Hello everyone. I hope all is well. This post is my submission to Professor @imagen's assignment on NFT games. The question was given as below:
1.) Describe in your own words the main Advantages and Disadvantages (Pros and Cons) of NFT Games in relation to other types of games.
2.) Name five (5) recognized characters: writers, artists, athletes or others, who have digitized their works (writings, publications, paintings, drawings, illustrations, etc.) to produce NFT. Please indicate the value of the NFT or the collection, show photos or images and cite sources.
Choose one of the following games:
3.) Describe in depth the selected game: founders or developers, launch date, objective of the game, operation, native token (price, market capitalization, position), availability in the various operating systems and any other relevant information. Show Screenshots.
4.) Show the complete process to acquire the tokens (it does not necessarily have to be the game selected in the previous question, as long as it is within the supplied list). Indicate the platforms (wallets or exchanges) where it is available; the process for downloading, installing and configuring wallets or networks. Show Screenshots.
Describe in your own words the main Advantages and Disadvantages (Pros and Cons) of NFT Games in relation to other types of games.
NFT, which is an abbreviation for Non-Fungible Token, is a digital asset based on a cryptocurrency blockchain that represents a real physical asset. These forms of tokens are categorized as non-fungible because it is not possible to exchange them for a different or similar token, regardless of whether they are equivalent in monetary value. This framework of NFTs is so because each non-fungible token carries one-of-a-kind features and data that makes them entirely distinguishable from others.
NFTs, as a digital representation of real assets, can be utilized in various fields. They can stand for artwork pieces, music, game collectibles, real estate, and many others. Non-fungible tokens have developed essential use cases among individuals and firms because they get rid of middlemen in the industries and directly connect the sellers of the tokens to the buyers. This makes the transactions highly efficient and eliminates the likelihood of unrealistic price inflation from intermediaries as well as incidences of fraud.
One of the fields under the influence of non-fungible tokens is the video game industry. Unlike the conventional video games where players spend countless hours accomplishing objectives and earning points, as well as collectibles with no real-life value, NFT based games, bring in an innovative style of operation by granting players the opportunity to now earn while playing the respective NFT games through the tokenization of the virtual assets, game characters, and collectibles in the video game.
It must, however, be noted that for the creation and implementation of the non-fungible tokens to be realized, smart contracts would have to be used to design the rules and regulations surrounding the utilization of the tokens. Acquired NFTs can be transferred to others by selling that digital asset in exchange for money. Furthermore, based on the regulations and rules surrounding an NFT video game, a player can lose an acquired NFT. Examples of NFT games include Axie Infinity, Plant VS Undead, Mist, WavesDuck, and many others.
Advantages of NFT Games
One of the merits that NFTs confer to their video games is that players actually have absolute ownership and management over their in-game virtual assets like characters and collectibles. In the traditional gaming system, earned digital assets can only be seen in the games- nothing else. There is no unique identification of the players attached to these achievements and can also be lost should the video game be shut down by the developers. However, with NFT based games, earned assets are transferred to one’s cryptocurrency wallet and stay there even when the developers bring the game to its untimely death. Owners can also trade them for physical cash because it is their property.
NFT gaming also presents an innovative means of earning money and a new form of investment. Ever since the event of the pandemic, most people have lost their jobs and have been in search of new alternatives. The traditional gaming system is quite unattractive to many individuals due to its heavy centralized nature. There have been incidents of other players gaining advantages over others through cheating and other forms of manipulations. Also, the amount of money offered to players sometimes is questionable as players usually feel entitled to more than what they were given. Therefore, their presence of NFT based games provide a trusted and transparent source of income as well as a means of investment to people. Statistics even have it that it is quite popular in developing countries, and it is helping alleviate poverty in some nations.
