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Tuesday, Nov 29, 2022
Outlook.com
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NFT Games India: The New Way To Play

NFT stands for ‘Non-fungible token’. An NFT is unique and can’t be replaced with something else to expand. Unlike traditional gaming, any assets you acquire playing NFT games, including characters or weapons, belong to you.

NFT Games India: The New Way To Play
NFT Games India: The New Way To Play
outlookindia.com
2021-12-07T18:30:53+05:30

 In a few short years, cryptocurrency has changed how we think about and use money. As crypto increasingly becomes more mainstream, game developers have recognised the growth and are now developing games based on blockchain technology. Although the crypto gaming industry is still in its early days, comprehension of the financial rewards on offer is spreading, particularly in emerging markets and has gained a strong following.NFT games in India provide an opportunity for gamers to generate an income, something that the traditional gaming ecosystems cannot provide.

Blockchain technology powers Bitcoin, Ethereum, and other cryptocurrencies and is at the heart of crypto gaming. A blockchain is a database shared across a network of computers, working as a system to record information. Once a record is added to the chain, it is near impossible to hack that data, making it extremely difficult to cheat the system. NFT games in India and elsewhere are built on this technology.

So then, what exactly are NFT’s?

NFT stands for ‘Non-fungible token’. An NFT is unique and can’t be replaced with something else to expand. For example, a bitcoin is fungible, you can trade one bitcoin for another bitcoin, and you’ll have the same thing. However, a one off trading card or a piece of art is non-fungible. If you traded it for a different piece of art, you’d have something completely different. This feature makes NFTs suitable to use in games by unique characters or avatars.

Unlike traditional gaming, any assets you acquire playing NFT games, including characters or weapons, belong to you. If you decide to leave the game, instead of losing all of your in-game assets that you have spent time and money building, you can trade them with other players, sell them or take them with you. NFT games in India bring a true sense of ownership.

So how do these games make money for the players? The simple answer is that NFT games in India allow users to earn money as they play, blending gaming with finance or ‘GameFi’ as it’s coined. As you play the game and win battles, players earn the in-game tokens or cryptocurrency traded or exchanged for fiat currency.

Some games require investment in these NFTs or digital assets to start playing. With this investment ranging from a few hundred to a few thousand dollars, this can be a barrier to entry. Enter gaming guilds such as Crypto Gaming United (CGU). Guilds like CGU provide gamers, or scholars as they are often known, the assets required to start playing. In exchange for providing the assets to start, gaming guilds will split the in-game tokens earned via a profit share model.

NFT games in India are here to stay and will transform the gaming industry as we know it. As crypto gaming becomes more advanced, more players will be attracted to the genre. Suffice to say, NFTs and blockchain gaming is the way of the future.

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