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Non-fungible tokens have taken the digital world by storm. For example, Nyan Cat — an animated flying cat with a Pop-Tarts body leaving a rainbow trail — sold for $580K, while Mike Winkelmann’s NFT-based artwork “Everydays: the First 5000 Days” auctioned for a whopping $69 million. Think you know much about NFT? You may be just scratching the surface.
Owning an NFT is without a doubt beneficial for those who treasure authenticity and distinctiveness. But did you know that plenty of gaming developers are hitting the scene with NFT play-to-earn games that give you a chance to turn your gaming skills into crypto? In fact, there’s even a gaming company that recently raised $60 million just for its NFT gaming platform.
Still, don’t just jump into something like NFT without understanding how it works. If you’re intrigued by the concept of having your assets grow by start playing these games and want to learn more about NFTs in general, here’s an overview of the current state of NFT gaming.
When something is fungible, it can be freely interchanged with an item of the same type. For example, a dollar is a fungible asset. If you and a friend trade a dollar, then no value is lost; it’s an equal exchange. When you pay for your coffee in the morning, you don’t care if you give the cashier the dollar in your wallet or the dollar in your pocket. The individual bill in question makes no difference. Dollars and other fungible goods are completely interchangeable with goods of the same type.