The burning of Banksy’s painting, CryptoPunks, Paris Hilton. All will go down in history thanks to the craze known as NFTs that is spreading far and wide. This celebrity-driven digital art trend keeps generating tons of buzz, but the real breakthrough has emerged in gaming. The SkilzVault talent show nailed non-fungible features and cashed out its NFTs in a heartbeat. But the hype continues, and more fun is yet to come.
It’s hard to find anything else that has sparked so much excitement and confusion at the same time. NFTs are now all the rage. Their popularity has grown exponentially, and everyone wants to have them. Although non-fungible tokens have been on the radar for some time now, awareness of them has surged only recently.
NFTs are digital objects, which are unique and exist only on a blockchain. Their uniqueness is attributed to the ownership. It means that everyone can see NFTs or download a copy of them, but only the buyers of NFTs have the official right to call themselves the owners.
A Brief History of Non-Fungible Tokens
The saga began in 2014 when Kevin McCoy minted his first non-fungible token – Quantum. It was a pixelated image of an octagon with strange shapes and hypnotically pulsing gloss. McCoy stated that his creation emerged naturally as a marriage of art and creative technology. It was then quickly adopted by other creators. Projects like CryptoPunks and CryptoKitties gained notoriety and established a new category of art: CryptoArt.
Over time, thanks to the viral popularity of NFTs, their creators started to earn serious money. It was propelled by the influx of celebrities, athletes, and influencers who flooded the market with collectibles carrying their signatures. On the other hand, there has been rapidly expanding demand for NFTs. In other words, some people were ready to put a lot of cash on the table for the digital rarities.
As a result, the singer and producer, Grimes, sold her digital artworks as NFTs for USD 6 million. Paris Hilton also embraced the NFT trend by introducing three unique pieces: “Hummingbird in My Metaverse,” “Legend of Love,” and “Iconic Crypto Queen”. Finally, there was the burning of Banksy’s painting by representatives of the blockchain company, Injective Protocol, who then sold the object (or rather what was left of it) as an NFT token.
Adoption of NFTs by the Gaming Industry
NFTs made the creators more capable of claiming ownership of their digital objects. This possibility was then recognized by gamers and esports players willing to commemorate their achievements. Thanks to blockchain technology, gaming artifacts and products – such as tickets, images, skins, or weapons – could be immortalized in the form of tokens and then auctioned with a large profit. This way, just as artists created a separate art field, NFTs made it possible for gamers to establish their own economy.
The Cooperation of SkillzVault and BTCV
A daring example of a match between the crypto sector and gaming prospering is the partnership between SkillzVault and Bitcoin Vault (BTCV). BTCV is a cutting-edge crypto project that allows reversible transactions, which supported ESE Entertainment in launching the global gaming talent show for professionals and beginners. To celebrate the SkillzVault event, BTCV created a set of NFTs featuring images of the character representing South Korea, one of five participating countries. Like hotcakes, these NFT goodies sold out in no time.
More Goodies Are Yet to Come
NFTs are something that has recently made a big impact in the gaming industry. But electronic equipment is an absolute must-have for gaming zealots. Players can take full advantage of their superb computers, advanced graphics cards, and capacious hard drives when they have complimented them with reliable mouses, keyboards, and comfortable chairs. SkillzVault also acts actively in this segment by providing top-notch PC gaming products at Exeno.com.
Vast Potential of Blockchain and Gaming
You may encounter opinions that the NFTs trend will fizzle out someday. Such skepticism is quite common for various digital projects. The demise of Bitcoin has been announced more than once and, so far, it couldn’t be further from the truth.
NFTs are doing great. They are further proof of how many undiscovered possibilities lie in blockchain technology. Tokens have already been acknowledged by artists, celebrities, and players who competed in the SkillzVault tournament.