Hello Birdies. In view of the upcoming Citizen Finance IDO on our launchpad, we would like to share some information on what NFTs are and how they have come to be seen as a vital part of the digital gaming world and beyond.
What are NFTs?
Non-fungible tokens or NFTs are simply unique digital assets. Assets like cryptocurrencies (Bitcoin, Ethereum etc) are fungible, meaning that all Bitcoins for example, are the same and completely interchangeable. A clear example of an NFT would be a piece of art. There can be 2 or more of the exact same pieces of digital art but each one would be unique due to the blockchain ID associated with each digital art. These unique digital codes rely on the same blockchain technology as cryptocurrencies like Ethereum, but the big difference is that these ensure NFTs are completely unique and ownership of digital assets is established
NFTs have come a long way since 2012 when coloured coins were built on the Bitcoin network. In 2017 we started seeing CryptoPunks and soon after, CryptoKitties which grabbed headlines and epitomised the cryptocurrency mania. However it is only since 2019 that the space has exploded and new projects are entering the NFT ecosystem at a massive growth rate.
The infographic above shows the variety of categories NFT projects occupy within the ecosystem. With the introduction of cross-chain capabilities and different chain NFT standards being developed, we will be seeing NFTs on different blockchains as well. The NFT train is truly just getting started.
NFTs in Gaming
One area with immense potential for NFTs is the gaming sector. The adoption in the gaming world comes with many benefits.
Right of ownership
In traditional gaming, players are not the true owners of in-game assets even if they were purchased with in-game currency which in turn was purchased with fiat currency. These assets end up being locked in the game and are non-transferrable. In contrast, using NFTs in gaming allows for true ownership of these assets which can be transferred, traded, staked and even used as collateral.
NFTs as a design have limited supply. The scarcity of these in-game NFTs is provable through blockchain records which are indisputable. This enhances the value and security of these NFTs over time.
Online games thus far have always existed on centralized servers and assets in those games only exist within that space with no use for anywhere other than in the game itself. Decentralized games however exist on the blockchain and this could be the start of an entire network of interconnected games. Assets in these games which are represented by NFTs, could be designed to be used across various blockchain-connected games.
In-game assets, in the form of NFTs, exist independently of the gaming platform. They can be bought, sold, transferred, used for collateral on platforms such as Santa Fe, regardless of what happens to the game itself.
We are as excited as you Birdies to be hosting the sale of an innovative project like Citizen Finance. A project that is powering the next generation of NFT-based utilities in gaming, art and DEFI. We look forward to seeing what the future holds for the NFT ecosystem.
About Citizen Finance
Citizen Finance aims to accelerate mainstream adoption of NFTs in multiple verticals by introducing simple yet comprehensive tools to propel mass adoption. Leading this initiative is their flagship offering, Meta City.
META CITY by Citizen Finance is a First-person shooter (FPS) game that merges the gaming world with the blockchain world. Citizen Finance utilizes NFTs as in-game assets which introduces true ownership by the players, allowing for legal exchange of assets. Players can stake, transact, gift or use their in-game assets as collateral — even outside of the gaming environment. They can even be inherited if you wish so! Meta City will offer both a single-player story driven campaign as well as different Multiplayer modes. It will be available on both desktops and mobiles.
SuperLauncher is a cross-chain launchpad that empowers projects to raise capital with best-in-class features and gives investors access to quality projects in a safe, trusted and decentralized manner. SuperLauncher helps projects conduct token sales, automated listings, and liquidity locks on Binance Smart Chain. Soon to be available on Cardano.