Blockchain and NFT basicsFrequently Asked Questions about blockchain and NFT's
What is an NFT?
For years, any topic related to crypto or blockchain has gathered attention, both negative and positive. The same thing is now happening with NFTs - non-fungible tokens. It means that the piece held as an NFT is not interchangeable and is a unique property. Although experts and media outlets are covering the topic, the NFT remains a mystery for many.
NFT is a digital asset stored on a blockchain and certifies the item as unique and not interchangeable. Items can be anything from a Tweet, picture, video, or represent real-world objects like art, music, videos, in-game items, etc. NFTs are supported by various blockchains and can be bought and sold online with cryptocurrency.
What is the main difference between NFT and Cryptocurrency?
NFTs have been around since 2014 but have gained popularity only now with the blooming NFT market. Some people believe it is the future of e-commerce; others are far more skeptical and don't see a difference between crypto and NFT.
The main difference is the type of property. Cryptos are digital money, and NFT is a digital asset. Cryptocurrencies are fungible and can be used to conduct transactions on the blockchain, used as investments, or for paying bills. They are tradable and can be exchanged for real money anytime.
NFTs are one of a kind; each having a digital signature makes an exchange for equality impossible. It is a unique piece of property stored on the blockchain. This property can also be used as an investment, gather money for its owner, and can be bought or sold, but it cannot be exchanged like currency.
Why adding NFT to the game is good for players?
In the typical gaming industry, all profits from in-game features go to giant tech companies. Players buy features and make the developers rich. That is a centralized gaming system.
NFTs can make gaming decentralized and generate a massive share of the revenue for the players.
NFT's allow gamers to use purchased in-game item and later sell it or trade it for income. When playing games, all cards "in play" get experience and earn "Spellfire" tokens. "Spellfire" is a crypto coin that allows you to upgrade cards and make them more valuable and powerful. You can trade these cards in the Marketplace for real-world cash. From there, you can buy new cards with your current earnings or convert them to your currency to spend however you want.
NFT will enable players to monetize the time spent on the game and make it a play-to-earn (P2E) experience. This model empowers players to own gaming features, increase their value while successfully playing, and sell them for revenue.
With Original NFT cards, the owner would be eligible for ETH payouts from its copies. In Spellfire, 90% of the NFT generating profit goes to the Original card owner.
Playing NFT Cards would earn experience points and "Spellfire" tokens which could be used to upgrade the card. This way, its value in the market skyrockets.
Do I have to buy NFT to be able to play Spellfire Re-Master the Magic?
No. NFTs are only for those who prefer the Play-to-Earn model. There will be non-NFT cards for simple gameplay that can be easily purchased in decks or booster packs.
Not NFT Playing Cards are not minted on the blockchain, and players can't gather revenue from them but are welcome to enjoy the gameplay of Spellfire traditionally without stepping into the NFT market.
What if I lose my physical NFT card, or it is stolen?
We will send you a new one; you will only cover the production and shipping costs.
The one who has your card could only use it as a non-NFT card for in-home play. All the official tournaments would scan the cards' QR codes, and there would be no way to hide ownership rights.
What if I buy the NFT card, but I do not like the game?
You may sell it to other players or keep it as an investment and get passive income from the playing card copies.
Will NFT prices go up or down?
The NFT market is decentralized. It may have ups and downs, just like most digital currencies. However, you should see the recent NFT trends climbing the heights in 2021, making more than 3000% sales growth compared to 2020.