By now you’ve likely heard the term NFT but may be wondering what that actually means in more simplistic terms and how something that sounds vaguely like a mushroom is used in gaming.
NFT stands for ‘Non Fungible Token’. If you’re unfamiliar with the term, fungibility is when something can be readily interchanged for another of the same kind. Money is a prime example of something fungible, where a $1 bill is easily convertible into four quarters or ten dimes, etc. Something like a car or a house is considered non-fungible as they are not interchangeable.
With that understanding in place, it’s a bit easier to understand what an NFT is and what it means for you as a gamer!
An NFT (Non Fungible Token) can be summed up as a unique digital identifier that cannot be copied, substituted, or altered. NFT’s typically contain references to digital files such as photos, video, and audio. In our case, the Bitverse NFT’s are unique digital characters that can be used in all of our games. Why use NFTs? These tokens are used to certify authenticity and ownership! If you own an NFT, you possess the exclusive right to transfer or sell it to a new owner.
If you think of that concept as a gamer, it gets a bit exciting: instead of losing items when a game ends or having no say over what happens to a character or item you’ve worked hard on (as is often the case with gaming) you’d instead have true ownership and agency over these unique and unchangeable items. Do you want to sell them? Play with them? Destroy them? The choice is yours!
How is that possible?
Web3 lives on something called the “Blockchain”. Put simply, a blockchain is a type of database. A blockchain stores digital information electronically, which allows for this information to be securely shared without going through a third party.
This wasn’t possible before the invention of blockchain technology and allows for a secure, authentic, and decentralized record of transactions.
One key difference between a typical database and a blockchain is how the data is structured. A blockchain collects information together in groups, known as blocks, that hold sets of information. Blocks have certain storage capacities and, when filled, are closed and linked to the previously filled block, forming a chain of data known as the blockchain.
This data structure inherently makes an irreversible timeline of data when implemented in a decentralized nature! Cool, right? There's a ton of information out there about blockchain technology and NFT’s so if you’d like to dig a little deeper you’ll discover all sorts of wonderful things about this tech and what it can be used for.
If you’d rather get back to GvG and Dungeons, we completely understand! Make sure to check out our guides about creating your digital wallet (needed to buy and store NFTs) and getting started with your very own Bitverse NFT Hero before you go!