NFTs in Games: What are They and How Can You Benefit?
Hello Seedify Community,
We spoke recently in an article about how investors use NFTs to purchase plots of virtual land in the metaverse. We also looked into the potential use cases for the land and how investors can profit from land ownership. Today, we will take the same approach, but this time, with other metaverse and in-game assets, and also look into how they harness NFT technology.
NFTs in Games
Gaming NFTs come in various forms, such as in-game items, land, metaverse wearables, personalised assets, skins, and more. Each of these assets has different capabilities and advantages, some being financial and others improving gameplay.
Gaming assets and upgrades are something traditional gamers are more than familiar with. It is commonplace now for players to win in-game items or upgrades for their characters. This often increases their abilities but can also be purely cosmetic. Depending on how advantageous or scarce these upgrades are will inevitably have an impact on their value. This is where NFT technology puts control and financial gain in the hands of the players.
In-game Items
Gaming items used in Web2 games such as weapons, armour, clothes, or even hairstyles, have made their way into blockchain gaming. Players can now purchase these items as NFTs from marketplaces to use in games. However, the metaverse has spawned a whole new design by linking real-world and in-game items.
For example, metaverse wearables can be linked to actual pieces of clothing. Fashion companies such as Gucci, Louis Vuitton, Nike, and Burberry to name a few have all expressed interest in the metaverse, and it will not be long until we are all buying new garments to be worn in the metaverse and on the high street.
This extends even further into other personalised assets such as high-end cars. For instance, if you bought a Ferrari, you could own a 3-D version of that model created by Ferrari and drive it around the metaverse with the same prestige as you would in the real world. These items are all unique to the owner, and using NFT technology can prove ownership of these items in both the metaverse and IRL.
The metaverse will continue to mimic the real world. Like NFTs have digitised art, the metaverse will digitise assets, land, and commercial properties. For instance, you could literally own the Eiffel Tower in the metaverse. Either a carbon copy or a fraction of the Eiffel Tower, making you a property tycoon.
The fractionalisation of metaverse land/property and other in-game assets is something that is difficult to achieve without NFTs. NFTs and smart contracts allow for a trustless and transparent distribution of earnings for owners. This could mean that investors could buy up large plots of land or build virtual office blocks and, when the price appreciates, instead of selling the entire assets, sell just a % of it.
To find out more about the possibilities of metaverse land, please refer to our article: The Endless Opportunities of the Metaverse and Virtual Lands
Other Income from Gaming NFTs
Each NFT has its own unique utilities, benefits, and ways of earning passive income; some examples include the following:
- Renting out NFTs, particularly those with high demand or of high value.
- Staking of NFTs, thanks to Defi protocols, it is possible to stake NFTs, in essence, you lock them away to generate a yield.
- Secondary Sales, both creators and owners can benefit from secondary sales. The creator collects a pre-agreed royalty fee when an NFT is sold on a secondary market.
NFT Marketplaces
We are all well-versed regarding secondary sales of NFTs, and are familiar with marketplaces such as OpenSea and Rarible. There are however more marketplaces, some game specific like Decentraland Marketplace and others focussing only on gaming assets. Another exciting feature soon coming to our ecosystem is The Seedify NFT Space. We aim to make this the go-to marketplace for gaming NFTs with the initial focus being on projects that launch their NFTs using our NFT launchpad.
NFT Launches
Initial NFT Offerings (INOs) are an efficient way of getting your hands on valuable NFTs. They offer investors the opportunity to gain a whitelist spot and purchase at what is usually the lowest price, the mint price. Another advantage for investors is that they can feel comfortable knowing that any projects launching on the Seedify NFT Launchpad will have been carefully evaluated ensuring the quality of each project.
For more information on the Seedify NFT Launchpad and INOs, please refer to Our Guide to INOs and Participation Mechanics.
To participate in INOs on Seedify you can either stake or farm your $SFUND or $SNFTS tokens.
Head to our website to get set up with staking and farming and enter our upcoming INOs.
Useful Links:
A Practical Guide to $SNFTS — The Tokenomics, Staking and How to Claim
Seed Staking FAQ — All you need to know about Seedify’s new feature
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