Last year saw a huge focus on fungible tokens such as bitcoin and Ethereum, however non-fungible tokens (NFTs) are the next phase in crypto say the co-founders of CryptoKitties.
Coincast caught up with Benny Giang and Arthur Camara at the NIFTY Conference and Hackathon in Hong Kong this week with the co-founders declaring the non-fungible space was a much bigger market.
“Everyone talks about bitcoin, Ethereum, cryptocurrencies and altcoins but there’s just not enough talk about non-fungible tokens which equate to the digital assets of the digital world,” said Giang.
Camara highlighted there is already real-world applications of NFTs, such as cash, fiat and property and that bringing these items into crypto is a natural progression.
“Everything we interact with in real life; most things are non-fungible, they’re unique. So everything that you see that is unique in nature, could be a non-fungible token,” said Camara.
Giang announced CryptoKitties would be conducting an airdrop at the event, a first for the company where 500 of the companies NFTs will be distributed to conference attendees.
“We wanted to give back to the community because we’ve never done anything like this before where we’ve given out Kitties,” said Giang.
The Kitties are unique NFTs and vary in value from US$5 to US$140,000.
“For us, non-fungible tokens are representing the other side of assets that you can own, but digital,” said Giang.
CryptoKitties has partnered with HTC to make its tokens available on a small selection of the company’s smartphones starting with the U12+ and later on the Exodus.
In traditional online games, players don’t own their avatars or any in-app purchases they make meaning if the game closes down – those purchases become nullified and the data lost.
“Mobile games these days allow you to purchase [assets], but you don’t actually own them,” said Kim.
Non-fungible tokens allow gamers to purchase and own avatars and in-app purchases allowing gamers to retain their assets in the event a gamer closes.
“For example, with a CryptoKitty, if CryptoKitties goes away you continue to own it. There could then be an open source version of CryptoKitties or someone else’s version of it,” said Kim.
NFTs can then be used in other games as well, not just in the native game meaning it becomes a collectable, monetising the NFTs in a similar way to traditional trading cards such as Pokemon.
NIFTY brings together international developers, investors, and entrepreneurs to discuss the future of non-fungible tokens (NFTs), collectibles, and blockchain gaming.
Developers, hackers and gamers gathered in Hong Kong to discuss the usability of non-fungible tokens (NFTs) and the ability to tokenise the gaming industry with blockchain.
Kenetic co-founder and managing director Jehan Chu said the conference was less about the technology and more about the endless possibilities in the space.
“When you walk out of this group we will have pushed forward the evolution of NFTs and indeed the entire space of tokenisation a full mark,” said Chu.
Kenetic is a blockchain firm committed to expanding the development and adoption of blockchain platforms through investments, advisory services, community, and technology.
“It’s not just about trade, it’s not just about business or investments, it is really about imagination and what can come from this very, very exciting zero-to-one type of space,” said Chu.
GamerTokens Advisor Matt Condon said the reason NFTs are a beneficial technology is not just because of the opportunity for open secondhand markets, but the ecosystems themselves.
“One of the biggest parts of NFTs is the ecosystem associated with it. If you don’t have the ecosystem, it’s just a technology,” said Condon.
NIFTY is a three-day hackathon and conference bringing together over 600 developers, investors, entrepreneurs, and game studios in Hong Kong to discuss NFTs and blockchain gaming.