Ethereum Blockchain Non-Fungible Tokens (NFTs) To Launch On PS4 For Game Collectibles
Arcade Distillery, the video game creator is rumored to be working on integrating non-fungible Ethereum tokens into its games. The first game will apparently be Plague Hunters, which will launch on PS4. Arcade Distillery has launched a new department called the Blockchain Distillery. This department will work on integrating NFTs into future games.
With NFTs, gamers can own fully any items in the game such as armor, weapons, power-ups, and much more. This is made possible using a private key for every collectible. Security is also top notch since NFTs are secured cryptographically. This ensures that there is no risk of hacking.
The only way to own a collectible linked to NFTs is by getting the private key. This is unlike current games where all the items are prone to hacking. Besides that, users have no real ownership of the items since they belong to the main company. If an account is hacked, all the items are stolen. Besides that, since they are fungible, there is no way to tell who stole the items.
NFTs can also be useful if you lose access to your account. For instance, if the PS4 platform crashes, you will still access your items. The NFTs are stored inside Ethereum. Thus, they are independent of the PS4 platform.
The Expected Benefits
With NFTs, it will be possible for gamers to make P2P exchanges where users can trade their collectibles. Fiat and crypto can be used to purchase the NFTs. The Blockchain Distillery will create an exchange platform, which will ensure that this process becomes seamless.
A good example of a game using NFTs is CryptoKitties. This game was quite popular for a while. The collectibles were exchanged for Ether P2P. The technology used by the Blockchain Distillery will be implemented in all popular games. This will create a new way for gamers to earn value by exchanging their NFTs.
NFTs And The Gaming Industry
NFTs are already influencing the gaming world. The ERC721 protocol has been credited with making it possible to create NFTs. This has led to the development of various games based on the blockchain.
BTC and all other crypto are fungible. This means that any BTC is the exact same as any other BTC. This is common for both crypto and fiat. However, things such as Pokémon card, works of art, and other collectibles are all non-fungible. It means they are unique. Thus, they cannot be interchanged at will.
The ERC721 standard is used for the creation of the NFTs that run on the Ethereum network. This is much in the same way ERC20 is used to create fungible tokens. Combined with the smart contract technology, each ERC721 token is unique.
This will help to end the old culture where the company own and controls all assets inside the game. Besides that, they all had to be stored on a central server. NFTs will ensure that ownership and storage are all decentralized.