Preciously nurtured and collected game items can now be bought and sold as desired. This change is brought about by the introduction of NFTs. Even if the game company shuts down its servers, you can still own them, and safe transactions are possible on platforms instead of risky person-to-person trades. We'll update you on the current status of NFT games, where you can aim for market gains and rental profits.
In the world of virtual assets, which can be difficult to understand by simply looking up the meanings of terms, the "Virtual Asset Study Club" kindly explains. Today, we'll take a look at the changes happening in the gaming ecosystem with the introduction of NFTs.
Can the game items that have been nurtured and collected with care become "truly mine"? Looking back, the moment I closed the window by pressing the exit button, the activity of my item was confined to just that. It could only be used within the game. But what if the game company completely shuts down the game server? The items I've invested time and effort into could become worthless.
If these game items were turned into NFTs, could I truly become the owner? In reality, game companies are introducing NFTs to give users ownership, and they are showing a movement to allow users to use game items outside the game world. This is also an effort to activate their own ecosystem. What does it mean for an item to become an NFT?
Nexon and Netmarble are also entering the NFT game
Already, large and small game companies in Korea are paying attention to blockchain games. They are either introducing NFTs to their own games or venturing into new areas using NFTs.
In particular, Nexon, which has been conservative about blockchain games, officially entered the blockchain game market by announcing in 2022 that they would develop their flagship game, "MapleStory," as a blockchain game. Specifically, Nexon announced that they are developing "MapleStory Universe" centered around NFTs based on their core intellectual property (IP) this year.
On the other hand, Netmarble introduced NFTs in a different way. This year, they released the membership NFT called 'Marvelership'. Marvelership NFT holders can stake NFTs and mine Netmarble's virtual asset MBX, or receive benefits such as Marvelx game coupons.
A mid-sized game company, WeMade, took the initiative in building related infrastructure earlier. WeMade is releasing a blockchain game using NFTs based on their own mainnet, WEMIX 3.0, and expanding the NFT ecosystem. For example, this year, WeMade introduced 'Nile (NILE: NFT Is Life Evolution)' which showcases various types of NFTs including games and sports, and also launched a tradable marketplace. This expands the use of NFTs acquired while playing games.
Considering this trend, it seems impossible to talk about major games in Korea without mentioning NFTs. So, what has changed with the use of NFTs in games, compared to traditional items? Let's take a closer look at what new value is being created.
In-game Items vs. NFT Items
Let's start by understanding the differences between the familiar traditional game items and game NFTs.
Both server-based game items and NFT items issued on a blockchain are virtual assets. They both exist digitally, not in the physical world. However, there is a clear difference in terms of 'ownership' of the items. And this difference also leads to a difference in user experience.
Traditional in-game items are cyber assets existing on the game company's servers. These items are initially distributed to a specific user account through company data conversion, and the company plays a mediating role in the subsequent movement of items within the game. Both the right to operate the game and the ownership of the items belong to the company. So, if the company's server is lost or closed due to an accident, the items that users have nurtured can disappear overnight.
On the other hand, NFT items are tokens issued by game companies using blockchain technology. The initial distribution is usually done by the company transferring the NFT item to the user's blockchain wallet. When NFT items enter the wallet, ownership of the item is given to the wallet owner (user). In this case, the game NFT is stored in a publicly accessible database called the blockchain, reducing the risk of item loss due to incidents with the game company server. Additionally, the history of ownership changes is transparently recorded on the blockchain network, making it impossible to counterfeit.
You can check the platform that allows you to verify the wallet address and transaction history of the NFT you own.
Now, users who own genuine game NFTs can freely trade items or use them on other platforms more freely than before. Of course, even now, you can buy and sell game items through cash mediation sites. However, with NFT-ized game items, based on the trust that you can prove actual ownership, transactions can occur wallet-to-wallet, meaning between individuals without going through a specific region or legal currency.