There can only be one official owner at a time, and the blockchain secures that ownership so no one can modify the ownership and record or copy/paste a new NFT into existence. Each NFT is digitally unique no pair of NFTs is the same. In cryptocurrency, NFTs are unique tokens created by blockchain technology that represents a one-of-a-kind good or asset. We can’t exchange birth certificates even if we were born in the same year, on the same date, have the same gender, height, weight, and even if we look alike. Each diamond comes in its own unique cut, shape, color, size, and grade. On the other hand, if something is deemed as “non-fungible”, it means it’s unique, its properties are fixed, non-divisible, and can’t be replaced (as a whole or by its parts) even with a similar asset.Ī diamond is an example of a non-fungible item. Thus it can be said that traditional money is fungible. The ability of a good or asset to be interchanged with other goods or assets of the same type is known as fungibility.įor example, my 5 peso coin is interchangeable with your 5 peso coin. What are NFTs and how do I earn from them? Some blockchain games create their own tokens while others use existing ones. Note: There are other cryptocurrencies used in blockchain games, we just used Ethereum for our example. The concept of play-to-earn NFT games revolves around executing transactions involving in-game collectible items (e.g., characters, weapons, monsters, cards, potions, land, etc.,) which serve as a vessel for the actual tokens (more on this later) which in turn have real-world monetary value. In essence, a blockchain game mainly serves as a platform for executing contracts and transactions. As a result, no single entity controls the interactions or transactions within the game rather, it’s up to users who use these platforms to decide what happens in their network.Īnd since the asset (item/character/weapon etc.,) is actually on the blockchain, it means it’s not stuck inside the game: it’s actually on the public Ethereum blockchain. This means that the game is not 100% controlled by any central authority or company but instead runs on distributed networks/blockchain such as Ethereum. A crypto or NFT game concept revolves around digital goods (game assets) being distributed among players rather than sitting on a central server. On the other hand, games based on blockchain technology are decentralized. Your ownership for those items is in-game only, so the sword/gun/armor etc., that you obtained are only of value to you when you’re playing the game. All assets you can find within the game are owned by the company that made it, your interaction is limited to playing the game and owning stuff you were able to obtain. Traditional games follow a closed development loop: only the developers can create a new version, see the core logic, or access the existing data (assets). Tips for Researching NFT and Crypto Games How do Play-to-Earn Games Work?. Top Play-to-Earn Crypto & NFT Games for Filipinos.What are NFTs and how do I earn from them?.
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