Utility-based NFTs: The Future of Blockchain Gaming
Play-to-earn blockchain games spearheaded by utility-based NFTs have grown increasingly popular with gamers, creators, and investors all alike. Blockchain gaming has become one of the fastest-growing industries with over $2.5 billion invested in the last quarter alone.
Interestingly, gaming NFTs are no longer just normal in-game items. They can be used to generate passive income, represent a piece of real estate, and/or act as digital bling.
So what exactly are these utility-based NFTs and how have they redefined 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:
1. Generate passive income
2. Receive early access to exclusive products and services
3. Collect special airdrops
4. Receive VIP invites to events with mega-celebrities.
Unlike traditional NFTs, utility NFTs don’t just exist on the blockchain to be bought or sold inside an auction. With an ever-increasing number of NFT utilities, these NFTs are constantly growing in terms of intrinsic value, user demand, and market share.
Here are the most popular types of utility NFTs:
- 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.
There are many ways a utility NFT could be the key component to transforming a simple game economy into an entire ecosystem.
An up-and-coming game that will perform such a feat is Ankots Of Misteria.
Let’s use their example to learn more about utility-based NFTs.
Ankots of Misteria is a monster-battling play-to-earn game revolving around utility-based NFTs. AoM’s flagship game mode is a 6v6 PVP match that heavily relies on strategic gameplay thanks to its auto-battler gaming style, much similar to the Auto Chess genre.
AoM becomes a free-to-play game right after the required NFTs are purchased by the player to start earning ANKT.
Here’s how it’s done:
- 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.
To purchase Ankot NFTs, Land NFTs, and Orb NFTs, players will have to visit the Ankots of Misteria NFT Marketplace. Ankots of Misteria has used these utility-based NFTs to develop a blockchain game that enables players to have fun and be financially productive at the same time.
What makes these NFTs special is the synergy players can create. Orb NFTs created from Exploration hunts can be used to strengthen Ankots NFTs that allow players to defeat stronger enemies in Arena Battles.
Similarly, Land NFTs can become more valuable if they are hunted by the right type of Ankot. Using these strategies, each type of NFT can synergize with one another to generate the most rewards.
Soon, Ankots of Misteria plans to airdrop its three main NFTs, have their smart contracts audited, and finally, launch the game in October 2022.
Although the game has not yet been released, Ankots of Misteria has launched its website and is accepting accounts already.
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.
Ankots of Misteria solves this problem with their unique approach to NFT utilization.
For anybody looking to get immersed into the world of blockchain gaming, be sure to check out Ankots of Misteria using the links down below: