Since the start of the pandemic, people have embraced virtual lives. Video games have been major beneficiaries of this shift, particularly online games where people visit to spend time and have fun. These games, many of which are free to play, make money by enabling players to purchase extra in-game virtual assets such as \u201cskins\u201d (costumes for their avatar) or upgrade specific powers or experiences.Many in-game purchases are temporary or are attained through winning several challenges to create scarcity and increase their perceived value. For the most part, the players that buy them don\u2019t legally own them.Another problem with online games is that they remain largely centralized. This centralization is significantly vulnerable to both attacks and outages. DDOS attacks are a common occurrence for the centralized server structure of these games. For example, Blizzard Entertainment, the creator of \u201cWorld of Warcraft,\u201d was the target of such attacks in recent days.NFTs, therefore, seem to be a natural fit as expressed by CITI ventures in their opinion report. A successful example is a virtual soccer trading-card game that recently raised $50 MM in a Series A round. There are also a few companies focused on developing the gaming NFT space.Just like in the real world, no two assets can exhibit similar characteristics or value, similarly, each tokenized asset (NFT) on the blockchain has unique characteristics. Since these digital assets are distinguishable from each other, they are not interchangeable and so are referred to as non-fungible tokens. Just like real assets that have a certificate of ownership, NFT tokens maintain ownership records and proof of authenticity on the blockchain.In the past, NFT collectables value was majorly driven by speculation and what someone else is willing to pay for it. Therefore, demand drives the price rather than fundamental, technical, or economic indicators, which typically\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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