Victor Ugochukwu · Oct 22, 2020 . 5min read
Blockchain Game Developer Tokenizes Self into an NFT
Even though it appears NFT may only be applicable to games and the likes, it has potentially more real-world value.
By Victor Ugochukwu · Jul 12, 2020 . 8min read
Marguerite de Courcelle who goes by the Twitter handle @coin_artist recently announced. she is tokenizing herself into an NFT, giving such NFT holders fractional ownership to her private syndicate and exclusive content and privilege rights.
Marguerite is a game developer and CEO of Blockade Games. Her ideas project part of the vast opportunities the blockchain affords creatives minds and other experimenters.
This is not the first time crypto is seeing this type of move. Till date, the most prominent example was the NBA star, Spencer Dinwiddie’s tokenized sports. He issued part of his $34 million contracts with Brooklyn Nets. By so doing, Dinwiddie created a unique tokenized investment opportunity.
NFTs are different from other forms of digital assets, and that includes cryptocurrencies like bitcoin. Unlike bitcoin, created to be fully substitutable for any other bitcoin, when 1 BTC is sent to a user, that user receives 1 BTC, nothing changes for that person. Non-fungible tokens rather take a different route in design. Each NFT has unique characteristics making it impossible to interchange with another identical NFT. It is a unique piece of digital property whereby each NFT stores some form of metadata that makes it a unique entry on the blockchain.
Examples of NFTs include collectibles, game items, digital art, event tickets, domain names, and even ownership records for physical assets.
NFT’s, which are ERC721 token standard first appeared in 2017. ERC721 tracks ownership and movements of individual tokens. And that is what makes a non-fungible token unique and valuable.
Cryptokitties, an Ethereum based on-chain game popularized NFTs
CryptoKittes, a cat breeding game, was the first successful implementation of ERC721. Accordingly, each ERC721 represented a unique digital kitten. People traded CryptoKitty’s most expensive cat for as much as $172,625, which valued 600 ETH in 2017.
Yes, with that kind of value gattered by a Cryptokitty NFT, you should expect an eye turning attention. Besides the DAO hack, another event which exposed some of the inherent flaws of the Ethereum blockchain was Cryptokitty game. The volume of on-chain activities pushed by gamers on Cryptokitty brought the Ethereum chain to its knees sparking off perennial scaling discussions.
And with that kind of volume comes mainstream attention. Enjin, a notable blockchain startup backed by crypto giant Blockchain.com, sealed off a partnership with Microsoft to create crypto collectables. Microsoft calls it Azure Heroes. This is just about how mainstream you can begin to expect NFTs to go.
Even though it appears NFT may only apply to games and the likes, it has potentially more real-world value. Areas like arts, property ownership, antiques, vintage etc. are use cases which should see more action as NFTs grow to become even more popular.
Take for instance an artist who places a creative piece for sale but develops the concerns that he might not reap any further proceeds after his first buyer lands a big deal from a renowned art collector a big gallery. The artist can quickly fix this with NFT. NFT together with smart contract features embedded in that particular work of art helps to manage future transaction rights. Achieved by creating a legitimate doorway for the original artist to participate in any future appreciation the art may gather.
Its small communities limits wider adoption
Just like Bitcoin was practically worth nothing until its community assigned value to it, the infamous commercial Bitcoin-Pizza transaction comes to mind, it remains whether the narrow community of interests attached to specific NFTs can generate enough liquidity to make them viable in the near future.
Komal Joshi · Oct 22, 2020 . 5min read