NFTs are a new technology taking the world by storm. They are disrupting numerous fields, from art and sports collectables to real estate and gaming.
In viewing the excitement around NFTs, the good, the bad, and the ugly are visible. No doubt, there is a lot of hype and lofty valuations surrounding generative character projects, whether in pixel or ape format. If one observes this, they tend to either get the FOMO and make a risky investment or dismiss NFTs with the "it's just a JPEG" thought.
As an investor, it is sometimes wise to step back and observe what is happening from a scientific point of view. American scientist and futurist Roy Charles Amara (1925-2007) marked the implementation of new technology. This has been called Amara's Law. He said:
"We tend to overestimate the effect of a technology in the short run and underestimate the effect in the long run."
They first appeared as a fad in 2017 with a pixel art CryptoPunks giveaway and a Crypto Kitties video game that gained short term popularity. Then when the cryptocurrency bear market started in 2018, NFTs continued to develop but very quietly. In March 2021, the subject of NFTs again exploded, with numerous artists making massive waves. From Beeple ($69 million) to Fewocious ($2 million) selling their art at a Christie's auction to individual artists selling on OpenSea, unless you're living under a rock, you've heard of NFTs thanks to them.
And legacy players have been catching on about NFTs, from CNN and FoxNews and Fortune in the mainstream media to Coca Cola and Budweiser in the beverage industry. GameStop has also announced the launch of their own NFT project.
On top of that, we live in an ever-growing digital world. The COVID-19 pandemic has served to speed up a process that was already well underway. It only makes that blockchain and NFTs are going to disrupt more and more fields.
And the most logical next stop is none other than gaming. Gaming itself was already growing before COVID. One analysis projected a 12.9% annual growth rate every year from 2020 through 2027. After COVID, this exploded. Per one report in 2020, the industry saw a growth of 23.1%. This same report noted the growing popularity of eSports tournaments and the growing influence of social media in gaming.
Blockchain technology and NFTs are seeing massive growth. And they are perfect for joining this field. Here are three major solutions to problems of the legacy gaming industry:
NFTs allow users to purchase or earn, and then own their in-game assets. This prevents the issue of account theft.
Users could even port them across different games, generating new avenues of value for the sector.
Decentralization, a growing business trend, could help smaller developers take control of the small handful of big gaming giants that have dominated the space.
Decentralisation brings GoFungibles into the picture - a brand new project with an ecosystem that combines NFTs, gaming and play-to-earn economic incentives, creating an immersive gamified NFT experience.
GoFungible's competitive mobile runner game features an addictively fun game with high-end graphics, smooth gameplay, and NFT digital assets. With a play-to-earn mode, users can win NFTs. They can also use NFTs purchased in the GoFungibles NFT marketplace. These can also be traded and sold in the marketplace.
Users can play a single-player version and compete against others in the multiplayer mode that can earn rewards, including cryptocurrency and NFTs. The game is being developed by the GoFungibles team, but it's beta version is available to play exclusively within its community on Telegram.
Come for the Fun, Stay for the Earnings
GoFungibles seeks to attract gamers from around the world with its fun and addictive gaming experience. But by entering the play-to-earn element aims to keep them and keep them happy.
The entire GoFungibles ecosystem will be powered by its currency called $GFTS.
$GFTS is a utility token as well as the governance token of the GoFungible ecosystem. This means that it can be used to buy valuable elements such as skins and character attributes. It also means that holders of $GFTS tokens will have voting rights on platform changes, community proposals, and creator white-listings.
Updates soon include giving holders of $GFTS tokens passive income incentives through staking and yield farming.
When launched, the $GFTS token will be available for purchase from various crypto exchanges. It can also be earned from within the mobile game when the user converts in-game currency to $GFTS.
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