NFTs (non-fungible tokens) are the latest craze for cryptocurrency lovers and have taken the art and gaming world by storm. Indeed, “NFT” has been flying around crypto headlines a lot recently following some record-breaking transactions involving millions of dollars.
NFTs are collectible digital assets, which hold value as a form of cryptocurrency. These cryptographic assets sit on the blockchain with unique identification codes and metadata that distinguish them from each other. However, unlike other cryptocurrencies, NFTs are unique, and cannot be traded or exchanged like-for-like, thus the term ‘non-fungible.’
In essence, NFTs are a value-holding investment just like art (disclaimer: high risk!). Instead of getting a physical collector’s item, buyers receive them in a digital file as something unique that can be stored digitally and be seen to hold value. NFT tokens have extra information that makes them unique — and this is the most important characteristic because they hold value through this special feature and it is this characteristic which elevates them above other ordinary tokens. Just like physical art, NFT value is defined by the market demand.
Karen Yap, our Head of Business Development, said: “NFTs are not new. They’ve been around since 2017 when a company called Dapper Labs began selling NFTs in the form of unique digital cat cartoons called CryptoKitties. However, it is the latest digital investment craze to go mainstream. We are delighted therefore to now have our own SkillGaming store on the internet’s largest NFT marketplace for crypto collectables. A lot of our most popular SG characters are already listed, and more will be added over time”.
You can check out the SkillGaming marketplace at: https://opensea.io/activity/skillgaming
The NFT file doesn’t contain the digital file, rather it is like a contract confirming that the owner of the NFT owns the digital file, often with a link to the file itself. Instead of relying on documents to prove that a piece of art is the real deal, the authentication is coded into the NFT file itself.
What differentiates Skillgaming’s NFTs is that over time, some of the premium ones will unlock weapons and upgrades on Skillgaming, along with other advantages, thereby having true utility.
As the Skillgaming universe expands in features and users, certain NFTs will be able to be pitted against each other in certain combat games and even be able to be combined with NFT weapons in order to upgrade their characters and increase their chances to beat the opponent.
For more information on Skillgaming, head on over to www.skillgaming.com and try out XP, Duel, Challenge and War mode on over 100 games. If you are an artist and wish to design NFTs for Skillgaming, please write to email@example.com or if you are a developer and wish to create games for the ecosystem, check out our Developer program on the website.