Gaming Fest: “The ABCs of NFTs”

During last week’s SCAD Gaming Fest, I witnessed the opening event of this hybrid festival, where panelists discussed the basics and perks of NFTs(Non-Fungible Token). Many might think that NFTs are a scam, mainly because not all of us clearly understand the concept. However, in this event, the panelists Sarah “Bux” Buxton (COO Gala Games), Matt Hoerl (COO Mona), Justin Melillo (CEO Mona), and Marlon Williams (Founder of Starter Labs & Atlanta Blockchain Center) provided some basic understanding on how NFTs are used within the gaming industry.

The host and associate chair of Interactive Design and Game Development at SCAD, Nye Warburton, started the event by introducing the panelists and asking the fundamental question: What is your definition of NFTs? Marlon and Justin defined this concept as a vast revolution. It is a digital representation of an asset, an authentic version of a thing that can’t be copied and will provide freedom for digital artists. Matt shared his definition of NFTs as an essential technology that will impact many fields, mainly 3D. In addition to this, he mentioned that within his company, Mona, creators have free access to NFT metaverses. Sarah supported Matt’s definition by establishing that this community is meant to share ownership and collaboration; it is an excellent opportunity for the creator, a “positive space to go into.” She also mentioned that NFTs are beyond content ownership. They are practical with multiple uses; “An item that I can own and use its value.”

Further within the event, the host mentioned that there is a pushback on NFTs; many do not understand this concept. He asked the panelists how they make people work with NFTs despite these problems? The panelists emphasized that they focus on and support the creator that comes to work within the community. They established that NFT “is not a scam” and that their process is all focused on the creators that want to make the metaverses by shifting ownerships of the NFTs towards them. They also mentioned that the NFT word would eventually fade away, that it is all about diving into the community and creating value in unique worlds of art. Using this technology in a meaningful way helps the creator because it is not about the NFT itself; it is about its utility and the experience that the artist can receive from using it.

To develop what has been mentioned in the event, chair Warburton asked the panelists to expand on the utility of the NFTs. Sarah continued the conversation by establishing that from the gaming perspective, it needs to make sense to make a good game. NFTs allow people to receive an income in a positive community within companies. The utility is connected to an experience in addition to having an opportunity to earn. All parties involved can benefit from it. For this to happen, the artist needs to get involved within the community and learn how to buy an NFT. Then the company can track the ownership and monetize it.

The panelists mentioned that NFTs had been around for a while but have been mainly used recently. Within the community, they want to guide creators through the process. “Quality development of NFTs will transform the world in upcoming times.” Justin mentioned that it is time to dive in, explore, and build within Mona. He advised that now that it is early, it is good to start to understand what it means. The hope is to make something that the creator will enjoy, have a great experience with and earn an income.

Culminating the event, the panelist continued to promote NFTs positively and provided advice to the audience on approaching this new concept. They mentioned that artists should use and view NFTs as a resource within games, videos, and film, metadata that can be moved around and used. Not everyone understands the possibilities of a dynamic NFT. They emphasized that this Non-fungible token is much bigger than a static jpeg; they are assets and tools that the creator owns to develop metaverses. People don’t need to give money to be a part of this. They recommended starting by following along with the web three community to understand it and stay educated on the trends and how they work for you as the artist.

After listening to the panelists’ conversation about NFTs, my impression is that there is still a lot of a gray area on this topic. Non-fungible tokens are such a new concept that not everyone clearly understands what it is. Even when professionals who work within the field desperately promote this as a fantastic opportunity and an excellent community for digital artists to take advantage of, I believe that there is still a lot of work and education to do before fully diving into this concept. It is not crazy to think that this is a scam because of the ridiculous value that people provide to some absurd NFTs. Yet the main question for me is: where do we mark the line to use NFTs in a trusting way within the industry when it has been shown that some people weirdly use that digital monetizing power? There are still a lot of questions, and I feel a little bit skeptical about this topic. Since we are still early on NFTs as part of the industry, there is still a long way to go and see how it will develop.