Video games and NFT – how industry can make use of them ?

Maciej Zieliński

28 Apr 2021
Video games and NFT – how industry can make use of them ?

You have probably already heard about them - during last month NFTs were discussed all over the world. Entertainment industry seems to be their natural environment. Yet how can video games make use of NFT? 

NFT stands for Non Fungible Tokens. But what does it mean? Among various blockchain token types we differentiate between fungible and non-fungible tokens. 

Examples of the first kind are Bitcoin or Ether. Fungible means that a single token is indistinguishable from others in the same ecosystem. Just like in regular currency. Thanks to that they can be used for payment transactions. NFT’s non-fungibility means that each and every token in the system is unique. NFTs don’t have a standard value and often do not allow for an equal exchange (NFT for NFT). Each token represents unique information of ownership or identity.  

In blockchain world, NFTs are cryptographic assets that represent an unique or rare digital or real item. Sounds familiar? 

NFT in video games

Game industry is a powerful branch fueled by its consumer’s passion. When gamers launch their favorite title, they immerse themselves in a new, alternative world. A quick look on the most popular games of the last decade, like League of Legends, Fortnite or Counter Strike, is enough to see how modern gamers care about their characters, skins, and other items. They treat them as an extension of their creative self. What’s important: how much are they willing to pay for these.

The will to build a collection of unique items is nothing new. The video games showed us how far beyond the real world this phenomena can reach. But do the purchased items really become their property? Do these items differ somehow from the ones possessed by others, are they really rare? Often the answer is not so simple. During last few months, NFTs showed us that they may change that.

NFT games
"NFT" Search Frequency. Source: Google Trends

Did video games kickstart the NFT?

The first and most popular NFT standard is ERC-721. It’s first commercial use was a video game, CryptoKitties, that allows the players to buy, collect, and sell virtual kitties. Since the game’s debut in 2017, Dapper Labbs made over 40 million USD off of it. 

It seems like collectible games are the perfect environment for NFT. They allow the players to buy unique items, and to keep full ownership of the purchased assets. That’s why we have seen a rapid growth of projects of such type during the last year.

The effect of NBA and aforementioned Dapper Labbs’ collaboration - NBA Top shot - is a great example. On this platform, basketball fans can buy and sell video clips - “moments” from last season’s games that are blockchain NFTs. CryptoSlam estimates that up to this date total value of all transactions at NBA Top shot reached over 370 millions USD. 

Multiplayer games

NFT’s potential reaches far beyond only collectible games. Let’s take for example multiplayer games like aforementioned LOL or Fortnite. Possessed skins and champions are of great importance to the players. NFT allows the buyers to claim ownership over unique digital products. What if it was implemented for rare and difficult to obtain game items? What if also in these cases the players had ownership rights? The same could be applied for limited editions of character skins.

Potential use of NFT in video games:

  • Championship cards and titles
  • Limited items granted for participation in events.
  • Game codes 
  • Rare weapon, items, or characters skins
  • Commemorative recordings of the most interesting moments from e-Sport.
  • Subscription tokens

Video games and tokens- summary

Last year’s experience show that even the biggest video games companies are not afraid to stray from the trail and introduce innovations. NFT can become one of them. Obviously a wider use is only a song of the future, but all signs point to it happening quicker that we may anticipate. 


Do you want to know how NFT would work in your project? Consult our experts at Nextrope for free. Contact us at contact@nextrope.com.

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Nextrope Partners with Hacken to Enhance Blockchain Security

Miłosz

21 Nov 2024
Nextrope Partners with Hacken to Enhance Blockchain Security

Nextrope announces a strategic partnership with Hacken, a renowned blockchain security auditor. It marks a significant step in delivering reliable decentralized solutions. After several successful collaborations resulting in flawless smart contract audits, the alliance solidifies the synergy between Nextrope's innovative blockchain development and Hacken's top-tier security auditing services. Together, we aim to set new benchmarks, ensuring that security is an integral part of blockchain technology.

Strengthening Blockchain Security

The partnership aims to fortify the security protocols within blockchain ecosystems. By integrating Hacken's comprehensive security audits with Nextrope's cutting-edge blockchain solutions, we are poised to offer unparalleled security features in our projects.

"Blockchain security should never be an afterthought"

"Our partnership with Hacken underscores our dedication to embedding security at the core of our blockchain solutions. Together, we're building a safer future for the industry."

said Mateusz Mach, CEO of Nextrope

About Nextrope

Nextrope is a forward-thinking blockchain development house specializing in creating innovative solutions for businesses worldwide. With a team of experienced developers and blockchain experts, Nextrope delivers high-quality, scalable, and secure blockchain applications tailored to meet the unique needs of each client.

