Magic Eden Announced a 'Semi-Fungible Token' Marketplace Economy
Colin Smith — July 27, 2022 — Tech
References: genopets.me & venturebeat
'Magic Eden,' the San Francisco-based mobile game developer and web3 company, announced the release of its 'SFT marketplace.' SFT stands for "Semi-Fungible Token," which is essentially an NFT where each tokenized identity can be minted multiple times. This allows for the combination of both digital validation through the blockchain and the benefit of increased scalability by allowing multiple users to collect the same SFT.
The SFT marketplace will play a pivotal role in Magic Eden's upcoming creature-collector game 'Genopets.' Genopets will function similarly to Pokemon, where players will be able to capture and collect different pets as they play the game. The SFT marketplace will be used to validate ownership of players' Genopets, while there will be more exclusive Genopets tied to one-of-a-kind NFTs.
Image Credit: Shutterstock
The SFT marketplace will play a pivotal role in Magic Eden's upcoming creature-collector game 'Genopets.' Genopets will function similarly to Pokemon, where players will be able to capture and collect different pets as they play the game. The SFT marketplace will be used to validate ownership of players' Genopets, while there will be more exclusive Genopets tied to one-of-a-kind NFTs.
Image Credit: Shutterstock
Trend Themes
1. Semi-fungible Tokens - The rise of SFT marketplaces presents opportunities for blockchain-based platforms to increase scalability while still incorporating digital validation for each tokenized identity.
2. NFT Collectibles - The use of NFTs and SFTs in games such as 'Genopets' has the potential to disrupt the traditional model of physical collectibles and provide a new revenue stream for gaming companies.
3. Blockchain-based Gaming - Integrating blockchain technology into gaming through SFT and NFT marketplaces presents a disruptive innovation opportunity for the gaming industry, providing new avenues for player engagement and revenue streams.
Industry Implications
1. Gaming - The use of SFTs and NFTs in gaming provides a revenue stream for game developers while also serving as a disruptive force in the traditional physical collectibles space.
2. Blockchain - The rise of SFT and NFT marketplaces presents an opportunity for blockchain technology to expand into new industries and use cases beyond cryptocurrency.
3. Digital Collectibles - The use of blockchain-based tokens such as SFTs and NFTs opens up new possibilities for digital collectibles that are secure, validated, and unique, disrupting the traditional model of physical collectibles.
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