they could play NFT games full-time. These people have never played an NFT game. They do, however, have criteria. Filipino gamers have the following requests before quitting their jobs:
- At least $42 per day is required for 65 percent of the population.
- A daily wage of $1-$20 would be needed for 55% of the population.
- The average monthly pay for survey participants is $316.
- Smart NFTs are the next logical step for these digital sensations as the blockchain grows.
Debate on the NFT
One of the most common criticisms about NFTs is that they’re nothing more than glorified jpegs, especially when there’s no obvious use case. But where else on the blockchain can you gain proof of ownership of a one-of-a-kind digital asset?
So far, art has been the driving force behind NFTs, with digital artist Beeple shaking things up with his Human One, a hybrid physical and digital sculpture. The piece sold for over $29 million at a Christie’s auction and will be updated when new information becomes available.
NFT with intelligence
Aside from Beeple, others say that NFTs have created a trend of one-dimensional inventions with limited utility for their owners, including NFT gaming. Many NFTs offer little value aside from functioning as trendy digital avatars on social media, and if the glitz wears off, the fad may become obsolete.
Smart NFT technology, developed by Phantasma, is a new standard for adding functionality to these tokens. Smart NFTs are comparable to the original generation of NFTs in that they exist on the blockchain and provide proof of ownership. The blockchain project of Phantasma is at the vanguard of Smart NFTs, demonstrating that digital avatars aren’t the sole use for these assets.
“The RAM layer permits the NFT to evolve,” they argue. The features of a Smart NFT consist of a ROM layer and a RAM layer without going too far down the digital rabbit hole. The ROM layer is immutable and does not change, whereas the RAM layer can be changed, opening up a world of possibilities.
In the RPG Ghost Festival, an NFT gaming platform, Phantasma presents the example of obtaining a new hammer. The hammer is a one-of-a-kind Smart NFT that gives the player control over the asset in their digital wallet. The gamer might either sell the hammer on an NFT marketplace for a profit or keep it for future gameplay.
A Smart NFT’s capabilities don’t end there. Given that it is a Smart NFT, the player may infuse it with additional capabilities to increase its power, which would then be integrated with the Smart NFT. When it comes time to sell the hammer on the NFT gaming platform, the power boost should help it fetch a more fantastic price.
In a different hypothetical scenario, suppose Ninja, a gaming influencer, is driving a campaign to give away his customized Smart NFT, which he uses to play Ghost Festival. Smart NFTs are inherently verifiable because of blockchain technology. The recipient can rest as they have received the exact digital hammer Ninja utilized, which is good news for the asset’s value.
According to the project, the Smart NFTs from Phantasma may also be configured to last for a set amount of time before “going up in smoke Mission Impossible-style when the timer runs out” according to the project. NFTs are only becoming more popular. Though details are scant, Mark Zuckerberg has announced plans to integrate them into the Instagram platform.
Meanwhile, as NFTs become more widely adopted, they are likely to continue to destabilize the NFT gaming industry.