NFTs are a new type of digital asset and Non-Fungible Tokens. They are a type of crypto token that is unique and cannot be replicated, and also uniquely identified and verified.
NFTs have various uses. They can be used as collectibles, for auction items, or in any other way they will be used.
There are two types of non-fungible tokens, Basic Tokens, and Cosmetic Coins
NFTs are unique, but not identical. A common example would be the cryptocurrency, Bitcoin, which is not the same thing. Some argue that it is the same because the creator of bitcoin used a different name, Satoshi Nakamoto, to describe himself. There is no exact copy of it. The only difference is the fact that the owner of Bitcoin has complete control over it. But there is a lot of differences between basic non-fungible tokens and cosmetic coins. And more specifically concerning game development.
Game developers all want to implement these new monetization models into their projects. So using non-fungible tokens can offer a solution for this very reason. In this article I am going ,to tell you about my own experience on such things.
USES Of NFT:
As we know in our life we need some tokens so it’s called Cryptocurrency. It is like digital currency so people can exchange it for another coin. One of them will be your wallet. To exchange your wallet, you need to buy some Cryptos, or to sell something and to pay with another token. You can do this in our browsers by clicking on the “Basket” link, and then you see an option to buy a Crypto/Token name. For example:
So here you click on the Buy button and see the following image, where you can see the list of cryptocurrencies. Then you click on Change Options, so now you see three options
You can choose from the list of 10 cryptocurrencies. So it’s possible that in case of buying a particular Bitcoin you can buy more Bitcoins than others, and other cryptocurrencies on the market like Ethereum, Litecoin, Zcash, USDT, etc.
So if you sell a character in a video game, he can give a different avatar. If you buy his skin and it comes back, then you get a different physical representation. Those are basic NFT tokens but what it’s the most interesting is their power to connect both worlds. We can build a world where two objects can come together. This is known as Transferable Property Model (TPM).
It consists of 3 parts, Owner Identification (OID), Ownership Rights (OR), and Ownership Time stamp (OT).
The first one is OID. Its basically an identifier.
The second part is OR. It gives rights to the ownership of the object. It is the date when ownership was signed by the developer.
OT is a timestamp, it is sort of transaction related to ownership. It gives us information about who owns a certain blockchain.
It is important that the transfer tokens will be valid at least once on the ledger. Every time you go over the transfer you will find a message saying that you sent back X amount and then again it is the same amount. So, you don’t get the original money, but you have got the money after transferring the transfer tokens. Now let’s take a look at how we can manage these nonfungible tokens.
There are 2 approaches here — Public Ledger and Private Wallet. Let me explain how we achieve this. First, let’s start with the public ledger. This approach involves creating multiple wallets, each one holds a different set of tokens. So one wallet in each country will hold 50% of the total tokens.
How To Create Wallet:
You can create your wallet from the scratch by typing wc and choosing next.
Next, you login to your browser and select Create account
Now open Chrome and type chrome://wallet by pressing enter.
Now press New Wallets.
After selecting Next, give your desired name and your password, and continue the process. That’s it. You can check out the screen given below to verify your name, etc., and click Finish. As soon as your wallet has been created you can add additional wallets. Each one holding 100% token by default. By default it seems that every wallet should contain 1000 tokens. After adding more wallets you can see the number of wallets on the right side of your dashboard.
To add 1 more wallet just drag and tap.
If you want to change the name of the wallet just type the change and you will see many options. At this point you can decide whether you want to keep this wallet for yourself or share it with someone.
When you download a private wallet, it is just a web app. And once installed, it creates a server-side environment on the client side and then makes requests to save data at the node server (Node API) as required.
In case of Node.Js, this architecture can easily be implemented. Just run a command npm start to start a node server on your local machine. From there you will be welcomed to the main page. Click on Add a starter kit. When you reach the end of the setup, there are many options where you can configure it. Type Choose which one you want, after that click Start.
In order to test the application, we need to install third-party node modules.
On windows: An open-source node library for node.js development https://nodejs.org/en/downloads/
On Mac OSX, Open Source Node libraries
So follow those steps like this and it’s done. We will install the packages and install the necessary dependencies on your local computer. Once done, close the terminal and we install our code. On Windows, type the below command, and we will see this page.
node index.js
On Mac OSX, type the command below and you have successfully installed NFT.
node mac
Role of Blockchain:
Since NFTs are based on Blockchain, we can use them to store transactions. Here we can send payments from the sender to the recipient. With a wallet, we can also send payment from receiver to sender.
For example, if you make an insta-buy and you open the wallet and you think that InstaBuy is already sold then you can buy it, and in return you can purchase it.
It’s almost like earning passive income by selling. And it’s also like trading for real estate, trading in stocks, making profits in gaming, making a profit from online betting, etc. This is what NFTs can provide for us humans.
NFTs can be a huge potential area of entertainment. There are few examples in the whole range of industry. Most importantly, in sports.
Like the NFL, NB and A, MLB. The Premier League has announced a partnership with Microsoft and is building a technology that tracks and measures play from across the field. NFTs have massive potential in video games as well. Games where players can collect virtual merchandise based on the sport they play.
NBA 2K21 is currently live and lets fans collect items related to the sport and trade them in and then become champions of the league by competing against each other in customized arenas. Another game, FIFA 21, allows gamers to collect football cards, trophies. Footballers can compete against each other collecting points and goals.
If you are interested in playing soccer with friends or family and wearing special outfits of your favourite team, then sign up through their accounts.
That’s my introduction on NFTs and I hope to make more in the coming days. Will discuss it in detail in another post. Stay tuned for more updates coming Soon.
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