Question 1 - Describe in your own words the main Advantages and Disadvantages (Pros and Cons) of NFT Games in relation to other types of games

Non fungible tokens NFTs has remained one of the main talking points over the past few years. When it comes to blockchain and cryptocurrency, NFTs has become a really important aspect of blockchain and cryptocurrency and has brought about the tokenization of digital assets. The gaming industry is without a doubt one of the biggest industries in the world at the moment, continuously growing at a rapid rate. NFT games has been on a massive rise since the inception of NFTs, opening a whole new opportunities for gamers.

Blockchain technology is also one of the sectors that has gained a tremendous growth up to this point. Even though blockchain technology is still in its early years, it has grown significantly and has proven to provide solutions to many industries like the gaming industry. At the moment, there are a number of different blockchains that allow the creation of NFTs and tokenized digital assets for gaming, proving the base infrastructure and technology for developers to launch games.

Advantages (Pros) of NFT Games

Full ownership of game characters, items and collectibles

This is one of the major advantages and pros of NFT games in relation to other type of games. Players who play NFT games have full ownership and control of their game characters, assets and collectibles, and can decide to do whatever they want with their assets. Since NFT games run on blockchain and NFTs are stored on the blockchain, the NFTs are stored on user wallets which gives users full control of their assets.

NFT game assets possesses real value

This is another advantage of NFT game. Assets like characters, items and collectibles have real value because of the rarity of the NFTs. Compared to other type of games which doesn’t have real value outside the in-game economy, NFT games assets possesses real value.

Earning income

NFT games allows users to earn income, allowing users to create and develop characters, forge items, build specialized assets that can be sold in the marketplace to earn income.

Ability to trade NFT game assets

This is one of the huge advantages and benefits of NFT games compared to other types of games. NFT game asset can be traded on the market for fiat because each NFT game asset possesses real value meaning that other players and users can buy and sell these assets in the market.

Ability to earn real passive income

A lot of NFT games allows users to earn real passive income by staking the game token to earn passive rewards/income.

Disadvantages (Cons) of NFT Games

Can be slow

This is one of the main cons of NFT games in relation to other games. When it comes to speed, NFT games is still yet to reach the level of other types of games because it runs on the blockchain. Some NFT games run on very fast blockchains with very high tps, however, the speed of NFT games is still not yet on the level of other types of games. Some NFT games that runs on slow blockchains can be very slow and frustrating to a lot of users, and has become one of the drawbacks of NFT games.

Cost of transaction fees

Transaction fees that are required to play NFT games can be a cons for NFT games because not everyone wants to spend funds while playing games. Some NFT games that run on certain blockchains like ethereum can incur high transaction fees, making it very big drawback. Even though some NFT games run on low transaction fees blockchains, there are still cost for the transaction fees which can be a huge turn off for a lot of users.

Lack of high-end game graphics

This is one of the cons of NFT games. Yes there are some NFT games that offer high-end game graphics, a lot of NFT games have very poor game graphics compared to other types of games.

Investment needed to fully have access to NFT game capabilities

This is another cons of NFT games, because a lot of NFT games require users to make certain investment like purchasing starter kit before being able to play the game. This can be a big turn off because not everyone would want to make an initial investment to play a game.

Can be too technical and complicated to understand

NFT games run on the blockchain and because of this, it can be too technical and complicated for a lot of users to understand especially for new users. Because to play an NFT game, users need to understand blockchain and cryptocurrency, wallets and how to set up a wallet, and more, which can be very technical and complicated for a lot of users.

Question 2 - Name five (5) recognized characters: writers, artists, athletes or others, who have digitized their works to produce NFT

NFTs have been around for a few years now and has been under the radar since it first came into the scene. However, it didn’t take long for it to take off to start gaining popularity and attention it deserves. It took off a few months ago and became one of the main talking points on the internet and is one of the main driving factors that is pushing blockchain and cryptocurrency adoption. Many digital creators like artists, musicians, writers, digital content creators and even some famous individuals have taken advantage of blockchain technology and NFTs to tokenize their contents and make a huge sum of money.

