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NFTs and Video Games Industry 2023

NFTs and Video Games Industry 2023

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The gaming industry is discussing NFT. Know what?

As a gamer, you’ve probably heard the term NFTs in the last year or so. It’s confusing. NFTs have to do with cryptocurrencies and the blockchain, but why are they being linked to games?

NFTs and Video Games Industry 2023
NFTs and Video Games Industry 2023

Why are video game publishers are now creating NFT-based games? What do gamers have to do with N-FT’s? I mean what are NFT’s? Many do not know about it. The answer lies in the interdisciplinary barren and drylands of the economy and computer sciences. Bear with us today, as we will answer all your questions.

NFT and Video Games Industry

NFT’s have penetrated the games industry, some have embraced it while others have disregarded it. Big names in gaming like Valve have banned any game on its platform that uses NFT’s. Likewise, the Video Game Awards 2021 will not feature any NFT-based games.

Phil Spencer of Xbox has clearly stated that N-FT’s are, “more exploitative than about entertainment.” Ex-employee of Facebook and Yahoo, Alex Stamos, has regarded NFT’s as scams. Yet the likes of Sega, and Ubisoft have come in support of NFT’s and are planning to join other corporations in the domain of Blockchain and crypto-based games.

NFT is known as a Non-Fungible Token, custom-made money which exists in the virtual world in JPG, graphics file, or even a Tweet. But how come a simple image takes the form of money?

The question is valid, but the answer is simple: “because the crypto community decided that it is.” This is how things worked in the past when it comes to the economy. Human beings as a society decided to put value and trust behind the paper currency to symbolize the value of services and assets.

The government comes in and regulates it to keep things in order. Some other examples where people put a value on certain things are real-estate, fine art, collector’s item, and old video games. NFT is the same thing, so in crypto.

NFT and Video Games Industry
NFT and Video Games Industry

You come across an image you like, or you create one, you like it, own it, you fuse the image to create a cryptocurrency, and voila! You have your first digital currency; a token.

However, the digital world of crypto and NFT’s is more like a Wild West with no hard and fast rules.

Blockchain technology is used to keep a digital record of ownership and proof of work chain. Now when it comes to games, you can own and possess NFT’s or in-game collectibles, like in Axie Infinity’s NFT cat monsters, and exchange them for real money.

Game publishers are working to create games where you own an N-FT and level it up by playing the game to make it more valuable.

However, there are ethical questions also linked with it, especially the energy-intensive verification system. The massive energy requirements and consumption result in environmental issues.

Nevertheless, with the amount of money pouring into this domain, we may see AAA games based on NFT’s and blockchain in near future.

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NFTs and Video Games Industry 2023

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NFTs and Video Games Industry 2023

P2E News, short for “Play-to-Earn News,” is a category of updates and information within the broader spectrum of Crypto News, Web3 News, NFT News, and Blockchain News. These terms are all interconnected and represent various facets of the rapidly evolving digital landscape.

Play-to-Earn (P2E) is a gaming model that has gained immense popularity within the crypto and blockchain communities. In P2E games, players can earn cryptocurrencies or NFTs by participating in the game, often through activities like completing quests, collecting items, or trading assets. P2E News covers developments, announcements, and trends related to these innovative gaming experiences that allow players to monetize their in-game efforts.

Crypto News, on the other hand, focuses on the broader world of cryptocurrencies, including Bitcoin, Ethereum, and a multitude of altcoins. This category encompasses news about market trends, regulatory changes, new blockchain technologies, and updates related to various tokens. Crypto News is a fundamental aspect of the blockchain ecosystem, as cryptocurrencies serve as the primary means of value transfer and exchange within the Web3 space.

Web3 News is an umbrella term that refers to the next-generation internet, often characterized by decentralized applications, blockchain technology, and smart contracts. The Web3 ecosystem seeks to provide a more user-centric and decentralized internet experience. This category of news covers developments in decentralized finance (DeFi), non-fungible tokens (NFTs), and various other applications built on blockchain technology. For the ultimate and best play to earn games list, check our friends of playtoearngames.com.

NFT News focuses on Non-Fungible Tokens, unique digital assets that are indivisible and represent ownership of a specific item, artwork, or collectible. NFTs have gained prominence in the art world, gaming industry, and entertainment sector. NFT News keeps enthusiasts informed about NFT sales, new projects, and partnerships within the NFT space.

Blockchain News pertains to the foundational technology behind cryptocurrencies and Web3 applications. Blockchains are decentralized ledgers that record transactions across a network of computers, ensuring transparency and security. Updates in this category might include innovations in blockchain consensus mechanisms, interoperability between different blockchain networks, and industry applications beyond cryptocurrencies.

In summary, P2E News is a niche subset of Crypto News, Web3 News, NFT News, and Blockchain News. It focuses on gaming experiences where players can earn cryptocurrencies or NFTs, while the other categories encompass a broader range of topics within the decentralized digital landscape, including cryptocurrencies, web3 technologies, NFTs, and blockchain advancements. Collectively, these categories shape the landscape of the digital economy, offering insights into how technology is revolutionizing various aspects of our lives.