AXES LIBRARY: WHAT IS THE IN-GAME NFT?
Do you remember donating in the game for the first time? What real benefits did you get? We are now talking not about virtual ones, such as the pleasure of using cosmetic items and add-ons, or other in-game advantages, but real. The skin had been belonging to the game before you purchased it and even after. You can’t somehow “withdraw” it because it is not actually yours.
That’s what non-fungible tokens bring to the gaming industry — you are given ownership over your in-game items through a play-to-earn format.
What is the NFT?
A non-fungible token (NFT) is a digital asset in the form of art, music, in-game items, videos, etc. They are generally encoded with the same underlying software as many cryptocurrencies.
NFTs have been gaining notoriety since 2020. The market for NFTs was worth a staggering $41 billion in 2021 alone, an amount that is approaching the total value of the entire global fine art market.
Physical money and cryptocurrencies are “fungible”. It means they can be traded or exchanged for one another. NFT is different. Each has a digital signature that makes it impossible for NFTs to be exchanged for or equal to one another. That’s what “non-fungible” means.
You may have heard different news on how NFT masterpieces were sold for millions of dollars. But that’s only one aspect NFT possesses. NFT-based gaming unveils us more.
At Axes Metaverse NFTs are represented as Heroes, Attributes and Lands.
Players own the NFTs they earn in games and can further exchange them or later sell them when the items reach rarity and become more valuable.
How it works
The games that use cross-platform non-fungible tokens (like Axes Metaverse), make players’ purchased items transferable, exchangeable for cash or other assets and benefits. NFT games allow players to transfer their earnings to another game within the metaverse or exchange it with any other player with cryptocurrency on the marketplace.
In simple terms, NFTs bridge the gap between real and virtual worlds — they help players benefit from playing games both really and virtually. Speaking of Axes Metaverse as an example, you can use the playable NFTs in the game for climbing the leaderboard and getting rewards for that, stake heroes and mine income, or trade NFTs on the Axes Marketplace.
Benefits to players
1. Complete control over your assets. Trade, stake, hodl, or summon new NFTs — it’s all up to you! Choose your own income flow.
2. Security. NFT games provide you with a highly secure Web 3.0 environment thanks to the blockchain technology. Read more about Web 3.0 in our previous article.
3. Transparency. The rarer an NFT, the higher its value. NFT games. Blockchain helps maintain the transparency of digital transactions and demonstrates the rarity of NFT, which leads to an increase in its value.
4. Not just a game but an occupation. Players turned NFT trading or in-game upranking from a hobby into a real profession.
If you are a newcomer to NFT-based games, please read our guide on how to join the Axes Metaverse beta test and open new worlds of gaming and generating income. Good luck and have fun!