The Power and Purpose of NFTs in Gaming
Why NFTs are extremely useful, necessary, and revolutionary for the gaming industry by giving users an extra life. Exeedme is heading this revolution to empower gamers around the world.
Cryptocurrency has always been synonymous with digital assets like Bitcoin and Ethereum. Without the invention of Bitcoin and the innovation of Ethereum, crypto simply would not exist or reside in its long forgotten, non-blockchain predecessor of ecash from 1983. Bitcoin and Ethereum are types of fungible assets — meaning that one Bitcoin is as identical to the next in terms of value, identification, and architecture, despite the hash and other elements being different.
Then Ethereum came along and created the ability to have non-fungible tokens, or NFTs. To be fair, Bitcoin had the power to create NFTs and technically had the very first one, but Ethereum really brought them to tangible reality.
What is a non-fungible token?
Simply put, a NFT is a type of asset that is different and unique from a token on the same network, meaning that two tokens can be siblings on a parent blockchain but they have their own characteristics and most importantly their own value. These characteristics are metadata changes that are unique to each token, cannot be changed, and bring their own value based on ownership and a creator/buyer relationship.
The Unsung Value of NFTs
Non-fungible tokens have tremendous value — anywhere from its inherent architecture to its functional array of use cases. NFTs can range from being extremely common, to rare, to one of a kind on the blockchain.
They are also unique in the sense that the metadata within the token is distinguishable from other tokens and that data is permanent to what the token represents. NFTs are a growing trend. NFTs are a growing trend.
In the early days of NFTs, a token game called Crypto Punks became popular and sales of the NFTs grew as large as 85 ETH, worth over $112,000 USD today. Other popular NFT projects include Crypto Kitties, Crypto Voxels, and Gods Unchained. NFTs go beyond collectibles with projects like Ethereum Name Service in order to consolidate hash values for crypto deposits. Currently there are over 8,000 NFTs traded every day on the Ethereum network via smart contracts.
But NFTs don’t stop at its monetary value as the utility value. NFTs are much more important. Besides being used for collecting, they can be used for artwork, tickets for events and airlines, songs and creative licensing, marriage certificates, and even real estate.
But most importantly for us, it provides a real and revolutionary way to give power to the gaming industry. NFTs can be used for in-game assets, unlocking characters or levels, obtaining benefits, or by offering para-game abilities — the capability to use a NFT in one game and transfer it completely to another one.
And these game-focused NFTs can change the way we think about gaming.
Gaming NFTs and Exeedme
Applying NFTs to competitive gaming is the method of operation at Exeedme. We know games and we certainly know NFTs. Adding them together can radically alter how we view games.
- What if you had an in-game NFT that allows you to access levels in a game that others cannot?
- What if you bought a special item as a NFT and you could transfer this to the games sequel or another game entirely?
- What if you could legally transfer ownership of a game NFT to one of your friends or family members?
- What if you could have a NFT trading marketplace that allows a community to get together to buy, sell, trade, and compete for NFTs which would also help the games that support them?
This is what Exeedme is all about.
Since NFTs are unique and immutable, they can be used within a tournament, a match or a game as items — perhaps a special avatar unlock on a football team or an epic sword in a role playing game. This would allow that avatar or sword to be tokenized. This tokenization would unlock benefits much like special items in games today, but with the added benefit of being transferable and verifiable on the blockchain. This does a few things that gaming today does not do:
- True Value of Ownership: this gives the ownership of that avatar or sword to the person that unlocked or bought the NFT. This is in contrast to today where the game companies own these special items that can be taken away at any time or if they no longer support the game.
- Competitive Value: an avatar or sword in the form of a NFT can become transferred from one game to another. In addition, value can be determined based on factors such as its characteristics, age, popularity, integrations in other games, and more. This allows the value to these items to be extended as opposed to today where special items deteriorate as games depreciate.
- Relationship of Owners: NFTs can also be of interest to other players, making them more valuable and available (if the owner wishes) for purchase. This also opens up projects like Exeedme to have marketplaces for NFT trades to flourish.
Exeedme creates a bridge for gamers to compete for NFTs and unlock XED tokens for NFT rewards. Gamers can use their real life gaming skills to challenge others for NFTs, which could then be used in higher leagues or games. In addition, the Exeedme XED DEX is an exchange community for users and their NFTs and FTs, adding liquidity to the exchange and enabling gamers to capitalize on their ownership of these tokens.
Leveling Up the Gaming Industry
The signs are showing that although the gaming industry is massive, it needs improvement. Gamers need to be given more power in order for real gaming to succeed and for value to be retained. Exeedme enables these gamers the tools to achieve more control of gaming and to monetize their skills. We want to give gamers the opportunity to make a living doing what they love — playing games.
Are you ready to unlock a new world of gaming?
Stay up to date to the release of Exeedme first ever minted NFTs that will be soon announced and we are sure will open the imaginary of every collector and gamer
It’s time to Exeed!
Exeedme is a trusted and fair Play2Earn ecosystem that allows gamers at all skill levels, developers and gaming communities to monetize their skills and efforts with the power of innovations like DeFi and NFT’s. With Exeedme, gamers can play their favorite games, challenge an opponent, bet on their own victory and earn rewards for participating and progressing, ultimately enabling ALL players to make money off their skills.