How Gaming NFTs are Changing the Gaming Economy

NFTs and blockchain are about to transform the gaming sector forever. In this article, we break down the why and the how. But first let’s explain how we got here. NFTs — Non-Fungible Tokens — have taken much of the internet by storm. In 2020, it was an obscure term familiar only to the most entrenched Ethereum enthusiasts. Now, they are a household world and not only that – a buzzword representing tech innovation. Dozens of other major blockchains now support NFTs – from Bitcoin to Binance Smart Chain. NFTs are unique tokens or digital signatures created on a blockchain (decentralized ledger supported by many different computers on the internet). The process done to create an NFT is called “minting” an NFT. NFTs and cryptocurrencies – the other type of token on a blockchain – have one major difference. Cryptocurrencies, like any currency, are fungible – designed to be swapped out or replaced by many others just like it. A $20 bill, a quarter, a gallon of water at the supermarket can be replaced by many others just like it. A non-fungible token is an opposite – it is unique. Something non-fungible in everyday life would be a driver’s license. It might cost someone $400 of time and money to get a driver’s license, but one cannot simply hand someone $400 in return for their driver’s license. You need your own unique version. In the same way, non-fungible tokens operate in the digital real...