About Hacken

Hacken is a leading blockchain security auditor known for its rigorous smart contract audits and security assessments. With a mission to make the industry safer, Hacken provides complex security services that help companies identify and mitigate vulnerabilities in their applications.

Looking Ahead

As a joint mission, both Nextrope and Hacken are committed to continuous innovation. We look forward to the exciting opportunities this partnership will bring and are eager to implement a more secure blockchain environment for all.

For more information, please contact:

Nextrope

Hacken

Join us on our journey to deliver top-notch blockchain tech and a safer future for the industry!

Nextrope as Sponsor at ETH Warsaw 2024: Highlights

Miłosz

04 Oct 2024
Nextrope as Sponsor at ETH Warsaw 2024: Highlights

ETH Warsaw has established itself as a significant event in the Web3 space, gathering developers, entrepreneurs, and investors in the heart of Poland’s capital each year. The 2024 edition was filled with builders and leaders united in advancing decentralized technologies.

Leading Event of Warsaw Blockchain Week

As a blend of conference and hackathon, ETH Warsaw aims to push the boundaries of innovation. For companies and individuals eager to shape the future of tech, the premier summit during Warsaw Blockchain Week offers a unique platform to connect and collaborate.

Major Milestones in Previous Editions

  • Over 1,000 participants attended the forum
  • 222 hackers competed, showcasing groundbreaking technical skills
  • $119,920 in bounties was awarded to boost promising solution development

Key Themes at ETH Warsaw 2024

This year’s discussions were centered around shaping the adoption of blockchain. To emphasize that future implementation requires a wide range of voices, perspectives, and understanding, ETH Warsaw 2024 encouraged participation from individuals of all backgrounds. As the industry stands on the cusp of a potential bull market, building resilient products brings substantial impact. Participants mutually raised an inhibitor posed by poor architecture or suspicious practices.

Infrastructure and Scalability

  • Layer 2 (L2) solutions
  • Zero-Knowledge Proofs (ZKPs)
  • Future of Account Abstraction in Decentralized Applications (DApps)
  • Advancements in Blockchain Interoperability
  • Integration of Artificial Intelligence (AI) and Machine Learning Models (MLMs) with on-chain data

Responsibility

With the premise of robust blockchain systems, we delved into topics such as privacy, advanced security protocols, and white-hacking as essential tools for maintaining trust. Discussions also included consensus mechanisms and their role in the entire infrastructure, beginning with transparent Decentralized Autonomous Organizations (DAOs).

Legal Policies

The track on financial freedom led to the transformative potential of decentralized finance (DeFi). We tackled the challenges and opportunities of blockchain products within a rapidly evolving regulatory landscape.

Mass Adoption

Conversations surrounding accessible platforms underscored the need to simplify onboarding for new users, ultimately crafting solutions that appeal to mainstream audiences. Contributors explored ways to improve user experience (UX), enhance community management, and support Web3 startups.

ETH Legal, co-organized with PKO BP and several leading law firms, studied the implementation of the MiCA guidelines starting next year and affecting the market. It aimed to dissect the complex policies that govern digital assets.

Currently, founders navigate a patchwork of regulations that vary by jurisdiction. There is a clear need for structured protocols that ensure consumer protection and market integrity while attracting more users. Legal experts broke down the implications of existing and anticipated changes on decentralized finance (DeFi), non-fungible tokens (NFTs), business logic, and other emerging technologies.

The importance of ETH Legal extended beyond theoretical discussions. It served as a vital forum for stakeholders to connect and share insights. Thanks to input from renowned experts in the field, attendees left with a deeper understanding of the challenges ahead.

Warsaw Blockchain Week: Nextrope’s Engagement

The Warsaw Blockchain Week 2024 ensured a wide range of activities, with a packed schedule of conferences, hackathons, and networking opportunities. Nextrope actively engaged in several side events throughout the week and recognized the immense potential to foster connections.

Side Events Attended by Nextrope

  • Elympics on TON
  • Aleph Zero Opening Party
  • Cookie3 x NOKS x TON Syndicate
  • Solana House

Nextrope’s Contribution to ETH Warsaw 2024

At ETH Warsaw 2024, Nextrope proudly positioned itself as a Pond Sponsor of the conference and hackathon, reflecting the event's mission. Following a strong track record of partnerships with large financial institutions and startups, we seized the opportunity to share our reflections with the community.

Together, we continue to innovate toward a more decentralized and inclusive future. By actively participating in open conversations about regulatory and technological advancements, Nextrope solidifies its role as an exemplar of dedication, forward-thinking, and technological resources.