Evolution and growth of blockchain technology (Case: NFT Projects)

Greetings dear readers, today I wanted to share a very interesting topic about the world of cryptocurrencies, and it is that understanding that the blockchain is always evolving, and that within the progress that has been generated in recent years the emergence of NFT games happened to make the most notorious advance, with this entry I pursue to evoke some considerations implicit in NFT games.

The first thing to bear in mind is that unlike classic or traditional games, NFT games are a form of cryptocurrency and are therefore traded on the crypto market under the representation of non-fungible tokens, in other words, they constitute a unique and interchangeable value.

Given that the NFT Games constitute a unique and interchangeable value, it should be taken into account that the pieces of these digital games have been generating acceptance in millions of people on a global scale, because this modality is linked to the blockchain, an element that gives volatility to the market and the possibility of capitalising resources in a short time, but at the same time the danger of losing the economic resources invested, which is why it is important to take into account the following elements:

By investing in NFT games we are participating in potential markets that are currently capitalising on millions of dollars simply by being a cryptocurrency sensation.

There is a real possibility of capitalising on economic resources by playing these NFT games, because by participating you enter potential markets with millions of players and investors.

It is possible to participate by making modest investments, primarily because NFT games offer options to suit investment capabilities in multiple ranges.

Play directly via the web or from our Android devices, an element that saves us the need to buy licenses to play, this being one of the most notable differences between NFT games and other types of games.

Directly manage our tokens and wallets, a fact that provides us with the security and mobility of our achievements and economic resources.

Play from the comfort of our homes under the play-to-earn modality, and capitalise on tokens that we can accumulate to later trade in the different cycles of the cryptocurrency market.

The very volatility of the crypto market, and the intensity of NFT token exchanges, increases the risk of losing the capital invested when buying game pieces or tokens.

The conditions of the decentralised model offered by the blockchain increase the likelihood of SCAM-type NFT games, so it is recommended that before investing you first carry out a thorough investigation in order to avoid falling victim to totally fraudulent NFT projects.

A high percentage of NFT games run on the Ethereum network, which increases the operating costs of these games, as high fees must be paid to play and exchange tokens (GAS - Ethereum).

Risks of entering into NFT games with poor technological development and low scalability, elements that undoubtedly interfere in being able to meet the goals established within these games.

The most disadvantageous element of NFT games in contrast to other types of games is that, as NFT games are decentralised and immutable, these two parameters mean that these games belong to everyone and at the same time to no one, i.e. the guarantee element is ephemeral, therefore, the risk of losing time, effort and economic resources is high.

There is a lot of smugness about NFT projects, but nevertheless, there are cases like the American Mike Winkelmann, better known by his pseudonym Beeple, is the author of the NFT image entitled: "Everydays. The first 5.000 days" that has been catalogued as the first work of digital art of the history designed under the model of not fungible token, this artistic piece coast of several images that follow a pattern of collage, and was sold at the beginning of the year 2021 by means of the scheme of auction for 69.346.250 dollars.

Another emblematic case was that of flamboyant director and producer Justin Roiland, known for creating the popular US animated TV series Rick and Morty, who is also credited with creating a collection of 16 digital works under the NFT modality.

Nor can we overlook the case of Dogecoin, which is one of the cryptocurrencies that has generated the most controversy in the crypto market, if we consider all the hullabaloo and attention captured by the famous meme created by the owners of this crypto, which they represented in an NFT image of a Shiba Inu (Japanese breed dog) that was sold for 2 million dollars.

And much less obviate the success of games like MyDefiPet and its token DPET, which according to what is stipulated in the white paper of the game under NFT modality recreates virtual pets under the collectible DeFi model, in literal terms "My Defi Pet" is an initiative whose purpose is to achieve mass adoption, the name assigned to this game encompasses three features namely; 1) "My" that alludes to the personalisation that each user can make, 2) "Pet" pieces allusive to the game, 3) "DeFi" that determines the integrated characteristics of the blockchain under the scheme of decentralised finances.

At the time of writing and according to data provided by the Coingecko portal, the price of the DPET token averages $2.2, with a market capitalisation of over $27,707,163 and ranking number 731.

This socialised data is a great example of how blockchain technology is evolving, and how it is beginning to penetrate sectors it had not been able to reach before.

➊ Shaoni Ghosh Gaming NFTs to revolutionise the gaming economy. Link

➋ MyDefiPet Lisfestyle-based Pet Game On Blockchain. Link