Beeple: NFT - Sold for $69 million

Beeple is a very talented digital artist that gained fame for his tremendous works and record for one of the highest selling NFT digital art. His name, work and achievements that took over the internet and blockchain space because of his NFT digital art that sold for about $69 million. This news spread like wild fire and became one of the major talking points for quite some time, and is still talked about presently. The title of the Beeple NFT digital art is "everydays" which is a still digital montage of his first 5000 days digital arts. According to the reports, Christie offered the first 5000 Days digital arts created by Beeple, becoming the first purely digital art to be offered by a major auction house.

Source: Beeple - First 5000 days

Edward Snowden: NFT - for $5.4 million

This is another popular NFT that was sold for about $5.4 million. This NFT is a digital court documents of pages of the appeal court decision the mass surveillance program which has the portrait of his face overlaid above the document text. The title of the NFT image is called "stay free" and is till date one of the most successful NFT sales.

Source: Edward Snowden - Stay free

Don Diablo: NFT - Sold for $1.24 million

This is another popular NFT and was sold for about $1.24 million. Don Diablo is the creator of the NFT, a digital audio visual experience which is an hour long and is said to have taken 12 months to create. The title of the NFT image is called “destination hexagonia” it has a sci-fi flavor to it and is till date one of the most successful NFT sales.

Source: Don Diablo - Destination hexagonia

Kevin Abosch: NFT - Sold for $1 million

This NFT by Kevin Abosch was sold for about $1 million. It is a digital artwork of a rose flower that sold on valentine day. According to Kevin Abosch, the digital artwork isn’t just an ordinary artwork, it represents proof of love on the blockchain. The title of the NFT artwork is called “Forever Rose” it is just a rose flower artwork that holds a lot of value and also one of the most valuable NFT piece.

Source: Kevin Abosch - Foreever rose

Pak: NFT - Sold for $1.444444 million

This NFT by Pak was sold for about $1.444444 million. It is a digital art of a geometric design that was created to represent the evolution of art into the digital realm. According to reports, it is Pak’s most expensive work. The title of the NFT artwork is called “The Switch” and it holds a lot of value as one of the most valuable NFT piece.

Source: - Pak- The switch

Question 3 - Describe in depth the selected game…

MyDefiPet

MyDefiPet is a blockchain based game that is based on NFTs. It is a virtual pet game with three main aspects. The name MyDefiPet is a combination of the three main aspects of the game. The “My” represents the player’s personality, the “DeFi” simply means decentralized finance, and “Pet” represents pet raising and the character assets. The game website is https://mydefipet.com

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Features and objective of the game

My Pet DeFi is an amazing NFT blockchain-based game and is packed with a lot of quality features and gameplay.

Collect

In MyDefiPet, collect is the feature that allows the player to obtain pet in the game. There are 2 main ways to obtain pets in the game, summon and auction. For summon, the player can consume a particular number of the game tokens to obtain a random egg. For auction, new pet is created every hour in the game and it takes 24 hours for the bidding to be over.

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Breed

This is where the player can create new set of pets by carefully combining the right two pets to breed new pets. Each bred pets has their own characteristics.

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Evolve

This is the feature of the game that gives player pets the ability to evolve in stages based on how rare they are. When pets evolve, they obtain new appearances and enhanced characteristics. Players can also upgrade their pets by utilizing the DPET tokens.

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Season and Events

This is basically season events and rewards that allow players to receive prizes. The will be specific prizes in the pool and players can collect their prizes based on specific requirements.

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Battle

This is basically the core aspect of the game. Here, players can go into battles using their pets to battle against other players’ pets. Winners will receive rewards for coming out victorious.

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Trading

This is the feature that allows players to trade, buy and sell their pets and game assets on the market place.
Compete with friends and other player

Ranking

The ranking feature is like the leaderboard that shows the rankings of each player based on their level and achievements. Players compete with other players to move up in the rankings.

Socials

This feature allows players to socialize and communicate with other players in the game through the private chat feature and the world channel.

MyDefiPet Team - Founders and Developers

The team behind the MyDefiPet game comprises of the founders and developers share the same goals and are working together to achieve their main objectives and goals. The main people behind the project are Tri Pham who is the Co-Founder & CEO, Liem Thai who is the game creator, Tommy Le who is the game marketer, John Huy Nguyen who is the Chief Business Officer, Anh Tran who is the game developer and many other members of the team that also comprises of advisors and partners.

