NFTs and the Future of the Blockchain Gaming Industry in Citizen Finance
Although the adoption of NFTs in the gaming world presents several benefits, there are also significant hurdles to overcome. Most notably, these assets need to be more appealing and intuitive to mainstream consumers who may not be highly tech-oriented. And because NFTs possess intrinsic value, there’s a risk that some will be used predominantly as speculative assets. This 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.
Why is NFTs Special?
The specialty of non-fungible tokens revolves around three (3) concepts namely; Unique, Rare & Indivisible.
Unique: One major feature that makes NFTs special is the fact of it being unique. Unlike fungible tokens, each NFT has its unique properties (metadata) that are peculiar to one token. 2 NFTs in the same platform can’t have the same properties.
Rarity: NFTs are rare collectibles with limited supply. The scarcity mechanism is one thing that makes owning a non-fungible token special.
Indivisibility: Unlike a fungible token, a non-fungible token can not be divided into smaller units. Bitcoin and other fungible assets can be split into the smaller unit but non-fungible token needs to be bought, sold and held as a single unit.
What Citizen Finance can do for Games and Virtual Economies?
To truly inhabit the virtual world, users must be able to monetize their efforts and make a living through the virtual world. This means that they must be able to easily convert their virtual possessions and services offered to fiat. Blockchain-based games will enable the rise of player-generated content and game-related services. Citizen Finance is introducing something new into the utilities of in-game assets. It decided to adopt the Binance smart chain network because it is easy to understand, low-cost gas fee, fast transaction, and also similar to the Ethereum blockchain. For example, players might design their own skins and items to sell or use for themselves, or they might undertake a quest for another player in exchange for items and currency.
Citizen Finance offers players full ownership of in-game assets. In-game assets are blockchain-based non-fungible token in which players obtains rewards for playing the game and staking the assets on the decentralized pool. With full ownership of in-game assets, users can sell them, gift them or use it as collateral.
Citizen Finance offers multiple use case of in-game assets
● Play
Use in-game assets to play Meta City FPS game
● Trade
Exchange your in-game asset to another cryptocurrency on the secondary marketplace
● Stake
Stake your unused in-game assets on decentralized pools to earn CIPHI
● Collateral
Use your in-game assets as collateral to borrow funds from lending protocols
Applications
Citizen Meta City
A blockchain-based First Person Shooter running on Binance smart chain. Experience an action-packed adventure as you journey through conquered territories of Meta City, building up your own bunker and defeating the aliens.
Citizen Santa Fe
Santa Fe is a decentralized staking and lending protocol with an in-game asset at the core. Santa Fe runs on the Binance smart chain which guarantees low-cost gas fees and fast transactions.
Citizen CifiPowa
An introduction to Skin as a Virtual Commodity (SaaVC). CifiPowa is a web tool that enables users to convert images and professional designs to NFT -based digital art on the Binance smart chain.
Citizen CifiPowa X
CifiPowa X is an extended reality-based application that enables immersive experience on NFT-based artwork
Citizen Finance as a GameFi protocol offers players the option to withdraw their unused in-game assets (non-fungible token) and stake on decentralized pools where they can earn Ciphi (CIFI) tokens. This mechanism will result in frequent withdrawals and deposits in and out of the ecosystem in which users will spend a lot of gas fees. Adopting a blockchain with fewer gas fees and the fast transaction was our primary need when choosing a blockchain.
Web : https://citizenfinance.io/
Whitepaper: https://docs.citizenfinance.io/
Discord: https://discord.com/invite/xqNxf63sHx
Medium: https://medium.com/@citizen_finance
User: oscarclows
Profile: https://bitcointalk.org/index.php?action=profile;u=1769225
BEP 20 Walltet: 0xD01D015CCe1c272a28844D1DfB48181E7De56384
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