Hamster Game Is Redefining NFT Use Cases
Non-fungible tokens (NFTs) may have started half a decade ago but the nascent sub-sector really hit the ground running last year. This unique evolution of blockchain technology gained traction following the boom of digital assets and the economic upheaval spurred by the global pandemic.
Since breaking into the limelight, NFTs have not looked back as several key personalities are investing or are affiliated with a number of NFT projects. The cryptographically-unique tokens have since become the gateway into another flourishing ecosystem now termed the Metaverse.
While NFTs are promising, several users are still unaware of the use cases and challenges associated with digital bits of data. In this article, we will explore a few use cases where NFTs are seeing mainstream adoption and how the Hamster Game is addressing the issue of low liquidity in the NFT space.
Early History of NFTs
NFTs may be a fashionable fad now but the digital bits of data have a humble beginning. The first recorded NFT was created by Kevin McCoy in 2014 and was named Quantum. It was a video clip and it was duly registered on the then Namecoin blockchain. McCoy, later on, sold it for $4 to his partner Anil Dash and the video was subsequently termed ‘monetized graphics.’
NFTs soon boomed thereafter and in 2017 was issued the ERC-721 standard following a proposal on the Ethereum blockchain. Strong investor interest in 2021 saw NFTs become the new craze of the crypto space with avatars duly launched. Now, NFTs come with much more to offer and you can easily find the following use cases for them.
NFTs As Cultural Extensions
NFTs are predominantly used for proof of ownership and to show authenticity. They have become the easiest means of tokenizing pictures, videos, audio, and other real-world assets.
Given this, NFT avatars have since boomed and several celebrities are known to have a unique NFT avatar representing them. This has since moved NFTs from just a JPEG file to an extension of an individual’s personality. This way, holders of certain NFT projects can easily bond together and form a community.
NFTs For Real Estate
NFTs are seeing remarkable adoption in the real estate industry. Here, plots of lands are tokenized and uploaded into the blockchain. These virtual real estates come with time-stamped verifiable data on the real owner at a particular point in time. Protocols like Decentraland have perfected this process and enable users to develop and later monetize their virtual lands.
NFTs To Store Medical Records
Blockchain use cases have radically spiked in the past year and NFTs have played a huge role in the nascent industry’s transitions. Given the lack of efficient systemic processes and obvious dearth of data transparency, the healthcare industry has continued to perform below par.
Now, proponents are now turning to blockchain and NFTs as a means to gather undiluted data on patients. NFTs can easily be created to upload the medical records and history of their owners. The beautiful thing about this is that it can easily be transferred and is accessible.
NFTs Academic Credentials
Also touching on the academic field, NFTs have found a challenge to address. Academic records are conventionally stored on paper and this comes at great risk. Important documents can easily be lost, stolen, or destroyed by chance or through natural disasters. NFTs are indestructible and immutable making it easy for academia to tokenize academic records for posterity.
This way, the record remains safe and unchangeable for all posterity.
NFTs For Gaming
NFTs have found a viable position as a tool for the gaming space. The current gaming ecosystem is buoyed towards ripping off players by centralized platforms and forcing them to build a new community from scratch when they move. This also gives undue leverage and power to platform owners who can easily sanction a gamer without due recourse.
NFTs change that as it allows players to retain control of their in-game assets. These assets can then be developed and then monetized with the player taking a large chunk of the profit. NFTs have now become the holy grail of the new blockchain gaming space and several platforms are building around this concept.
NFT use cases are certainly not exhaustive and more options for them are coming up daily.
Challenge(s) Surrounding NFTs
Despite the massive adoption, NFTs have not been able to go mainstream largely due to the lack of liquidity. NFT owners mint or create these digitized tokens and hope their price surges in the future.
However, this often ends up running contrary to expectation as the NFT may decline in value with time. Another principal issue is the lack of liquidity currently fractionalizing the NFT ecosystem. The nascent sub-sector does not have enough liquidity to carve out a true speculative market for users.
Hamster Game And The Trade2Earn Concept
With every challenge always comes a solution. Launched on the popular layer-2 scaling solution, Polygon, the Hamster Game has been able to conceptualize a new use case for NFTs and that is trading. Called the Trade2Earn concept, Hamster Game allows users to trade NFTs in order to earn tokens.
Hamster Game comprises two NFTs called ‘Pump’ and ‘Dump’ NFTs. Users get to flip/sell one or the other of these NFTs to earn the protocol’s tokens. This helps users generate passive income on their previously minted tokens while also creating a fun and engaging experience. Each Hamster NFT comes with unique trading powers and users get to unlock them once they are traded.
This way, the NFT ecosystem can begin to generate the needed liquidity to enable trades and token swaps as Hamster Game also enables players to provide liquidity for the Hamster Game Token and the WETH pairs.
NFTs are here to stay and Hamster Game is one of the many projects pivoting the nascent sub-sector into more modern relevance.
Platform: https://hamster.game/
Collection: https://opensea.io/collection/the-hamster-game
Discord: https://discord.gg/hamstergame
Twitter: https://twitter.com/HamsterGameNft
