SpellFire was established back in 1994 and is currently on the Ethereum blockchain whereby it utilizes the DAO concept.
SpellFire, a fantasy game that presents players with unique experiences in the magical world, has introduced the first non-fungible tokens’ (NFT) experience of owning in-game cards in real life. The company has disclosed to Coinspeaker news media that it seeks to allow “everyone involved to become a part of the revolution, which connects the past with the future.”
“With NFT’s being digital assets and representing real-world objects from art, to game items, we could expect that everything we buy with them, will forever stay in the digital world. However, the upcoming new project – fantasy game “Spellfire” is willing and ready to be the wind of change in that matter,” the team behind SpellFire explained in the press release.
Although the global art collectible business has been existing for many years ago, definitely before the medieval period, blockchain technology has taken it to a whole new realm. Previously, art collections faced challenges with authenticity and content piracy. Consequently, the whole business never reached its notable global potential until blockchain technology and the crypto industry came to fruition.
A few months down the lane of NFT global recognition, and the need for tangible objects to support digital spikes to an all-time high. No wonder the fashion industry has found a potential niche by exploring the NFT market and blockchain technology.
SpellFire was established back in 1994 and is currently on the Ethereum blockchain whereby it utilizes the DAO concept.
The platform uses the Magic tokens, whereby 40,000,000 MAGIC tokens will be distributed through in-game rewards: Tournaments, Special collections, Achievements. With thousands of unique collectible cards, SpellFire enables users to create unique cards with purportedly special powers, thereby marvelous stories.
SpellFire and the NFT Market
SpellFire is venturing into a market that has proliferated with other institutional investors, who have already made steps ahead. Notably, the NFT market was previously valued at $3 billion, up almost tenfold from the prior year.
After the Defi boom mid last year, the NFT market was revamped after the sale of $69 million artwork by Artist Beeple.
However, all along there has been a missing link to the global adoption and that has been the lack of physical goods to accompany digital arts. SpellFire is seeking to close the gap and in turn interlink the gaming industry with the digital and physical collectibles.
Notably, SpellFire users can earn Ethereum (Eth) coins by selling unique cards.
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