EOS Has Two New Standards For Crypto Collectibles And NFTs
EOS developers now have two new ways to create crypto collectibles. Over the past week, two different non-fungible token standards (NFTs) have been released: Simple Assets by CryptoLions and dGoods by Mythical Games. If these efforts are successful, they could enhance EOS’s token landscape and help monetize blockchain gaming.
What Are Non-Fungible Tokens?
Non-fungible tokens, or NFTs, are special blockchain tokens that were originally popularized by CryptoKitties, an Ethereum-based trading game, in late 2017. Although NFTs have monetary value, they aren’t interchangeable like coins or bills are. Instead, each NFT is unique and holds value like a rare trading card does.
Over the past year, CryptoKitties has spawned a number of imitators, such as Blockchain Cuties on TRON. However, the most promising application of NFTs involves adding tradable items to mainstream video games. This has been called a multi-billion dollar market, and blockchain platforms like WAX are already breaking into it.
EOS could become the next blockchain to break into that market. Although NFTs have applications beyond gaming, that will naturally be one of the first applications for these two standards. In fact, Simple Assets has already created a demo game to demonstrate their new tool. That said, anyone can create tokens with the new standards for any purpose—not just as game assets.
Competing NFT Standards
Unlike other blockchains, EOS does not have a widely-accepted NFT token standard, meaning that this week’s new standards are competing for adoption. However, the competition is fairly friendly. Simple Assets has acknowledged dGoods directly, stating that their team holds the latter’s work “in high regard.” It seems that both standards will coexist peacefully.
To the extent that there is competition between the two standards, it is not clear which project has the upper hand. dGoods does, however, boast a very strong lineup of alliances. Scatter, which has previously displayed its own interest in monetizing video games with tradable items, has notably joined dGoods’ list of partners.
It should also be noted that, even in the absence of a standard, NFTs have not been totally absent from EOS. MonsterEOS, one of the first EOS games, simply uses its own custom NFT contract. However, a streamlined way for developers to issue tokens could make NFTs much more commonplace—and could help EOS monetize gaming to an even greater extent.
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