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What would tech be like without applying it to gaming? An industry that generates billions of dollars per year and seeks to entertain all audiences. A new way of growing its economy has been found through the development of games but also unique digital pieces or NFTs.

What is an NFT?

The easiest way to understand an NFT is a digital property with a certificate and grants rights to whomever buys it, additionally it uses Blockchain technology, that supports the privacy and security of that digital property.

What is most interesting about this digital product is its value, given that it doesn’t depend on any production cost but what people are willing to pay for it, for the demand of the collectible piece.

NFTs can be compared to the way that art is currently sold, it does not have an established price, but an estimated price and it changes based on the interest on the artist and the piece.

How are NFTs applied to gaming?  

The model has been set for a couple of years in different consoles and is called “play to win”, these are products that are accessories for the videogame, skins and customizations.

The way it works now days is that instead of having coins for each videogame, trade and earnings take place in cryptocurrencies, thanks to that this currency can be earned or exchanged for new things.

As a matter of fact, videogame development companies such as Electronic Arts or Ubisoft that have mentioned in their yearly conferences the desire to experiment and implement NFTs for their games.

What are the pros and cons of using NFTs in gaming?

One of the main advantages is that NFTs bring to the gaming industry and all other sorts of art industries the option of a new revenue beyond the traditional sales of each sector, this applies mainly to freelance developers that could have their development as a full-time job.  

For companies it introduces an innovation that coupled with other tech tools such as the metaverse, could become a new experience for the users.

Even though cryptocurrencies are a new topic and can seem volatile, it is sought that as time goes by it has a safer market regulation method.