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Hackernoon logoWhither NFTs? How AnRKeyX Measures Up Against The Competition by@taygundogan

Whither NFTs? How AnRKeyX Measures Up Against The Competition

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@taygundoganTaygun

"Long Bitcoin, Short The Banks" @nuxxorcoin

Non-fungible tokens or NFTs, are in some ways similar to popular cryptocurrencies like bitcoin, in the sense that they employ digital scarcity as a key design principle.

However, unlike cryptocurrencies, NFTs feature programmable digital scarcity, leading to the creation of crypto collectibles. In other words, NFTs are never created equal. Instead, each NFT is unique and comes along in a limited quantity.

NFTs serve a series of use case scenarios, yet their main application consists of mapping the digital world to the real world. Thus, NFTs are used to authenticate certificates, fine art, licensing documents, and even users’ digital identities.

NFTs are also incredibly well-suited for gaming purposes, given the fact that most games feature unique items with a high inherent value, due to their low in-game drop rates. NFTs come along with unique identifiers, so interchangeability is not possible. 

Today’s article will focus on highlighting three NFT projects that are paving the way for the future of virtual world economy. 

AnRKey X

According to AnRKey X, the DeFi industry is filled up with coins that lack any inherent value, integrity, or even use cases. Similarly, many projects are not only complicated, but also overwhelming and quite boring. 

AnRKey X aims to bring back fun and functionality to the DeFi market, by building a fully-fledged Decentralized Finance Gaming Platform Exchange (gDEX).

To put it simply, AnRKey’s gDEX protocol is merging eSports, Web 3.0 NFTs, and the DeFi market within a singular platform. Its purpose? Facilitating the creation of interactive games that base their infrastructure on liquidity mining systems, collectibles, and NFT marketplaces. 

AnRKey X is a gaming studio, so as expected, the company is pooling its resources into creating next-gen games and artsy non-fungible tokens. At this point in time, the company’s games are built as web dApps that are playable directly via users’ web browsers.

As Unity-based frontend games, these titles are similar to other popular web apps that have already attracted millions of users worldwide. The key difference here is that in-game collectibles are now being given an actual value, as well as tradability via AnRKey’s gDEX platform. 

For the sake of putting this into perspective, we’ll briefly highlight the company’s first game product release - Battle Wave 2323. This game facilitates yield farming and liquidity mining by leveraging NFTs acting as high-end in-game collectibles.

These pieces are tradable in-game, and their prices are influenced by none other than the laws of supply and demand. What’s cool is that this game isn’t only entertaining, but it brings actual profits if played right. 

Once mainstream, AnRKey X’s value proposition will undoubtedly lead to the appearance of large-scale crypto gamification efforts that will encourage the appearance of solid virtual world economies.

The Sandbox

The Sandbox is yet another innovative NFT project that’s building its own gamified universe. With this community-driven platform, game creators can implement voxel assets within their games, while building entertaining gaming experiences directly on the blockchain network.

As part of our overview, we will highlight Sandbox’s three main services and three main products. 

With VoxEdit, creators can craft and animate voxel art that holds an inherent value. This art can then be exported anywhere - for instance, within another game built by that same developer.

Depending on the scarcity of the item, it may build up actual monetary value, thus creating an in-game economy.

Collectible assets can then be purchased and sold via crypto, through Sandbox’s integrated marketplace. The Sandbox also includes a game making service, which can be effectively leveraged to create and play just about any type of game. 

Sandbox has also built three innovative products - Land, Sand, and Fund. 

Land represents a point of access to the platform’s game metaverse, where users can find a series of NFTs alongside multiple other features. 

Sand represents the platform’s utility token. It’s usable throughout the ecosystem to power transactions and user-to-user interactions. It holds actual value as an ERC-20 token due to its scarcity and limited supply of only 3 billion SAND tokens. 

Fund is a lucrative way for developers to get paid for their voxel creations. Users can access a whooping $2 million creator’s fund, which will distribute funding to the best and most artsy NFTs. Of course, participation also drives exposure. 

Axie Infinity

Last but not least, we have Axie Infinity, a community-driven game that is partially owned by its user base. Through the means of AXS tokens that are rewarded in exchange for gameplay, users can vote on the future of Axie. 

The game’s end goal is simple. Players must grind to build Axies teams, which are then put to good use by attacking and conquering enemies. As NFT tokens, each Axie comes along with a series of strengths and weaknesses.

As such, a successful player will hold a unique collection of Axies, which can be strategically leveraged to conquer other users. Axie breeding is an important part of the game. With billions of potential genetic combinations to choose from, players can access an infinite array of possibilities. Users also engage in nerve-wracking, but highly-competitive PvP arena battles.

Those who win can access real money prizes, thereby creating awesome incentives for game participation. With Axie:Land, users can become land barons and build fantastic kingdoms.

Such actions are certainly possible through the smart implementation of non-fungible tokens. This also facilitates the creation of a fascinating in-game economy - after all, who doesn’t want to buy an agile, strong and adaptive Axie that can ensure a win in no time?

How about some land resources that make crops grow like there’s no tomorrow? This is all possible with Axie Infinity’s core values. 

Bottom Line

With NFT-based games, virtual metaverses can be efficiently built, hence expanding on the current state of the gaming industry. As virtual world technology continues to evolve, future NFT implementations will encourage the appearance of full-scale VR economies that exceed our wildest dreams.

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