Man, NFT’s craze isn’t stopping any time soon, is it? Maybe you don’t care about the weirder side of crypto and just want to play some Big Santa or PayDirt. But there are already NFT based slot games and they might be the next step in the evolution of pokies. So, let’s see if they are just a fad or are they going to become a permanent fixture in our daily lives? And the final question is posed: How are NFTs going to change the world? Let’s find out!
What Even Is an NFT?
So NFT stands for non-fungible token. The non-fungible part means it’s one of a kind, unique thanks to blockchain technology. And the token part stands for it being a token on a blockchain network (mostly the Ethereum network). So, you can buy a jpg or gif from your favorite creator and if it hasn’t been sold before, you got it! Ever wanted to own Lebron’s dunk, well through the magic of the internet (and NBA Top Shot) you can! That will be $535,000, please. Quite steep, but what can you do with it? Well…
If you are an artist you can finally start making some real money from your digital artwork. On average NFTs sell for a couple of thousand of dollars and some NFT went as high as $66 million. If you’re a buyer the most you can do is brag and maybe display it on your LCD screen. But if you are a quite sophisticated art collector you can hold and wait for the right moment to sell.
So it’s like modern art. Well for now, yeah? Jacked up prices in a speculative market. But it doesn’t have to be. The modern art scene is a small number of very rich people. But the NFT scene is already much larger (not so well off people included) and has a lot of room for growth. How? Where? Who? Let’s see below.
Coinbase Jumps In
Now CoineBase, the biggest cryptocurrency exchange platform, has jumped into the NFT business. This is no surprise as they reportedly own a minority stake in Opensea – the current biggest NFT marketplace. But, they don’t want to just compete on the market, they want to expand and make the market more accessible. Things have to be instant, like our signup process and instant withdrawals.
To explain that, let’s see what the Opensea user interface looks like. First glance and you see it’s like early 2000’s eBay. Perfectly fine, but you aren’t going to see your aunt Jemima browsing it. But, the thing that CoinBase is proposing is an Instagram-like interface and you’re browsing NFT Instagram posts. That’s probably more to your aunt Jemima’s (and everybody else) liking, for sure.
Silicon Valley giants are flocking to the metaverse and are investing mightily and some are even rebranding themselves around it. But, what does that mean for NFTs? Well, the Metaverse is built on NFTs. Traditional, VR (Virtual Reality) and ER (Enhanced Reality) games (All NFT’s) are underlying and further building the Metaverse.
People can even earn a living (Vietnam) playing NFT games. They do this by gaining points (which can be converted into Cryptos) or selling gaming items on an NFT marketplace. You can even buy land in it through Decentraland and be amongst the first settlers in this brave new world.
So, this shows that online games and cryptos aren’t just the future, they are the now. But, maybe wait up a bit on the VR slots because nothing is for certain. Well, except for one thing. And that’s that you can always make a crypto deposit (in, let’s say, Litecoin wink, wink) and play some good old Bubble Bubble 3.