DPET Token

DPET is basically the native token and in-game currency of the MyDefiPet game. It is the native token that powers the in-game economy. The DPET token is used to purchase various game assets, like items, pets, collectibles and more and also used to enhance and upgrade pets in the game.

Users can also trade their game assets in the marketplace for DPET which holds value and can be traded on exchanges for other cryptocurrencies or transferred to other users or stored in wallets. The DPET token is also used for governance to vote for new features to be implemented in the game. The game allows staking where users can stake their DPET tokens to earn rewards.

Price - The current price of DPET is $3.99

Market Capitalization - At the moment, the market capitalization of the DPET token is $27,430,864.

Position/Ranking - Currently, the DPET token is ranked number 673 position on coinmarketcap.

Availability

The MyDefiPet runs on the Binance smart chain and is available through the game official website. The DPET token is also available on a variety of crypto exchanges and DEX such as Kucoin, gate.io, pancakeswap and more. The game is available to anyone on the website. However, users need to connect their wallet on the Binance smart chain network to have access to the game.

Question 4 - Show the complete process to acquire the tokens…

Acquiring the DPET token is straight ward. There are many ways in which the DPET token can be acquired, but I will be focusing on buying the token on the pancakeswap dex because it is the simplier process and doesn’t require any signup, only a compactible wallet is needed. To do this, you to already have the Binance smart chain compactible wallet installed on your device, either on desktop device or mobile device. Metamask wallet extension or trustwallet can be used to connect to pancakeswap DEX.

Downloading and Installing Metamask Wallet

To download the Metamask wallet extension for desktop browser, visit the official metamask website at https://metamask.io to download.

Click on download now and select the correct device for download. I chose chrome since i want to install the wallet on chrome browser.

The next section will be to install the metamask extension from the chrome store. Click on install.

Once the installation is completed, it is time to setup the wallet.

Setting up Metamask Wallet

to setup the Metamask Wallet, Select get started

Next is to Create a wallet and agree to the terms

Next it is to Create a strong password. This is important for better security of your metamask wallet. Type in your password

Next is to secret phrase backup. This is very crucial. Select reveal to view the backup seed phrase.

Next is to confirm of the secret backup phrase that you backed up earlier.

Select each of the phrase in their correct order.

Congratulations, the setup is completed

Metamask Wallet Binance Smart Chain Network Configuration

To configure the binance smart chain network on metamask wallet extension for chrome, launch the metamask wallet and click on the account icon.

Next is to visit the settings page

Next is to scroll down and select networks as this is where you will configure the binance smart chain settings

Click on Add Network

On the inputs, carefully type in all the required inputs and click on save. Input the network name, New RPC URL, Chain ID, Currency Symbol and Block Explorer URL and save. Done

It will be added to the network list. Next is to select Binance Smart Chain from the list.

Purchasing DPET Token on Pancakeswap DEX

Purchasing the DPET token is straight ward. DPET is listed on pancakeswap DEX. I will be focusing on buying the token on the pancakeswap dex because it is the simpler process and doesn’t require any signup, only a compactible wallet is needed. To do this, you to already have the Binance smart chain compactible wallet installed on your device, either on desktop device or mobile device. Metamask wallet extension can be used to connect to pancakeswap DEX.

To do this, go to the pancakeswap website at https://pancakeswap.finance.
Click on trade and select exchange to enter the DEX protocol

Click on connect and select metamask option to connect the metamask wallet to pancakeswap protocol

Next is to click on select currency

On the input, paste the token contract address. Visit the MyDefiPet website to copy the token contract address.

Next is to import the token to pancakeswap

After that, type in the amount of BNB you want to purchase DPET with and click on swap. You need to have sufficient BNB on your balance before proceeding to purchase the token.

5 - Conclusion

NFTs games has seen a lot of growth over the past few years and has remained one of the main talking points in the blockchain and NFT world. When it comes to blockchain and NFTs, blockchain NFT games is one of the top sectors and is playing its role in creating more awareness and adoption. The gaming industry is one of the biggest industries in the world at the moment, and with NFT games giving players the ability to earn while having fun, there is no doubt that it is only a matter of time before the NFT gaming sector skyrockets. NFT games is surely opening a whole new opportunities for gamers.