The Intersection of NFTs and Fashion – Is Gaming the Perfect Space?
What Are NFTs?
Non-fungible tokens (NFTs) are asset tokens used via blockchain technology. That is the simplest definition of NFT, but they are a bit more complex than that. They are unique, and their code cannot be replicated; they can be used to represent real-world and digital items. They can mean anything from artwork to intellectual property; you can trade them for money, cryptocurrency, or other NFTs.
How Do NFTs Work
Some experts believe NFTs are just a craze that will pass; others think they’re the future of investing. NFTs have enjoyed growth over the last few years, and celebrities and athletes have been hyped using NFTs. NFTs like cryptocurrency are not easy to understand, especially if you are technologically challenged.
1. NFTs have a unique code that identifies, and their codes cannot be duplicated.
2. They hold a value set by the market and can be traded just like real-world assets.
3. You need to have a crypto exchange account if you want to trade NFTs; you also need a crypto wallet to hold all your keys from the transactions. Your wallet must be connected directly to the blockchain if you want to do transactions without third-party involvement.
NFT’s in Gaming and Fashion
NFT can represent natural-world objects like paintings, comics, and even clothing; in the digital space, they can represent in-game assets and audio and digital photos.
Gaming
You can go from playing real money slots in South Africa to playing video games in virtual reality using the same crypto wallet. Video game publishers are making more than £2.3 billion a year from in-game NFT, which is expected to grow. The gaming industry has truly capitalised on the use of NFTs.
The online gambling industry is investigating ways to incorporate NFT in its offerings by developing NFT casino platforms. We never thought that crypto casinos would ever exist, let alone be as successful as they are. But now, there are over 2000 crypto casinos, and most online casinos have crypto as a payment method.
Innovation never stops, and through the integration of AI and blockchain, we now have NFT casinos, or at least the start of what will be NFT casinos. BC Games has started integrating NFTs in the online gambling experience with NFT deposits and Dengen Pass.
Photo: Pixabay
Fashion
Earlier this year, big clothing brands gathered in the Metaverse for the second annual Metaverse Fashion Week. Fashion brands set up booths to display their virtual clothes and other merchandise, and big-name brands like Balenciaga, Adidas, and Coach graced this year’s fashion week.
Fashion NFTs come in many forms; you can own digital garments that you can wear in any digital environment or have a fashion NFT of a real-world item of clothing. Nike and RTFKT recently launched Nike Dunk Genesis Cryptoicks; owners can see these NFT sneakers using Snapchat. There are other initiatives like the NFT marketplace, where designer Rebecca Minkoff has created clothing that you can interact with through your phone camera.
Gucci plans to create an interactive store in The Sandbox where clients can interact with their NFT clothing items. Selfridges recently opened the first NFT department store in Decantraland, where you can browse, shop, and view NFTs.
Benefits of using NFTs in Gaming
1. NFT games give players sovereign ownership of their in-game purchases; players can own assets like coins and build upon collections in their games like never before.
2. Interoperability means that the same NFTs could be used across different games. NFTs are built on blockchain, so they share infrastructure. It means the assets you won in Game A could be used or traded in Game B.
3. There is an opportunity for monetisation; players can trade their game NFTs in the marketplace and earn real money.
Games like Dookey Dash and Loot show how interactive gaming can be with NFTs. We are expecting a lot of developers and publishers to flood the gaming space with NFT games in the next couple of years.
Photo: Pixabay
While NFTs have become popular and soared in price, they have been highly criticised as too volatile and complex. It will take time for people to understand the concept of NFTs outside of the gaming space. The generation gap between Gen Z and the older generations makes it difficult for NFTs, Crypto, and such innovations to become mainstream. Policymakers and politicians are more senior and sceptical about these innovative strides.
From the developer’s side, they need to make the Metaverse more accessible and understandable for everyone. It would also be better to streamline everything within the universe where you know what buys what and what can or can’t be traded.
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