Another merit is that NFT games function on the blockchain. Hence, this confers a high form of security to these digital assets as they have a well-regarded feature of immutability and absolute transparency. Every item on the blockchain can be verified by every user, and no information of a user’s possession of an asset can be changed for malicious purposes. Ownership of the asset is only transferred when the possessor of the asset sells it to someone else. The uniqueness of assets can be readily verified by the public, and this helps combat the incidence of fraudulent duplication in the NFT ecosystem.
Disadvantages of NFT Games
Since Non Fungible Tokens are based on blockchain, they directly depending on the computing power of machines to mint the NFTs and make records of the assets on the network or blockchain. Most cryptocurrency blockchains have been known for their high power-consuming nature and their dangerous side effects on the environment. Hence, the emergence and integration of NFTs raise critical concern over their sustainability and repercussions on the environment.
Additionally, players can lose their Non-fungible tokens in various ways. Some of the means include scams or the transfer of tokens to the wrong address. When NFTs are sent to wallet addresses that do not support the standard of that particular non-fungible token, the user loses the token. Also, fraudulent individuals can pose as buyers and scam players of their hard-earned digital assets. Moreover, a user can lose an asset to the rules and regulations of the video game.
Another huge demerit of Non-fungible token-based games is that the whole market is based considerably on speculation and is also relatively new. Hence, investors are usually in dilemmas concerning their entry into the market because it is cumbersome to tell if the market can be sustained in the long run or is probably a ticking time bomb.
Name five (5) recognized characters: writers, artists, athletes, or others, who have digitized their works (writings, publications, paintings, drawings, illustrations, etc.) to produce NFT. Please indicate the value of the NFT or the collection, show photos or images, and cite sources.
The founder of Twitter Jack Dorsey sold his first tweet on his platform in the form of a Non-Fungible Token for a huge sum of 2.9 Million Dollars to S. Estavi, the highest bidder for that auction. The tweet in question was posted on Twitter by Jack on 21st March 2006. He sold it in honor of the tweet’s fifteen-year of existence. An Ethereum based blockchain was utilized for the auction.
Steve Aoki, a musician, is among the several artists who have been able to successfully sell an NFT. Steve together with Tudisco Antoni generated a clip that had the music of Aoki and a dancing figure that was blue in color. The NFT sold for slightly over eight hundred and eighty-eight thousand dollars.
Beeple, an artist, compiled his five thousand artwork pieces on one gigantic form and sold it as an NFT through auctioning at a venue known as Christie’s. Beeple labeled this masterpiece “Everydays: The First 5000 Days”. It was sold to the highest bidder at a price of sixty-nine million dollars.
Another Artist known as WhIsBe sold his artwork of a spinning skeleton bear of gold color for a whopping one million dollars. This artwork was a sixteen seconds video clip of the gummy bear spinning around.
A Canadian rapper called Tory Lanez is also among the artist to have entered the NFT market. Tory Lanez sold one million copies of his music album called When It's Dark at a price of one dollar each. One million uniques copies were made available, and they all sold out in a matter of seconds during the release of the album.
Describe in-depth the selected game: founders or developers, launch date, objective of the game, operation, native token (price, market capitalization, position), availability in the various operating systems and any other relevant information.
Built with the Unity software, Mint is an epic RPG game in which players have the chance to battle various monsters in an immersive open-world environment. In the game, there is a variety of playable characters which have the distinct individual dynamics of gameplay. The main characters that players can select include the Witch hunter, a ranger, an enchanter, a shapeshifter, as well as a crusader.
These classes have different fighting mechanics and abilities. The game features player-to-player battles, quests, and raiding. Hence, it is able to cater to various diverse interests of RPG gamers. The game is still under development, and a working beta version of the game will be announced in the third quarter of this year. According to the official website, the game will be initially available on the Steam gaming platform and will be available on various operating systems like Macintosh OS as time progress.
