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Messages - Probal Deep Moran

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Proof of authentication:
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2
Forum related / Re: The Forum's 4th president election.
« on: January 06, 2023, 03:09:42 PM »
Hair : President
Freemind : Vice President

4
Crypto gaming is gaming where users spend or earn cryptocurrencies instead of fiat money. It allows developers to add another layer of reality to their games and ensure gamers’ security and anonymity since blockchain technology doesn’t require any personal details.

5
Cryptocurrency discussions / Re: Coronavirus And The Crypto World.
« on: December 18, 2022, 04:34:03 AM »
Crypto games enable players to earn cryptocurrencies or non-fungible tokens (NFTs) by playing and performing various in-game activities. These digital assets then become the property of the player. They can exchange these assets for other digital assets or fiat currencies in crypto exchanges. Alternatively, they can also trade or sell these assets on online marketplaces.

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Despite these challenges, the potential for profit within the gaming industry will motivate more non-blockchain-focused brands to experiment with NFTs, likely by forming partnerships with third-party blockchain projects that have the technical expertise needed to bring their vision to life. Simultaneously, the broader success of gaming dApps will likely play a role in further catalyzing NFT infrastructure improvements and drive the development of innovative solutions that unlock mainstream adoption.

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NFT proponents have made grand promises of carrying in-game items between titles, making money by playing, and selling digital goods.

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When a traditional online game shuts down, users traditionally lose all of their in-game purchases. NFTs, however, exist independently of a specific gaming platform and live on the blockchain itself. As such, in-game purchases can be bought and sold regardless of what happens to the game, and new games can be designed to plug into an existing blockchain protocol. Furthermore, blockchain-enabled game assets cannot be duplicated or tampered with because of the permanent record each NFT generates upon issuance.

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Although the adoption of NFTs in the gaming world comes with benefits, it also presents significant obstacles to overcome. Most notably, NFTs need to be made more appealing and intuitive to mainstream consumers who might not be technically oriented. And because NFTs possess intrinsic value, there's a risk that some will be used predominantly as speculative assets. This potentiality could motivate players to purchase in-game assets with the hope of selling them for future profit instead of using the assets within the gaming ecosystem as intended.

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Collectors value rarity and authenticity, and the scarcity of in-game NFT purchases is provable through the immutable records embedded in an NFT’s underlying blockchain network. This distributed public ledger validates the number and uniqueness of each NFT as well as its ownership history.

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Cryptocurrency discussions / Re: Cryptocurrency and Family
« on: December 15, 2022, 08:30:47 AM »
Traditional online games exist on centralized servers. As such, in-game assets exist within proprietary systems that don't communicate with others. In contrast, decentralized games exist on independent blockchains that act as the backend framework for other interconnected games. As a result, game assets represented by NFTs can be designed to be interoperable across different environments. For instance, two games built on the Ethereum network can feasibly support the same in-game assets like vehicles, armor, or even entire characters.


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Cryptocurrency discussions / Re: The Red December
« on: December 14, 2022, 06:54:21 AM »
Cryptocurrencies like bitcoin are divisible into smaller units, given their fungibility and intended use as a medium of exchange. In contrast, most NFTs must be bought, sold, and held as a whole unit and are therefore indivisible.

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Although many NFTs use Ethereum’s ERC-721 token standard, NFTs are also prevalent on several other networks, such as TRON (Blockchain Cuties), EOSIO (EOS Knights), and NEO (Blocklords).

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Cryptocurrency discussions / Re: Just how bad is the bear market right now?
« on: December 13, 2022, 08:48:47 AM »
Non-fungibility: As the name implies, each NFT is a cryptographic token that represents something unique or non-fungible, meaning it’s not interchangeable with another NFT. The metadata inside each NFT exists as a permanent, unalterable record on the blockchain. This record describes what the token represents, similar to a certificate of authenticity, as well as the token’s ownership history and transaction record (title).

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Rarity:
The scarcity of each NFT is a crucial component of what makes them desirable. For instance, in the CryptoKitties game, users collect and breed digital cats that are each embodied by a designated NFT. Some of these CryptoKitties are considered rare collectibles, which consequently increases their asking price among collectors who value their provable scarcity. In 2018, a CryptoKitty named Dragon sold for 600 ETH, which was the equivalent of $170K at the time.

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