3. Use Cases
In the past decade, with the incorporation of app stores in game consoles and smartphones, the gaming industry has gradually evolved its simple buy-to-play business model, by adding subscription models and secondary sales funnels - such as paid skins marketplaces and loot boxes. With the rise of Web3 and its various token standards, the gaming industry is setting its eyes on incorporating non-fungible tokens into its gaming mechanisms. Through emerging play-to-earn games, NFTs started to play a vital role in enhancing gaming experiences since, for the first time, gamers can convert their in-game assets and rewards into cash. The adoption of this technology stack has grown ever since.
Up until the launch of Dynamic NFTs by One Mint, the use cases have been very limited for the very same nature of NFTs - these would either represent a static character, an item, or a specific utility with no room for scalability. Dynamism has introduced the ability to create and update tokens for a personalized experience. With this breakthrough, gaming companies may now create complete ecosystems using upgradable tokens. Here are some of the use cases:
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