The development team of Mist preferred to stay anonymous due to security reasons, but the main team lead who is called Scythe, according to the official website of Mist, has a rich background in game development. Mist is an NFT game that is based on the Binance Smart Chain blockchain, and it has the reputation of being the first Role Playing Game on the BSC blockchain. The game also features a token called the MIST token. The Mist game, in a way, is primarily centered on three notions: Staking native Mint tokens, Farming, and Non-Fungible Tokens.
The Non-Fungible Tokens can be acquired in Mist in various ways. For one way, the game permits the sales and purchase of these assets through exchange edifices in the games. Also, there are other platforms that are not native to the game but also allow transactions involving the exchanging of such NFTs. Players can also acquire NFTs through some events that take place in the video game as well as unusual drops in the game. Examples of the NFTs for this game include pets, weapons, and many others.
Additionally, the players can gain more rewards by buying virtual lands for farming purposes or even the virtual livestock in the game. Hence, the term “Farming”.
The Staking part involves the commitment of the native Mist token to in-game events like buying a tavern. The investment of the MIST token enables users to gain extra rewards from the staked ones. The tokens can also be used for making transactions inside the game such as the purchase of certain items available on the game’s market.
The MIST token as of the time of writing had a value of nine cents, and a market capitalization of 5.4 million dollars. Its fully diluted Market Cap was around 97 million dollars. MIST has a max supply of one billion tokens, and 56.4 million tokens were in circulation. Its 24 hours trading volume was quite close to two million dollars. MIST also had a rank of number 1202.
Show the complete process to acquire the tokens (it does not necessarily have to be the game selected in the previous question, as long as it is within the supplied list). Indicate the platforms (wallets or exchanges) where it is available; the process for downloading, installing, and configuring wallets or networks.
How to acquire EGG tokens (WavesDuck)
First, we will head straight to the Waves exchange website with the URL: waves.exchange
Once the page loads up, click on the Sign-Up button on the top right corner to create an account.
Accounts on this exchange can be created using three means: email, ledger, or software. Signing up by Ledger requires a ledger device, whereas the software method will demand the private key, seed phrase, or the Keystore file belonging to the respective wallet.
I created an account using an email. The email address of the user and a corresponding password must be entered. Also, the user must tick the agreement box, and finally click the Create Account button.
A code was sent to my email address. I entered the verification code and hit the Enter key.
Once that is done, you can navigate to the home screen of the user account. Click on the Defi tab to locate Decentralized finance tokens.
The EGG token was located among the DeFi assets. EGG can be purchased with a credit card or can be exchanged with other supported cryptocurrencies on the market.
To purchase EGG tokens with a credit card. Click on the Buy with Crypto button. It is the fourth hoverable button at the tail end of the EGG token 24 hours change status.
The amount in USD was entered as 300. Other supported forms of fiat currencies also are available. The respective calculation of EGG tokens was shown based on the current market value. Click on the Buy EGG button.
I was redirected to an external payment page to enter the details of the credit card and finalize the payment. Once that is done, the EGG tokens will be sent to your account.
Users who want to exchange their cryptocurrencies for EGG tokens can also do so. First, click on Deposit and Withdraw button.
Select the preferred cryptocurrency and form of address. In this case, I selected BTC and a Bitcoin legacy address. An address was generated. The amount of BTC from the respective exchange or wallet must be sent to the generated address, and it will be deposited in the wave exchange account of the user.
Next, click on the Exchange button of the EGG token.
This will take the user to the market for EGG tokens. The respective trade pairs can be select, and the user can place an order for the preferred amount of EGG tokens. Once the exchange is successful, the EGG tokens will be sent to the waves exchange account of the user.
The waves address can be connected to the WavesDuck NFT game and used for in-game transactions.
I want to thank Professor @imagen for such an educative lecture. This lesson has broadened my understanding of NFT and the various ways it can be integrated. NFT games do have the potential to uproot the traditional e-sports gaming industry; however, NFT is still in its infancy period. I believe as time progresses, there will be more developments to address its shortcomings and render it more potent. I firmly believe a mass adoption of NFT in the gaming industry is imminent.