NFT's aren't as bad as everybody says
After the big hype around NFT's and the crypto boom, a lot of people have turned against NFT's. Often, it's the people who shilled them the most that now are very critical towards any kind of NFT. It seems a recurring habit in the cryptosphere. Something is hyped up then discarded, when it proves not to be as great as advertised. I have a much more nuanced opinion about NFT's...
A lot of things don't make much sense
There were a lot of NFT projects that didn't make much sense to me. I didn't really get why people invested money into NFT's that had no use case whatsoever other than being rare. The rarer a good is, the more valuable it can be, if somebody is willing to purchase it. Without the last part, without a buyer, even rare NFT's are totally worthless. A lot of hype has been made around such rare NFT's and I believe a lot of people have invested serious sums into them, just to realise that in the end there is no market for these NFT's. It's understandable that they don't feel so great about NFT's in general.
NFT's can be great when they have a use case
But not everything in the NFT world was like that. When a NFT can be used in a way or another, it can actually be pretty interesting. The best use case for NFT's in my opinion is in the gaming industry. Almost every game that I know uses some kind of tools, powers, spells, items and others to improve the gameplay. Whenever this is the case, it can be replaced by a NFT. The fact that NFT's are transferable, upgradable and coming with attributes fulfil the requirements of most games. These NFT's live on a blockchain and the game can access them, associate them to a gamer's inventory, create a marketplace for them and many other things.
If my kids play a game and want to purchase items from these games, I'm totally against it. Once the purchase is done, the item will be useful only as long as they play this specific game. Once they stop playing, which happens quite often, well the money is lost. In this respect, NFT's offer a totally new solution. If I buy a NFT, I own it, I can sell it, rent it out, delegate or even burn it. This means that my purchase is not lost, even if I stop to play the game. Of course, the game can become obsolete and the item can lose it's value. So there is still the chance that my investment is a total loss but with NFT's, I at least have a chance to keep the value of my investment.
Financing games with NFT's
Being able to sell packs with NFT's can be a great way to finance games even before the game is playable. We have seen that on Hive on several occasions. Of course, it implies a certain risk that the game will never see the light of day. For me it makes more sense to buy packs once a game can be played.
Once the game is playable, there are several ways to finance it. For the game producers, it's possible to earn money not only from sales but also from a working marketplace. If they allow users to buy and sell their NFT's, they can take a cut on each transaction. This is a very sustainable way to finance a game I believe, because there will always be transactions as long as there are players playing the game. The game producers can even introduce free NFT's and then make them tradable on the market. Imagine, you give to each player one free NFT but only one. This NFT is upgradable for higher level players. So these players will need to purchase more copies to get a more powerful card. You can create a demand just like that from a free NFT! Each time this free NFT is transferred, the game makers earn their cut!
Thanks to NFT's, every game can become a Play2Earn game
If a game distributes NFT's and offers a market place, it automatically becomes a play2earn game, since you can sell these NFT's on the market. If the game makers take their cut on the market, they can finance the game like that. So a game can basically be Free2earn, like Alien Worlds on WAX. In this game you could mine a planet, get tokens and win NFT's without investing anything. You could then sell these NFT's on the market and Alien Worlds, as creators of these NFT's would take a cut on each transaction. No need to integrate any payment solution, no need to be approved by Google Play or Apple shop. You create a game and you earn just from the transaction fees of your NFT's!
I believe there are many ways to finance games with NFT's. It's a win for the game makers and also for the players since they purchase something that they really own and can even monetize. Thanks to NFT's, gaming is not only playing the game itself, it becomes an economical playfield as well where you can make money while enjoying yourself!
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In the beginning, the NFTs got overestimated, but the current bear market brought some cleanup amongst them. Now I think the prices stabilized, the users understand not to jump on the hype and simply distinguish the assets that will keep and improve their value in the long term.
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People tended to buy things without really thinking how/if they could sell them. There are some use cases where NFT's make a lot of sense as in games.
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I'd always equated NFTs to digital art, so there is some value in that for artists selling their artwork digitally instead of physical pieces. However, the past year has seen some A LOT of really dubious so-called artworks that I'm not too sure will qualify as anything more than random scribbles a baby could produce. Those I find completely bonkers that anyone would buy at all. 🤣
That being said, NFTs seem to be a perfect fit for all games that have ingame tradable items. It seems to me that makes a perfectly seamless way to transact and build an ingame economy.
