Newbies understanding NFTs

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Avatar for bala41288
3 months ago

The NFT concept is not something that is new. Only after we have Blockchain getting popular the concept of NFT is also getting popular. It can sometimes be hard for a newbie to understand the concept of NFTs. There are so many opportunities with NFTs and the easiest use case is to have Game assets as NFTs. There are innovative ideas brought to us by many project owners trying to make us invest.

When people onboard someone new to the crypto world, it can be hard for them to understand the concept of NFTs. With a strong use case, it can be easy to understand. Based on where the NFT is used, people can relate and understand what an NFT is all about. The difference between Fungible tokens and Non-Fungible tokens is also something that needs understanding. For a new starter, it can be hard but gradually the concepts can be understood.


Game assets

Let's take splinterlands as an example. When new gamer joins the splinterlands ecosystem, they don't see the cards as NFTs initially. They first try to understand the game and later when they try to explore the option to trade the cards with other players, that is when they get to know about NFTs and what it is all about. Some people might even argue saying that splinterlands assets are not NFTs because they are inside the splinterlands database but they are still on the Hive blockchain so it makes it an NFT.

To keep it simple, any game that is being created on Hive Engine can have its game assets listed on Hive Engine. All the game operations happen around those NFTs. This is one of the most important things for a game. The option is attractive for the users because they get the facility to trade those cards with other players. Currently, the market API is provided by splinterlands so that anyone outside of the Splinterlands team can also create a market interface out of it. The same applies to Hive Engine assets too.

Crypto concepts

NFTs are crypto concepts and in order to understand more about NFTs, people might have to start from the crypto basics. It can be hard to directly try and understand the core crypto concepts and gradually spend more time reading about the important keywords. When a new person onboards a game, they can first get started with the basic mechanics of the game and the economy around the game. Most of the crypto projects that use NFTs are mostly gaming projects but there is definitely room for people who would like to come up with totally a new concept that doesn't have anything to do with games.


Value behind NFTs

Based on how NFTs are used in the cryptocurrency ecosystem, there is a value created around it. Sometimes it can be value based on special perks that a platform provides or it can be based on the revenue generated from trading. People choose whichever is comfortable for them. On the Wax blockchain, there is a facility available to collect NFTs. Even though there are not enough use cases for some NFTs, people still collect them.

There are also limited edition NFTs that are valuable and people create a high demand for them. People trade a lot with those NFTs and this can be a starting place for the Newbies to get into NFTs and understand more about them.

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Avatar for bala41288
3 months ago