July 3
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4 min read

NFTs on solana

The Future of Gaming

Introduction to NFTs

If you’re looking to get into web3 play-to-earn gaming, Elite XP has put together a 4-minute crash course on what is an NFT and how it can play an integral part in the future of gaming.

NFTs (Non-Fungible Tokens) are a new type of digital asset that has grown in popularity over the last few years. In simple terms, NFTs are essentially digital assets each with unqiue features that make them one-of-a-kind. Think of a snowflakes for example.

NFTs are a great way to create unique, tradable digital assets that can be used in gaming. Within the past few years, more games have emerged that use NFTs as a way to give players ownership over in-game items.

On the blockchain, users can track who owns any NFT to a specific wallet and no one can dispute the claim of ownership. This is useful in the gaming industry as digital ownership allows gamers to hold and trade their in-game assets for real monetary gain. For instance, imagine your friend bought a pair of shoes from your local market and then sold it to you the next day. NFTs work similarly where it would publicly list all transactions of the shoes and prove you are the current owner of the shoes.

gaming NFTs

In many ways, gamers have already been using similar technology as NFTs and blockchain for a while. Trading CSGO skins for example have be seen as a forerunner to NFTs. They are both digital objects with real-world monetary value.Both CSGO skins and NFTs are digital items that people effectively own, but also kind of don’t. While CSGO players who own certain skins can use, trade, or sell the skin at their discretion, Valve can take away those privileges for any reason at any time. When CSGO eventually shuts down someday, all the skins in every inventory will vanish into thin air. The decentralized nature of the blockchain makes NFTs more secure, yet still a little abstract.

Why Solana for Gaming NFTs

When talking about crypto or blockchain, you may have heard of Bitcoin or Ethereum, but what exactly is Solana? Solana is a high-speed blockchain that is designed for large-scale applications, such as gaming. Compared to other top decentralized blockchain platforms like Ethereum and Bitcoin, Solana is much faster and cheaper to use. It has the capacity to handle high volumes of transactions, meaning that it could easily support the transfer and management of NFTs. A recent study showed that Solana is 400 times faster than Ethereum and 100 times cheaper. This makes it a much more attractive option for developers and gamers who want to use NFTs, as well as players looking to trade their NFTs.

With all the benefits it boasts, it's no surprise that more P2E gaming companies are turning to Solana to house their NFT transactions. In fact, NFT sales have risen from under $100 million in 2020 to $25 billion in 2021, as measured by DappRadar. This is a clear indication that the adoption of NFTs in gaming is growing rapidly, and Solana is well-positioned to provide the infrastructure needed to support this growth.

We’re already seeing some early examples of NFT-based games on Solana. One example is STEPN, a GPS-based web3 fitness game where players equip themselves with NFTs in the form of sneakers. By moving around, users' NFTs generate earnings that can be put towards improving their sneakers and increasing earnings, or cashing out for crypto.

Another up-and-coming example is Elite XP, a gamefi platform that seeks to reward traditional gamers with crypto rewards based on their in-game performance of popular web2 games including Fortnite, League of Legends, and more. Elite XP's Controller NFTs are also powered by the Solana blockchain, making it simpler to use for those with limited crypto or blockchain knowledge.

As the demand for NFTs in gaming continues to grow, we can expect to see more games popping up on Solana that use NFTs in innovative and exciting ways.

Is Solana the Future of Gaming?

With the performance it's had so far, it seems clear that Solana is well-positioned to become the go-to platform for gaming with NFTs. As the number of games that use NFTs grows, and as the infrastructure for these games matures, Solana is likely to play an increasingly important role in the gaming industry. So if you're looking to get involved in NFTs, keep an eye on for the lates Solana-based game projects!

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Elite XP is a game-fi platform that seeks to reward traditional gamers with crypto rewards based on their in-game performance of popular web2 games including Fortnite, Dota 2, and more. We’re bridging the gap between web2 & web3 gamers.