Non-fungible tokens (NFTs) have been gaining popularity in recent years as a way for gamers to own unique digital assets within games. As with any asset ownership, there needs to be a currency used to purchase and sell these assets. In this article, we will explore what currencies are commonly used in NFT games and how they work.
Cryptocurrency in NFT games
One of the most popular currencies used in NFT games is cryptocurrency. Cryptocurrency is a decentralized digital currency that uses encryption techniques to secure its transactions and to control the creation of new units. This makes it an ideal choice for online transactions, including those within NFT games.
One example of a cryptocurrency commonly used in NFT games is Bitcoin. Bitcoin is a decentralized cryptocurrency that was created in 2009 by an unknown person or group of people using the name Satoshi Nakamoto. It uses a distributed ledger technology called blockchain to record all transactions and to prevent fraud. Bitcoin can be bought and sold on various cryptocurrency exchanges and is used as a means of payment for goods and services online, including within NFT games.
Another example of a cryptocurrency commonly used in NFT games is Ethereum. Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference. It was created in 2015 by Vitalik Buterin and uses a blockchain technology to record all transactions. Ethereum is used as the underlying platform for many NFT games, allowing players to buy, sell, and trade NFTs using this cryptocurrency.
Fiat currency in NFT games
While cryptocurrency is becoming increasingly popular as a means of payment for NFT games, not all games use it exclusively. Some games allow players to use fiat currency (traditional money) to purchase and sell NFTs. Fiat currency can be easily accessed through banks or other financial institutions and is widely accepted in most countries.
One example of a game that allows players to use fiat currency to buy and sell NFTs is NBA Top Shot. This game allows fans to collect and trade digital collectibles related to the NBA, including highlight videos and exclusive content. Players can purchase these collectibles using either cryptocurrency or traditional money through a secure online platform.
Conclusion
In conclusion, the currency used in NFT games can vary depending on the specific game and its platform. While cryptocurrencies like Bitcoin and Ethereum are becoming increasingly popular as a means of payment for NFTs, some games allow players to use traditional money as well. As the popularity of NFT games continues to grow, we can expect to see more currencies being used to facilitate transactions within these games.