🔥NFT & Cryptocurrency
Last updated
Last updated
NFTs (Non-fungible tokens) are a relatively new type of digital asset that are a popular topic of conversation in the blockchain world today. Unlike fungible tokens, like bitcoin and ethereum, where one token is indistinguishable from another, NFTs are designed to represent ownership of a digital asset that is unique and scarce.
With the overall popularity of video games and the idea that NFTs could replace the in-game virtual items, many video game developers started to look at this new opportunity to attract game players around the idea of real ownership of their virtual assets. Furthermore, as a reaction to the trending market, many protocol chains dedicated hundreds of millions of dollars of investment to NFTs and video games.
NFTs in blockchain games are not yet an extensive ecosystem in terms of trading volume. However, there is significant interest and investment to create the next video game hit that uses blockchain technology. Entire player-driven economies can be created and facilitated via NFTs and the possibilities are expansive.
However, even though independent game publishers have enough talent and creativity, they often lack funds. The game market system is pretty unfair - most of the money made from sales goes to publishers, digital distribution platforms, and marketing. And, in case the game developers are in need of funding for their next project, they will be obliged to give away their equity, commit to a single publishing platform, or in some cases even sign off their intellectual property, diminishing their earning potential.
In a nutshell, the current situation is as follows. The market for digital goods is large and growing fast. Video games are already north of a $140 billion market, and tokenized consumer products are a $1.8 trillion market and growing. Indie game development is booming as a result of an apparent creative drain in major studios. Therefore, it’s safe to say that a number of key industry trends are converging to make the development of a breakthrough game crowdfunding platform possible.
Cryptocurrency comes under many names. You have probably read about some of the most popular types of cryptocurrencies such as Bitcoin, Litecoin, and Ethereum. Cryptocurrencies are increasingly popular alternatives for online payments. Before converting real dollars, euros, pounds, or other traditional currencies into ₿ (the symbol for Bitcoin, the most popular cryptocurrency), you should understand what cryptocurrencies are, what the risks are in using cryptocurrencies, and how to protect your investment.
What is cryptocurrency? A cryptocurrency is a digital currency, which is an alternative form of payment created using encryption algorithms. The use of encryption technologies means that cryptocurrencies function both as a currency and as a virtual accounting system. To use cryptocurrencies, you need a cryptocurrency wallet. These wallets can be software that is a cloud-based service or is stored on your computer or on your mobile device. The wallets are the tool through which you store your encryption keys that confirm your identity and link to your cryptocurrency.
