NFTs (Non-Fungible Tokens)

NFTs are tokens or pieces of data to represent ownership for a particular thing. We can tokenize things like art, and collectibles (like YouTooz). These items have one official owner and cannot be modified NFT is an abbreviation for Non-Fungible Token. Non Fungible is an internet asset that can be used to describe physical items or files. These things have their own unique properties and cannot be interchangeable within one another. With fungible tokens, they can be exchanged because their value defines them rather than their unique properties. An example of a fungible token is money. It has a value that defines it rather than its properties. NFT internet solves the problems of today’s internet

• NFTs are unique. There cannot be duplicates of NFT
• Every NFT has to have a owner for it for public record
• Content Creators can sell their work anywhere. They can also retain the ownership of their own works

An example of NFT’s are in-game cosmetics like Fortnite’s “The Flash” skin and VALORANT’s “Reaver Vandal”. NFTs also work with domain names, which are specific names for websites. Like google.com is a unique domain name. It is already taken and cannot be copied by another person NFTs are most commonly used for game developers and creators in their digital content realm.

Many game developers are interested in NFTs because they can provide records of ownership for in-game items, allow them to make more money, and bring lots of benefits to the players.

In a lot of regular games you can buy items for you to use in your game. But if that item was an NFT you could restore your money by selling it on when you’re done with the game.

You might even make a profit if that item becomes more desirable (This is similar to Valve’s online gaming platform “Steam”, Epic games’s “Epic Games Store”, and Blizzard’s “Battle.net”)

For game developers – as issuers of the NFT – they could earn a royalty every time an item is re-sold in the open marketplace. This creates a more mutually-beneficial business model where both players and developers earn from the secondary NFT market.

This also means that if a game is no longer maintained by the developers, the items you’ve collected remain yours.

Ultimately the items you grind for in-game can outlive the games themselves. Even if a game is no longer maintained, your items will always be under your control. This means in-game items become digital memory and have a value outside of the game.