When NFT is beyond “collectible”, what could be the next tipping point?
By a blockchain game of collecting and trading various breeds of cats, Cryptokitties presented NFT (Non-fungible Token) to investors in an innovative way and brought brand new possibilities into Cryptocurrency Market. The optimistic prospect and positive value recognition of NFT has been boosting the vitality of the market. Following the trend, a number of variants with derived gameplay sprang up in the market, making NFT way beyond “collectible”. Cutting-edge topics nowadays are mostly focusing on reusing NFT, bringing fictitious assets on the blockchain and etc.
What is NFT?
NFT (Non — Fungible Token) is a concept compared to FT (Fungible Token). Mostly standardized by ERC20 or TRC20, fungible tokens are divisible into smaller units and the value stay the same. Also, each unit has no value difference between each other and can be exchanged between users as an equivalent.
On the contrast, NFT (Non-Fungible Token) defines a non-divisible and unique interface specification for token interaction and circulation. Most well-known cases at the moment are Cryptokitties, land properties, game equipment etc.
Characteristics of NFT
(1) Value of Assets — Unique
In the blockchain game, fictitious asset can boil down to a unique token — NFT. The essence of the design is to create value of scarcity and uniqueness for users. Stored in blockchain account by encryption, the tokens are safe and reliable with complete ownership to the user himself. With the irreplaceable advantages, NFT can be treated as collectible with a combination of “scarcity”, “practicality” and “beauty”. They can also be used as signs of special rights, such as tokenized digital tickets, copyright of a certain song and etc. They can represent the concepts of real-world goods as well, such as limited edition medals, jewelry with unique design and etc. With the use of NFT, the application range of fictitious assets will expand extensively.
NFT enables people to tokenize anything with value and trace the ownership of related information, thus capturing the correlation between information and value. P2P transactions of fictitious assets stored in the blockchain can also be processed through smart contracts in frictionless environment. All transaction histories can be seen on the blockchain, which assures safety and reliability.
(2) Ownership of Asset -Own the right of control and dispose of assets completely
The key innovation of NFT is that it provides a way to mark the ownership of native digital assets (the assets that exist in or originate from the digital world) that also can exist in centralized server or outside of centralized libraries. Ownership of NFT does not prevent others from viewing it or reading it. NFT does not capture information and hide it, but actually capture information and discover its relationship and value to all other information in the chain.
In games, users owning True Ownership of in-game assets, can trust circulation by smart contracts. Lands, apostles, or cats whatever all can be considered as an kind of asset, stored in the blockchain in the form of ERC721/TRC721 and linked to the user’s own address. As long as the user still retains the private key to the address where the asset is located, then he or she owns the ownership and the right of disposal of the asset. The ownership of assets can be viewed by everyone, openly and transparently.
The Future? It has come.
(1) The Cochain and Reuse of Assets
In theory, NFT can anchor all the things with non — fungible characteristic in reality, which can realize tokenizing the real world, form a digital asset world of value interconnection and information intercommunication.
Due to no interconnection of the traditional game systems, the defeat cost of players is high, and the in-game assets often disappear with the suspension of game server. The cross-application account characteristics of blockchain games enable assets to be reused, greatly increasing the interactivity and gameplay between different games. When games interconnect and link with each other, NFT assets can be transferred to other games or can be reinvented. In fact blockchain itself which can be invoked by developers at any time has thus become a material library, ,and it ushers in a new era of UGC.
(2) The Open Game System that Reshapes Asset Value
We can regard all games in the chain as a huge open game system. Based on this system, the value of assets will be redefined by a diversified consensus standard, and the value measure of assets will no longer be determined by only an application mechanism, but by a more diversified and open evaluation system.
There is a just that try recently in Evolution Land, the Cryptokitties that are introduced into the Land System, could be attached to apostles as pets. A plain-looking cat that may be snubbed in the breeding market, could dramatically increase the productivity of the Land’s miners.
It is just a beginning to connect Cryptokitties for Evolution Land. In the future, Evolution Land will also connect more rich gameplay of NTF, create a like “number one player” game world in blockchain. Evolution Land connecting external NFT, uses Interstellar Asset Coding Standard to unify the coding of external assets, so that these assets can be adaptive to more application scenarios. This is also a demonstration try. In the future, the concept of reuse of assets and open game system will be approved and practiced by more projects, and Interstellar Asset Coding Standard will be used for reference and promotion from the market, and even become the standard universally approved in the industry. This is the trend, is the tide, this trend will inevitably bring blockchain games to a more flexible and more open era.
Just imagine, in this open game system, there are not only the participation of existing blockchain projects such as Evolution Land, but also it attracts more traditional game industry to join the cochain of game asset… Ant forest grows on the land of Evolution Land, every Hippophae rhamnoide planted can be traced back through the blockchain, HyperDragons and Cryptokitties give birth to a cute little DragonCat, more adorable new species will be unlocked; DaJi of Arena of Valor has carried a gun to fight in Winner Winner, Chicken Dinner. The gold earned can be traded, and belongs to you forever…