While DeFi is taking the blockchain industry by storm, it is also worth taking a look at other developing areas of the cryptocurrency world. We cannot ignore the new trend of NFT tokens, i.e. Non-fungible tokens – literally “non-exchangeable tokens”. They combine several different market segments, incl. gaming, virtual reality, e-sports, art and blockchain.
NFT tokens are distinguished by the fact that each of them is unique. There is no difference between two bitcoins, while NFT tokens are distinguishable – as are two different images – and are managed separately for each. The approach to integration and the use of this type of tokens in various aspects of life is also different.
In this article, we will talk about the NFT projects currently under development. We will largely focus on solutions for players, i.e. people who know best how much the items present in games can be. Some examples:
- Planet Calypso in Entropia: $ 6,000,000 (NFT);
- Club Neverdie on Entropia: $ 635,000 (NFT);
- AWP Dragon Lore skin in CS: GO: $ 61,000;
Various types of interchangeability
NFT tokens have two popular standards: ERC-721 and ERC-1155. The first is the tokens that are really non-exchangeable, which makes them unique and unique. In this case, the ERC-721 can be compared to the image of the Mona Lisa (the comparison is not so special). The ERC-721 standard is best known for the Crypto Kitties game, which clogged the Ethereum blockchain due to its popularity.
The second token standard, we can call semi-interchangeable, because it can represent a specific resource, but in a specific class, such as armor or weapons in the game. ERC-1155 is the standard developed by the Enjin team – this project is a good foundation for NFT landscape building.
Enjin and WAX
Enjin is a platform that enables tokenization of in-game collections and assets (i.e. NFT creation) while maintaining interoperability. The project also creates a marketplace where these items can be traded. The creation of an Enjin coin and wallet allows players to exchange and store their collectibles safely and easily. The project also integrates game developers with the blockchain ecosystem. It enables integration with the Ethereum blockchain and with the game.
Speaking of the Enjin project, WaX is also worth mentioning. WAX stands for “Worldwide Asset eXchange” and represents Enjin’s goal of creating a market for the exchange of virtual collectibles and video games. One difference is that WaX relies on its own Delegated Proof-of-Stake blockchain (which you may know from the Steem blogging platform, for example). A notable element of WaX is definitely the team, as the CEO also managed OPSskins – the largest online marketplace for CS: GO skins.
Big players look at SandBox
The Sandbox is a game series and one of the world’s largest user-generated independent gaming platforms. It has over 40 million downloads and over a million monthly active users. Due to the popularity of Sandbox and the ability to own your content and “LAND”, pre-selling tokens on the Binance platform was quick – in less than 5 hours! What’s more, the Binance exchange itself has decided to buy 4,012 NFT LAND tokens.
By looking at the Sandbox properties map, we can see a major new player in the NFT area. Atari is one of the oldest companies in the video game industry. You may know her from classic games like Pac-Man or Super Breakout. The company has recently started the third stage of the pre-sale of its tokens. The Atari token is intended not only to support the exchange of assets in games, but also to be used on the Atari exchange and in the casino. When it comes to NFT tokens, Atari has started cooperation with WaX – so we can expect a spectacular development of this project.
More of this please! https://t.co/MHKXROXInG
– Ran Neuner (@cryptomanran) July 16, 2020
Looking at the NFT area, we need to mention one more project that fits perfectly into the evolving blockchain, NFT and gaming ecosystem. The Gamerhash platform allows players to use untapped computer power to mine and earn cryptocurrencies without the need for specialist knowledge. At the same time, the platform gives access to cryptocurrencies for over 500,000 players and allows them to buy games, prepaid cards and many other products in the Gamerhash store. The company has already been successful in terms of the number of users, but CMO Artur Pszczółkowski wants to continue the development of the project and become the “Amazon NFT” – the team would like to convince their users to partially spend what they “mined” to buy the first NFTs. The recent collaboration between Chainlink and Gamerhash opens up new opportunities, such as using game results to create new, rare NFTs that can be traded on the GamerHash Marketplace.
– GamerHash (@GamerHashCom) July 27, 2020
As a reminder, GamerCoin (GHX) tokens from GamerHash are currently available for pre-sale. They will soon be available on cryptocurrency exchanges, but now you can benefit most from this developing trend.
Ghosts on the Ethereum blockchain?
Aave is one of the biggest players in the DeFi space. The team seems to be addressing another trend as well (recently awarded Aave Ecosystem Grant to Aavegotchi). There is an interesting idea of combining DeFi, NFT and games. Aavegotchi are little ghosts that are backed up by extra security, have their own rarity level, and can equip a variety of items – in the form of NFT.
The ecosystem will be based on the GH $ T token economy. You can call it the fuel of the aavegotchi world – GH $ T can be spent on portals (this is how you create aavegotchi ghosts), wearables for them, consumables, and plots. Tokens can also be earned through contests, management, and rarity. All in all, Aavegotchi seems to have everything from Metaverse to DeFi and extra security. It promises to be exciting!
How big can the NFT market be?
At the beginning of the article, we talked about the value of in-game items. While the NFT market is young and in development (largely by the aforementioned companies), there have been some astonishing deals as low as 1,000 ETH ($ 210,000) per plot in Decentralized or CryptoKitty for 600 ETH. The future looks definitely positive for NFT-related companies as well as investors and players.
Here is a quick summary from Aavegotchi. The numbers we are already talking about in relation to the NFT market:
If you want to be up to date with the most important NFT projects and cryptogaming, we invite you to follow the news on and Blockchain Game Alliance.