Utility-based NFTs: The Future of Blockchain Gaming

What are utility-based NFTs?

Traditional NFTs derive value from scarcity, rarity, and user demand. Utility-based NFTs build on top of traditional NFTs while providing several added benefits to their holders. For example:

  • In-game NFTs: These types of utility NFTs provide play-to-earn gamers with special characters, abilities, secret levels, or passive income assets such as an ice-cream truck that generates $10 a day.
  • Social NFTs: The purpose of social NFTs is to build utility around a large community. The creators of such NFTs usually have a strong following. Perhaps the most popular social NFT as of today is the Bored Ape Yacht Club.
  • Gambling NFTs: Holders get a share of the house edge. Whenever the house wins against gamblers, NFT holders will receive a portion of the winnings.
  • Ranked Arena: Playing in Arena Battles will require Ankot NFTs to be bought by the player. Ankots are creatures that can compete inside the three arenas. Players who win the Ranked Arena match will gain matchmaking points to quickly move up the leaderboard. ANKT tokens are stored inside a seasonal prize pool. These tokens will be distributed to all players with the majority going to the top 100 ranked players on the leaderboard.
  • Staking Arena: AoM’s second major game mode is a “winner takes all” 6v6 PVP match. Each player will stake an equal amount of in-game tokens and strategically battle it out to see who comes out on top. The winner gains back his/her staked tokens and wins most of the opposing player’s staked tokens as well.
  • Practice Arena: These free-to-play battles do not require any NFTs or tokens to be purchased. As a result, players can use this arena to get a feel for Ankots of Misteria.
  • Resource Collection: A relaxed non-competitive game mode for players to use their Ankots to explore pieces of land to hunt treasures in the form of Stones and Spirits. By using Stones, players can craft Orb NFTs that can add unique abilities to an Ankot. Thanks to the orbs, the improved Ankots can win more battles inside the arenas. Next up, Spirits can be converted to AoM’s second in-game token known as Love Spirits (LVS) which are used to breed two Ankots to create a new custom breed Ankot NFT. To take part in Exploration, players will have to own an Ankot NFT and a Land NFT.
  • Liquidity staking: Busy players can simply stake their Ankot tokens inside liquidity pools and earn rewards passively.

Conclusion

Thanks to the important role they play in blockchain gaming, experts have likened utility-based NFTs to NFT 2.0. Most blockchain NFT games available today don’t utilize NFTs to the best of their potential.

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