Blockchain Games: NFTs as an Integral Part of In-Game Tokenomics

By April 4, 2021DApps
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As digital artists onboard blockchain technologies in order to sell NFTs, we can expect to see a major shift in the video gaming industry as well.

Just four years ago, Jamie Dimon, the head of one of the world’s largest banks, JP Morgan, called bitcoin (BTC) a fraud. In the current year, JP Morgan’s top executives call for involvement in cryptocurrencies.

At the same time, their financial analysts project bitcoin to rise above $100,000 and supplant gold as a real asset hedging against inflation. Needless to say, the past year has been tremendous for bitcoin.

Bitcoin (BTC) price over one year: TradingView

As the mainstreamer of blockchain technology reaching over one trillion market cap, bitcoin opened the entryway to the entire ecosystem. Meanwhile, ethereum’s (ETH) blockchain has one big advantage — programmability in the form of smart contracts.

These computational pieces of code auto-execute on the Ethereum blockchain, making it possible to create:

  • automated market makers (AMMs);

  • decentralized exchanges (DEXs);

  • yield farming — earning interest rates based on stakes in liquidity pools within AMMs.

Altogether, the decentralized finance sector currently holds over $40 billion locked-in assets. This accounts for two major forces popularizing blockchain technology — bitcoin and DeFi dApps.

A third major blockchain driver has also seen deep market penetration in the last year — non-fungible tokens (NFT). These are digital collectibles from a variety of sources, minted by smart contracts on NFT marketplaces as unique, incorruptible, and traceable.

22 million people tuned in for the final moments of @Beeple's historic sale this morning, which totaled $69.3 million. Relive it from the artist's POV in this link! #beeple #digitalart #digitalartist #artist #art #thefirst5000days #nft

In fact, NFTs might be more important to mainstream blockchain than DeFi protocols emulating banking products and services. The latter can be quite a boring subject, but when popular artists like Beeple sell a single NFT for $69 million, the power of such sensationalism cannot be overstated.

Just four years […]

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