NFTs

Executive summary

NFTs are one of the most prominent ecosystems in the cryptocurrency universe, but their value is underestimated. The NFT market has many features and characteristics that still need to be fully optimized. It is limited to being a space where digital assets can be acquired. However, Duckfactory sees its true potential. And we are taking advantage of this knowledge to offer our users unique gaming experiences and features they can't find anywhere. Duckfactory believes understanding and utilizing an element's features is the key to success and greatness. NFT is the start of a new era for creative minds, especially the creatives who think big. Duckfactory has leveraged this opportunity that NFT marketplaces offer, and we will also give you an insight into that. To understand this, we must delve deeply into the concept of NFT.

The NFT Concept: NFTs are non-fungible tokens for short. They are usually digital assets that can represent real-world items such as music, game features, videos, and art. NFTs are based on blockchain technology. That means all NFT games are blockchain-based, allowing players to earn money by playing, acquiring NFTs, and exchanging game-based assets.

Why is it called "non-fungible"? Fungible can also be described as the ability to be exchanged and changeable. A scenario that can best describe this is exchanging an item for another item or with a currency that has monetary value and characteristics. Items that can be traded are fungible, so the NFT is what it is. For instance, if I exchange one of my music albums worth $50 with an artwork of yours equally worth or valued at $50, that is a fair and even exchange. This is so because all $50 bills or items worth that monetary values are fungible assets. This can also be likened to bitcoin because it is a fungible token.

The Wonders of NFTs: Imagine this series of events for a second as it paints a vivid picture of how NFTs work. Please note that some of these events are not factual:

⦁ In 2000, Nora Roberts caught a bus to her hometown, the small Maryland town of Boonsboro. As she is riding the bus, she observes the relationship between a couple and decides to write a story about them. The story she is getting ideas for is Birthright, one of her bestseller novels. ⦁ She takes a picture of the couple with their permission. She converts the image to an NFT. ⦁ She also converts photos of her manuscript into NFTs. Her manuscript is 70 pages long. Now, Nora Roberts has 71 NFTs that have become potential legendary items. ⦁ But she doesn't realize this at this point yet. She serves these items in her crypto wallet for posterity's sake. ⦁ She went on to publish the book in 2003. The book eventually becomes a bestseller, and she gets the idea to make the book more valuable. ⦁ She holds an auction to auction the 71 items related to the book. The ownership of these items has perks, such as getting the first copy of her next book and a front seat to the exclusive book launch. ⦁ The auction is organized, and she generates 200 ETH in total revenue. ⦁ Fast forward to two years later, in 2005. The book, Birthright, is being produced into a movie. Its success made such a resounding impact on the creative industry that Nora Roberts became infamous for her bestseller novels.

The NFTs she sold have increased and become about 15 times more valuable than in 2000. ⦁ This causes Nora's NFTs to add more value, such that she is awarded 20% in royalties every time an NFT transaction occurs. ⦁ She realizes how profitable the cryptocurrency industry has become, so she creates more NFTs for her next book. She repeats the process for the first NFT collection and auctions them off to ensure future investments. ⦁ Now, it is 2015. Ten years later and she reveals that she has ten more NFTs from Birthright. These are the first-ever scribbling for the idea of the book. These NFTs are now worth millions of dollars in ETH because of how valuable NFTs are.

This scenario we painted is a relevant and successful NFT story that describes the potential of NFTs. This is an example of people not taking advantage of the opportunity NFT offers. If other award-winning writers had taken advantage of this opportunity, then they would have benefitted from this source of revenue.

Technology has made the scenario above possible because it has evolved over the years. Creatives will do well to take advantage of NFTs to add another source of revenue to their wealth.

Blockchain Gaming With NFTs: The Duckfactory ecosystem uses the Ethereum Blockchain technology. We also leverage NFTs to empower our gamers and creators. Blockchain gaming seamlessly functions with NFTs as it incorporates in-games into its system. NFTs in blockchain gaming provide our gamers with equalization benefits regardless of the amount they spend on their games. NFTs have unique features that differentiate them from one another. Our players stand to gain a lot from NFTs. Some of these benefits are:

⦁ IMMUTABLE: Tokens have metadata, and this metadata cannot be altered. Both can be retained, misplaced, or removed from the blockchain. The metadata is designed to be everlasting to ensure its data remains intact. This token feature grants it incredible value and collectability.

⦁ Copyright: Copyright can be described as one of the most prominent challenges creatives face. It is difficult to maintain the integrity of your work without having people who make conscious efforts to plagiarize it. This makes NFT technology more valuable and most sought after by content creators and creatives. It allows these sets of people to retain their full copyright, which is relatively uncommon in most licensing agreements. Our users can generate revenue without forfeiting copyrights to their works.

⦁ SECURITY: NFTs assure our users of collectible security. The properties and items of our users are safe because of the nature of the blockchain. The blockchain is decentralized and, as such, has all data hosted on it in different nodes worldwide. These nodes have identical record databases that further ensure their users' data.