Non-fungible Tokens Continue to Delight Collectors

In late 2017, blockchain mania spread like a virus throughout every corner of the globe. Bitcoin reached $20,000 per coin, and those with zero exposure to digital assets suddenly saw them everywhere, like it or not.

But while investors were tripping over themselves to become overnight millionaires, new use cases for distributed networks began to bubble up.

And one of the most exciting inventions emerging from the race to program the world’s new money is the non-fungible token, or NFT. Unlike traditional cryptocurrencies, these “nifty” assets contain unique attributes. In other words, each is one-of-a-kind and not mutually interchangeable.

Whereas the same bitcoin is in and out of different wallets all day long, NFTs don’t offer an exact 1:1 conversion rate.

NFTs have much more going for them than a lack of fungibility. And today, we’ll have a look at how uniqueness and collectibility factor into our upcoming NFT-powered game — KOGS.

Along the way, we’ll show you some fresh artwork and tell you more about why NFTs have already claimed their slot in blockchain gaming’s future.

NFTs Go Mainstream

One of the earliest examples of widespread NFT adoption has players breeding, selling, and trading — admittedly adorable — digital cats. Silly to some, but immensely collectible to others.

CryptoKitties put NFTs on the map

CryptoKitties brought the idea of irreplaceable digital assets to conventional consciousness. Although the game rose to glory only a few years ago, the appeal of rarity and collectible items runs deep into human history.

You see, there are essentially two types of people who collect NFTs. Yes, by default, there’s overlap. However, by depositing an NFT into your digital wallet, you’re either an investor or a collector.

Those in the game for investment purposes couldn’t give two satoshis about an NFTs stunning artwork or overpowering in-game abilities. For them, it’s all about ROI.

And for some, those investments paid off handsomely. In December 2017, one of the rarest programmable felines sold for a whopping $170,000.

According to aggregator site CryptoKitties Sales, today’s average sale price for a single CryptoKitty NFT is over $40. Even more impressive, since the game’s launch, over 500,000 kitties have grown up on the blockchain — for a total value of $27,922,526.

Contrastingly, collectors geek-out on each token’s artistic nuances. The colors and patterns, the designs and artists, the characters, and what they represent — no detail escapes a real collector’s scrutiny.

Collectors collect for the thrill of collecting.

Now, we can’t discount the fact that collectors are investors, too. Of course they want to see their items increase in value!

However, the money-making aspect isn’t their primary source of motivation. Seeing vacancies in a collection, then filling those gaps to 100% completion, is overwhelmingly gratifying. And when that precious moment comes and goes, it’s time to start collecting another set!

Speaking of collections, have you seen ours? If not, have a sneak-peek at some of our 1st Edition KOGS game pieces. Even though you may be very familiar with our upcoming blockchain game, we have more artwork to share with you!

Irrefutable Authenticity

In the world of rare collectibles and valuables, counterfeit goods are a constant threat.

Is that a Picasso painting or an expertly-printed replica? Does that silver coin date back to the Roman Era, or is it a lead medallion circa 2020? Is that NFT truly rare, or was it programmed in an aspiring developer’s basement?

Thanks to blockchain tech, item scarcity is available for anyone to see. Because their code spreads across a transparent, distributed ledger, a quick lookup on a block explorer reveals the actual rarity of NFTs.

Work in progress

Collectors of NFTs always know their pieces are 100% genuine. And, perhaps more importantly, NFT owners know their collections belong to them and them alone.

How’s that? We’ll get there in a minute. But first, if you haven’t yet, go sign up to be an early tester of our NFT-powered blockchain game. We’re giving the first 1,000 players a free Kogs Starter pack consisting of 40 NFTs!

Click here to reserve your spot as an early tester for KOGS!

*Please check your spam folder for email confirmation, as each account may have different filters. RedFOX Labs reserves the right to end registrations prior to 15th Feb. Offer is limited to one per person, and subject to downloading and playing one game to receive the NFTs.

Alright, we’ll remind you again later, but let’s return the benefits of NFTs.

Undisputable Ownership

We’ll use Fortnite as an example of in-game purchases within traditional gaming. Players pay real money — many thousands of dollars in some instances — for virtual items like costumes and weapons.

Work in progress

Problem is, although they bought those items, the players don’t truly own them — the game’s developers do. All of Fortnite’s processing occurs on centralized servers. If those servers fail, players’ in-game purchases go up in smoke.

On the other side of the coin, NFTs live in your wallet. To put it into crypto terms, NFTs occupy self-custodial wallets for which owners hold the private keys. Making traditional in-game purchases is like leaving funds on Coinbase or Binance. Not your keys, not your crypto!

NFTs are also prime candidates for online trading. And we’re gearing up for that, too. Complementing KOGS is our NFT marketplace where players can buy, sell, and swap their collectible game pieces.

Unstoppable Interoperability

By their very nature, NFTs are experienced travelers. Sending tokens from one wallet to another — as you would with any other form of crypto — is altogether commonplace. But NFTs take the concept a step further by enabling out-of-game transfers.

Work in progress

In other words, NFTs can freely travel from game to game, so long as the titles are in the same ecosystem. For example, if we were to make a future game called FROGS (highly unlikely!), your KOGS NFTs might be playable pieces.

100% Scalability

The CryptoKitties craze of 2017 revealed a chink in blockchain’s armor. You see, the game runs on top of the Ethereum network. Because it’s one massive chain, all projects are susceptible to delays caused by unrelated projects.

Work in progress

And because of the sudden spike in demand for digital litters, other businesses built on Ethereum paid the price. Pending transactions increased six times over because the network’s highways were so full of traffic.

This powerful lesson in the need for scalability pushed us to build venture using tech from Komodo Platform. RedFOX Labs operates a sovereign chain, which makes our game lightning-quick and immune to network congestion.

KOGS is only possible because of Komodo’s innovations. Without their lightweight, next-gen payment verification client, we wouldn’t be able to run a full blockchain on a smartphone.

Work in progress

Komodo’s legendary blockchain developer — James ‘jl777’ Lee — is so integral to our efforts, we couldn’t help but immortalize him inside one of the 1st Edtion game pieces.

Thanks, James! We’re eternally grateful to have you collaborating with us.

Only 3 Days Remain to Claim Your Free Kogs

As game development progresses, we’re seeking community feedback to help shape KOGS gameplay.

And to show our appreciation for helping us test the world’s first 100% on-the-blockchain mobile title, we’re giving all early testers a full stack of NFTs. Hold them, trade them, sell them, or use them to challenge in-game foes. No matter your choice, they’re yours to keep.

Work in progress

But our offer only lasts until Feb. 15 — roughly 72 hours from now. So, if you haven’t yet counted yourself among the first group, don’t delay your enrollment.

Click here to reserve your spot as an early tester for KOGS!

*Please check your spam folder for email confirmation, as each account may have different filters. RedFOX Labs reserves the right to end registrations prior to 15th Feb. Offer is limited to one per person, and subject to downloading and playing one game to receive the NFTs.

Every Starter Pack contains 3 slots reserved for rare and ultra-rare game pieces. Which ones will you get? There’s only one way to find out.

RedFOX Labs is thrilled with how far KOGS has come since inception, and we cordially invite you to help us prepare the game for public launch. Come out and play with us!

What’s your experience with NFTs? Already an avid collector? Or will our KOGS giveaway be the first time you start a collection? Share your thoughts in the comments section below.