I totally agree. It opens so many options for game designers but it can also be quite challenging to build a working game economy.
i like nfts like splinterlands, where we can use them to play and earn some crypto tokens, but if its monkeys then its just useless bubble, but still give some hype when someone buy them for millions.
I honestly can't understand why people spend so much money on some NFT's that can't be used anywhere. Splinterlands is a perfect example of how NFT's can be used in a game economy.
I think the boom will only come when NFTs can swap between games, as you mentioned once before.
I believe that once all the hype around NFT's is passed, only the NFT's that have real use cases will thrive. I agree, when NFT's can be used from different games, the possibilities seem limitless.
I see that you were inspired by our discussion earlier today... As we talked about, I agree with your opinion... NFTs are invented a few years ago, but they exploded just lately... Who knows for what purpose we will use them in the future... The possibilities are endless...
Thanks for the inspiration ;-). I think that we have by far not discovered all possible implementations of NFT's in Games but also outside of games. So far we have just been scratching the surface of their potential...
You are right! I think we'll move on to music, movies, and digital art through NFT. While we are clearing this field of garbage. Even some games are not worth their NFT. Or vice versa...
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There is definitely a lot of garbage in the NFT world. I believe NFT's with good utility will prevail in the end.
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NFTs have many use cases, infinite I would say. They have been used primarily as art and art is volatile per se. Everyone is happy when their painting bought for a few dollars is auctioned for millions but when you buy for millions and you can't find a buyer then you don't like it so much anymore.
It is the speculation and greed of a lifetime.
Yes greed pushes people to do a lot of things that they may regret later on :-)
I think NFTs or Play2Own is the biggest and best use case for NFTs. It is really frustrating that some in game items that I bought on my account for a game, cant now be transferred to my sons account to play for example. There really is no excuse that it shouldn't already be an NFT in most games.
NFT's can really solve a lot of problems for ingame items. When you can transfer these items or sell them, I believe much more people would be willing to buy them in the first place.
Yes,I couldn't agree more. It is also annoying buying digital games that then are soul bound
Nice insight! Just what we need to know and understand NFT's more. I'm not huge on NFTs except on the Hive games I play like rising star game.
I like this summary. Play2earn games have so much potential. keep up the great work that you do! Happy midweek!
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Fantastic post @achim03! You put to words what I've been thinking about NTFs! 😁 🙏 💚 ✨ 🤙
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Nfts can have many utilities. Some can use for games, and you can transfer to another game within the same group. You can go to another platform and insert the nft into it !
Once we reach this stage when you can use NFT on different games and platforms, I believe the potential is quite without limit.
To be honest, some games ban RMT while NFT is a legal way for RMT. RMT in every game is doable as long as the game has a "trade" feature and there's a demand for it. Every game like that can purposely change the game to P2E as long as the developers think RMT isn't bad 🤷♂️
As long as some game developers think RMT is bad, it will make NFT-based games and NFT itself being bad in their viewpoint.
Imo, HIVE is quite promising for the developers to turn their game to P2E with NFT🤔
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I agree, hive offers quite a promising environment for NFT and game development. Thanks to free transactions it's actually perfect in my opinion.
NFTs aren't bad but all the bad actors have caused things to fail. Most of the bad news about NFTs and people getting scammed are all due to those worthless projects and influencers.
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There was so much scamming and sales with NFT's and a lot of people have lost money with it.
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I'm very happy with the NFTs I've bought or accumulated as they are all Splinterlands monsters!
Before I got into Splinterlands I listened to Gary Vaynerchuk talking about NFTs, and he has seen that their use case potentially goes well beyond the utility you mentioned in regard to gaming.
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I totally agree. In a way whatever unique item you can find in real life can be transformed into an NFT (vouchers, tickets, property registers,...). We are just at the very beginning of that. It will be very interesting how this evolves :-)
I really appreciate this post! Your explanation of NTFs clarifies and fleshes out a good deal for me! Yeah, the most interesting ones for me are those that are a part of the various Hive games. Thank you! 😁 🙏 💚 ✨ 🤙
So far game related NFT's are the ones where the utility is very easy to see but I believe there are a lot of instances where NFT's could become useful.
Indeed! I'm curious about those other use cases! 😁 🙏 💚 ✨ 🤙
Interesting idea about just one free NFT distributed to every player. The problem is, unless it would also be purchasable from the game shop too, there wouldn't be enough NFTs to upgrade it for enough players.
The idea should probably be thought about but there would be poeple wanting to upgrade and others wanting the money. This would give the NFT automatically a certain rarity and prices might go up :-)