An NFT and DeFi platform is helping gamers recognize the true value of in-game assets
As the NFT market continues to face high levels of growth, a cross-chain project aims to reduce the barriers to entry for game creators by accelerating and mitigating the risk of launching new projects.
2021 has been marked as the year for unprecedented growth in the nonfungible token (NFT) market. As the market has continued to mature, so has the demand for high-quality NFTs and a need for easier ways to buy, trade and earn income from digital assets. While large marketplaces have risen to support the collection of NFTs, little has been done to help creators kick-start their projects and take proper advantage of the world of decentralized finance (DeFi). As a result, many new creators face concerns around the lack of liquidity for in-game collectibles and difficulty engaging with their audience.
To further accelerate growth, many believe that seamless communication for users to interact with blockchain and crypto is needed, a concept known as interoperability. With cross-chain capabilities, NFTs can unlock the value from the interconnection between blockchain networks by exchanging information and other data without limitations.
NFTb Gaming, a multi-chain DeFi and NFT platform, aims to address these concerns with their vision to rebuild “the marketplace for gaming collectibles and engage the Blockchain Gaming Ecosystem” by unlocking the actual worth of DeFi games. NFTb’s gaming platform will continue to offer project creators the ability to increase liquidity from in-game collectibles and bridge the divide between gaming communities. The outcome is believed to be a complete multi-chain NFT and DeFi platform for communities.
Tommy So, NFTb’s chief operations officer, shares, “Gamers are sitting on a substantial amount of value via their in-game inventory that is ready to be unlocked. We can’t wait to introduce new DeFi opportunities by giving owners the ability to rent out their gaming collectibles and take the value they have accumulated to their next game via cross-game bridging.”
A model for growing enthusiasts
NFTb was initially launched as a Premium NFT marketplace on Binance Smart Chain (BSC). However, after listening to their growing community of NFT enthusiasts, they discovered that applying the same technology could empower gamers to unlock the additional utility of owning digital assets. The platform’s strategy of building user-centered platforms has enabled the company to create targeted features for specific communities, an aspect that open NFT marketplaces cannot replicate without making compromises to the user experience (UX).
To achieve this, NFTb has recruited a gaming technology expert Alper Esen to help lead their Gaming Division. The platform has also joined the Blockchain Gaming Alliance (BGA) to work closely with leaders in the blockchain gaming sphere to continue playing a role in forming UX best practices for gaming collectibles on NFT marketplaces.
The resulting development is the launch of an NFT marketplace that incorporates social, analytical and gamification features, similar to how content platforms like Steam have provided features for gaming item purchases. With the platform’s launchpad, NFT projects will have the opportunity to build early community support and raise funds while also giving enthusiasts access to rare NFTs, similar to the “Kickstarter” model that artists are familiar with, but for crypto.
Additionally, players using NFTb gaming will also have access to new ways to earn an income with DeFi capabilities. Among these features are the opportunity to rent out “gaming collectibles” to generate a new form of revenue and completing bounties set by publishers.
Gaming projects and publishers will also be able to access NFTb Earn’s DeFi as a service offering, which provides staking and farming opportunities to help improve liquidity for GameFi project tokens.
New creators can also take advantage of engagement tactics such as cross-game bridging. In this case, one project can attract a community from another one by offering a rare item for users to redeem by transferring in and burning an item of an equivalent rarity in the other project.
Kickstarting a path for the future
To date, NFTb has further shaken up the NFT and DeFi ecosystem by offering direct charity integration, which was pioneered with an income share split feature. The intent was to empower artists to share and pre-commit donations to a nominated charity. So far, partners for direct integration have included GiveWell, the Binance Charity Fund and Watsi.
NFTb has also recently partnered with the Binance NFT platform to improve the liquidity of high-value digital assets.
Growth is believed to continue as the team behind NFTb strives to deliver DeFi innovation through their gaming module and establish the same platform for communities in the Cardano (ADA), Polygon (MATIC) and Solana (SOL) ecosystems.
Decentralized finance, also known as DeFi, is a sector within the overall cryptocurrency and blockchain industry focused on providing a decentralized version of mainstream financial opportunities. In the mainstream world, financial institutions offer customers access to opportunities such as cash storage and loans. However, these offerings are governed by centralized entities.