NFTs, or non-fungible tokens, are a way to transfer or assign ownership of an asset, digital or physical. When it comes to physical assets, NFTs work much like legal documents. However, the real use case of NFTs comes into play when with digital assets.
Blockchain-based games offer one of the best use cases for NFTs. It also gives gamers the exciting chance to be a part of a groundbreaking transition in the world of gaming. The shift from the pay-to-win to the play-to-earn model would not be possible without NFTs.
NFTs are at the core of CrickDao and how it operates. We believe that every user on CrickDao should know about NFTs to better appreciate and use the platform.
Before we get into how NFTs make CrickDao possible, let’s give you a brief rundown of everything you need to know about them.
What are NFTs and what is its history
The history of NFTs goes back to the history of cryptocurrency itself. The concept of colored coins by Meni Rosenfeld is the first instance of NFTs at work. However, the Bitcoin blockchain had several limitations which led to the gradual fading away of the concept.
The launch of the Ethereum blockchain in 2014 gave NFTs the boost they needed. To put it in simple words, the Ethereum blockchain made interoperability possible. The first digital artist to create an NFT was Kevin McCoy. His now-famous NFT titled Quantum was later sold for more than a million dollars.
Since then, many artists have dropped significant NFT collections. Be it Crypto Punk, Bored Apes, or Cryptokitties, the list of historic drops is long.
NFTs have given artists a new medium for selling their art. Most importantly, it is free from the commission that large labels take from artists. Many artists are now releasing their new albums and artworks through NFTs. The peer-to-peer model of NFTs makes it perfect for operations in CrickDao.
CrickDao uses dynamic NFTs along with static NFTs. While static NFTs are more common, dynamic NFTs add a completely new angle to them.
As the term suggests, dynamic NFTs can change on the basis of external changes. Think of it as a repository of information that is continuously upgraded. Static NFTs do not have this capability.
By using dynamic NFTs, users in CrickDao can automatically save all their progress in NFTs. Most importantly, they are in complete control of these NFTs. They can sell it, breed new NFTs with it, trade it, or store it.
Dynamic NFTs work so well in CrickDao because they are ideal for progression-based games. Since every progress is saved dynamically, there is no fear of losing data. On top of that, it rewards users who spend more time and perform better than others on the platform.
Other NFTs in CrickDao
The various types of NFTs used in CrickDao give the platform its unique character. NFTs afford CrickDao the opportunity to be bigger than just a fantasy cricket game. The different types of NFTs work together to make CrickDao a cricket metaverse — the first of its kind.
CrickDao uses a wide range of NFTs to extend the complete gaming experience for its users. Some of the most important types are Gamify NFT, Access NFT and Community NFT, . Let’s find out the importance of each of the categories in detail.
Gamify NFTs are concerned with the game aspect of CrickDao. It is important to understand that CrickDao is much more than a fantasy cricket game. It’s a community of cricket fans and enthusiasts. If it were a traditional fantasy cricket platform, only Gamify NFTs would have been enough for the gameplay. All the other types of NFTs make CrickDao a complete cricket metaverse and not just a game.
Players can use Gamify NFTs to create new teams or sell and buy teams. It serves the most basic function of the platform. Players would typically start off in the platform with Gamify NFTs.
Access NFTs contribute to making CrickDao a true cricket metaverse. With the help of these NFTs, users can buy and sell digital collectibles and even physical experiences or items. Access NFTs are the gateway to the world of experiences that CrickDao has in store for us. Users can buy collectibles through these NFTs or trade them in the marketplace for a profit. Access NFTs open a world of in-game trading that has real-world ramifications. You can make money by trading and creating digital collectibles and experiences. After Gamify NFTs, Access NFTs are the most important to enter the world of CrickDao.
Community NFTs work more as digital collectibles than in-game tools. They do not give access to special resources as Access NFTs do. Neither would players use them to breed new NFTs or progress in the game. In short, community NFTs are not related to gameplay.
The purpose behind community NFTs is to build a community of cricket fans by offering them precious moments of the game in NFTs. These NFTs are works of art and deal with the more artistic and emotional side of the game. As cricket fans, we know how passionate we are about the sport. Community NFTs are an attempt to spread that same passion to the world.
Community NFTs are created for the fans, and there is no barrier to their access. Anyone can own any special moment of their elaborate athletes in the form of NFT art. By doing so, they also get complete ownership of the art.
While community NFTs are not created with an investing perspective, their prices will still go up. Depending on which moment you choose to preserve as an NFT art, the value of it can increase significantly as more people catch up to community NFTs.
The NFT marketplace
By now, we have spoken about the in-game economy of CrickDao multiple times. To have any buying and selling, we need a market. The in-game NFT marketplace in CrickDao gives users the power of trading from the game itself.
NFTs are operable on any application on the same blockchain. That makes NFT marketplaces a necessity for play-to-earn games. It is the hub of all transactional activities in the game.
Users can both buy and sell NFTs from the NFT marketplace. It evens the playing ground for players and credits the hard work of dedicated gamers. The more progress you make, the more NFTs you get. In turn, you will be in a powerful position in the NFT marketplace. Buying and selling NFTs on the marketplace can be very profitable if your NFTs manage to catch the attention of buyers. Alternatively, it is also great for buying new NFTs without leaving the CrickDao platform.
Ownership and NFTs
The primary purpose of NFTs is to assign ownership. In a decentralized game like CrickDao, NFTs help in solving the problem of ownership. One NFT can have only one owner, and users get complete ownership of their in-game assets and progress through NFTs. CrickDao puts power at the hands of the users only through NFTs, and also through its native $CRD token.
All existing fantasy cricket platforms fail to address the ownership problem. For applications based on Web 2, the model of complete ownership of users is virtually non-existent. Web 3 brings this innovation to the table, and CrickDao is the first dedicated fantasy cricket platform to leverage it.
Community governance and ownership of assets go hand in hand. CrickDao addresses both these issues with NFTs. It is a result of the smart use of existing technology to create a new experience altogether.
NFTs are a blend of technology and art. While it has use cases in various sectors, the gaming industry is perhaps the first sector to embrace NFTs and what they offer.
NFTs are a very recent phenomenon, but their growth has been extraordinary. Owning and using NFTs is no longer a niche domain. Today everyone must know at least the basics of NFTs and how they work. Even if users do not understand NFTs before getting into CrickDao, they can learn all the necessary information by simply using the platform.