One of the most compelling and fun online games out there is building blockchain innovations, the likes of which have never been seen before. Leveraging new blockchain operability, it’s a good example of the potential that DeFi has for the gaming world.
In the game Hash Rush, as you battle the Crystal Scourge and defend your base, players also gather resources and craft items that can have a life beyond the boundaries of the game itself.
As Hash Rush moves through beta, gaming enthusiasts are looking at how the game and the broader platform are integrating parts of what the maker, Vorto Gaming, calls a new “play to earn” model – in other words, the idea that players should be getting rewards as they put in time on Hash Rush or other platform games, and that the digital goods generated should be transferable to environments outside of the game system.
Some of the player’s creations in Hash Rush will qualify as non-fungible tokens or NFTs.
What does that mean?
To understand the appeal and the value of NFTs today, just look at some of the big headlines all around the fintech sector. From the sale of the $69 million Beeple artwork at Christie’s, to crypto exchange platforms offering NFT trading ability, the idea of having these intellectual property tokens to trade and sell is catching on like wildfire. Of course, there are some hurdles. Some of them are related to the legal status of these digital assets: Planners look at the Howey test and more to consider whether the tokenized assets could be classed as securities and subject to certain regulations. However, with the right attention to design, NFTs are completely legal, and many different stakeholders are getting involved in making, trading, and valuing them in a brand new market.