You have probably seen NFTs mentioned a lot in the press but are wondering what they are. An NFT is a Non-Fungible Token, an electronic token with a unique identification number (thanks to a blockchain). Two NFTs are distinct as long as they have different serial numbers, even if they tokenize the exact item (for example, the same gif). Imagine that each NFT is a tiny data box containing a smart contract and some code. The package for Art NFTs includes a hyperlink leading to an image’s URL. The JPEG is not in the box; only the link is. What, then, is the purpose of owning an NFT?
There is actual physical scarcity on the planet. There is only one original Mona Lisa, but reproductions of the painting are available to everyone. Any media can be endlessly replicated on the internet, allowing everyone to share in the delight of the shared experience. NFTs are a means to give digital commodities a sense of scarcity and establish online exclusivity.
Game studios quickly saw the potential benefits that NFTs could bring them and their gaming communities. They would give gamers a way to own part of their favorite gaming ecosystems – players would be able to hold objects in the virtual worlds such as land, houses, buildings, paintings, weapons, spacecraft, etc. Players could also own unique NFT characters, each with its unique traits. Players would also potentially be able to profit if their NFTs went up in value.
This restriction presented an opportunity for innovation in the blockchain and gaming industries, according to the DEEPSPACE (DPS) team on the BNB Smart Chain blockchain. Their group of developers, technical architects, blockchain architects, concept artists, and designers has been constructing a blockchain-based game with player-upgradable NFTs for the past 18 months. The DEEPSPACE world is enormous (over 3 billion units). There are four different kinds of starships and seven unique worlds. Every spaceship is an upgradeable NFT. For instance, you can purchase the upgrades for your fighter using DEEPSPACE’s native token, DPS, if you wish it to have superior offensive skills. The same applies if you want a miner with higher shields or a fighter with faster speed.
How did they achieve this? The technical solution is highly complex and requires sophisticated blockchain contract work and complex on-chain/off-chain coding and integration. For players, upgrading is as simple as going to the project’s Galactic Resource Exchange, buying the resources required for the upgrade then performing the promotion in the Shipyard.
Players can utilize their Smart NFT spaceship in-game to mine asteroids and planets for materials (that can be traded on the Galactic Resource Exchange or used to enhance a player’s existing ships), explore the game’s vast space and its distinctive seven planets, and interact with other players. Future updates will increase the functionality of the Smart NFTs by adding combat, racing, and other features to the game. To distinguish them from more conventional NFTs that cannot be upgraded, the DEEPSPACE team refers to its NFTs as Smart NFTs.
Expect other game studios to follow suit. NFTs open new possibilities for studios and gamers alike. Those that bring innovation to technology could well be the gaming stars of the future.