NFTs are more than just collectibles! Create, sell, trade and use NFT assets in games across Wodo’s blockchain gaming system!
Non fungible tokens or NFTs have been all the rage in blockchain and cryptocurrency circles. These kitschy digital art assets have been bought and sold at eye watering prices. But what are they and how can you get your hands on one?
Breaking it down…
An NFT is a non-fungible token. A non-interchangeable unit of data stored on a blockchain that can be sold and traded. First created in 2014, but have been experiencing somewhat of a resurgence since 2020 in popularity and value.
Some NFTs have broken auction records, Everydays: The First 5000 Days selling for over $60 million! NFTs are typically associated with digital photo, video and audio files, thanks to the unique blockchain code associated with each digital artwork, the original files are highly prized. They’re a bit like a modern collectors item.
The blockchain code should not be confused with cryptocurrency tokens. Blockchain is the technology and the code behind the token and the stream of code is part of what makes NFTs unique. It’s all part of the mystique and part of the value. Blockchain programming is what allows the NFTs authentication and the storage of assets in the user’s ledger hardware wallet.
How Can I Get into Buying and Selling NFTs?
You might be tempted to get in on the action — good for you! Casual trading is definitely a whole other world, with a variety of platforms and systems you can safely dip your toes in. But, as with cryptocurrency markets, there is definitely a need to be cautious and do you research before you jump in completely!
Owning an NFT can be a bit of a murky affair. Making sure you have a solid understanding of the NFT markets, valuation and the chain of ownership is key to being successful on the market. There’s a lot of accredited training courses and information out there that can help you educate yourself and make informed decisions with your hard earned cash.
Creating a checklist for the certificate of authenticity and other digital certificates are essential safeguarding steps. Additionally, a value check of the crypto exchange should be actioned before entering into any agreement to buy and sell or trade assets. You’d check out the specs before making a real-world purchase, why behave differently when it comes to blockchain economics?
Safety First!
An NFT ledger (where the ownership rights are held), provides a digital certificate of authenticity or proof of ownership. This certificate behind the image or file is really what traders are bidding and paying for. And where the overall clout lies. Fact checking this information is paramount in any sale, trade or purchase.
Because it’s a digital asset, the legal rights of an NFT aren’t always clear. Owning an NFT doesn’t give you rights to the copyright of an image, video or audio file. This is important to understand, especially in light of some popular images being minted as NFTs. The creator of the image, audio or video is still the original owner and therefore, owns the content’s copyright.
The issue of copyright is important because owning an NFT image doesn’t stop or give you the right to stop these files being shared, used, traded or copied online. This can be to your advantage or disadvantage. Using secure trading systems like Nifty Gateway, where you can securely assess, trade, sell and store is the best way to stay safe online!
Some NFTs are designed so that with each trade or sale the owner earns a percentage of the transaction, but this is not a universal NFT feature. While others might decline in value the more they’re shared visually. This is really up to the fluctuations in the market, which like any market is prone to the push-pull of supply and demand.
How Are NFTs Made?
Are graphic designers and digital artists just out there constantly making NFTs?
Not really. Although many artists are now able to mint their work as NFTs and earn revenue from the movement of the assets across the wider blockchain market. Many see this as one of the ways in which Web 3.0 is helping to move things forward and decentralize the modern art world. If anyone can mown pieces of high quality digital artwork, they see this as a step on the way to the goals of universal digital interoperability and accessibility.
NFTs are made when blockchains string together a cryptographic hash that is linked to a piece of digital art. For the non-crypto kids out there, digital art is made and then connected via code to the data that identifies the blockchain. The hash of the previous code is included in each transaction, meaning with each trade or purchase, the blockchain code changes slightly.
Each piece of the blockchain has a unique set of characters that flow together to form the chain, and allow the user to identify the source, letting you validate its authenticity. It’s essentially a digital signature chain that tracks the digital ownership of the NFT asset and certifies ownership when selling or trading.
Payment for assets is typically done using cryptocurrency tokens. A tool like Ledger Live will help you store your digital assets safely and securely. Making sure you use reputable tools is one of the best ways to ensure your digital currency tokens are safe.
To really accelerate in the wider blockchain ecosystem, some understanding of the programming languages, like that used by ethereum blockchain is recommended. Understanding concepts like the crypto hash and how the previous block can be combined into a single hash will help you spot scammers easily. In such a dynamic market it’s important to stay on your toes!
How Can NFTs Be Used In Gaming?
NFTs and the games industry should go hand in hand. But video games as they are at present, typically only work with a specific operating system. This can be a problem for sharing and using NFT assets in games.
An NFT game with basic trading and selling also doesn’t sound too exciting!
Wodo Gaming Solutions have been hard at work designing an interoperable platform and blockchain gaming ecosystem. The wider platform is driven by the idea that the Metaverse should be universally accessible, interoperable and truly democratic. The dedication to these core Web 3.0 beliefs have been the driving force behind Wodo’s offerings.
The Wodo Network features the Wodo Game Store, the Game Hub, the Marketplace and the Wodo Incubation Pad.
The Wodo Game Store will feature blockchain games of all shapes and sizes, allowing seamless integration of cryptocurrency and blockchain assets. Uploading, sharing and buying games across the Game Store is possible through the use of integrated APIs and SDKs across the Wodo Network. These tools are designed for game developers to be able to effortlessly upload their games and instantly start earning.
The Game Hub is the community arm of Wodo. This is where games can be reviewed, shared and commented on by the wider Wodo community. Having an active community space is key for the development and growth of the platform and provides a unique platform for game designers and studios to connect directly with their target audience.
Effective use of the Game Hub can help to drive gamers to your unique blockchain game. Promote tournaments, challenges and more!
The Marketplace is where in-game assets like NFT weapons, skins and more can be bought, sold and traded securely. The local Wodolet can store your tokens and assets for use across the platform, including during gameplay. Designers can upload their NFT designs to the Marketplace and earn as they are used, sold and traded in games or across the platform.
The Wodolet is designed to support popular cryptocurrency tokens and the local Wodo XWGT Token.
Explore how you can integrate your designs across the Wodo Network today!
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