Altura NFT Loot Boxes Are Drawing Nearer: What Does It Mean for the Gaming Industry?

Altura NFT (ALU) has seen its value grow by more than 600% over the past 30 days as interest in NFTs continues to increase in the gaming industry. Having reached an all-time high earlier on November 3, ALU could be getting ready for another upward spike with the upcoming launch of NFT loot boxes.

The Details: Loot boxes have become one of the main tools for game publishers to boost their income through in-game purchases, being already in use by some of the most popular titles like League of Legends, Call of Duty, Fifa, Fortnite, Hearthstone, and more. This mechanic allows players to earn or buy consumable virtual items that can be redeemed to obtain “random” assets.

The use of loot boxes has become increasingly controversial over the past years among the gaming community. With every developer creating its own approach toward loot boxes, players are unable to really understand the underlying mechanisms of these virtual assets.

Altura NFT is aiming to capitalize on the increasing popularity of NFTs to provide gamers and developers with a new standard for loot boxes. By integrating with Chainlink’s Verifiable Random Function (VRF), the team will provide developers with a means to ensure their players that loot boxes are working in a transparent manner.

Altura’s NFT loot boxes capabilities are scheduled to launch on November 10. Altura says that investors, players, and developers are already getting ready for what it could signify in terms of token value and applications in the gaming ecosystem.

Why Does It Matter?: With game publishers like Ubisoft, Square Enix, and EA games already recognizing the importance of NFTs in the future of the industry, blockchain projects are racing to create the standards that will define the integration of blockchain and gaming.

With loot boxes becoming increasingly controversial due to their lack of transparency, Altura NFT loot boxes believes that it could be the technology the industry needs to regain its player’s trust. They will also own it. In the words of Altura Founder & Lead Developer Majd Hailat, “Altura is immensely excited to work with Chainlink to integrate true, verifiable randomness into Altura’s secure smart contracts to create tamper-proof loot boxes. Ultimately, this will bring unprecedented transparency and fairness to loot boxes within games.”

Once a developer deploys Altura’s solution, players will not only gain the ability to verify the odds of receiving each in-game asset. This is because Altura’s loot boxes are essentially Smart NFTs developed by the team. This means the assets contained by each loot box will also be represented as an NFT, providing its holder with all of the benefits this entails.

Developers, on the other hand, will be able to make their Loot boxes and game assets more dynamic by allowing them to respond to external conditions. The use of Chainlink’s oracles means that loot boxes can be used for other applications such as drops, real-life events, and more.

Altura’s NFTs also provide the benefits developers have come to expect from NFTs. This includes transaction taxes, transparency through the use of blockchain, the use of blueprints, and more.

Who Is Using NFTs in Gaming?: While NFTs are attracting the attention of gaming giants, the technology is still in its infancy when it comes to mass adoption. This is because big titles are yet to apply the technology in their existing mechanics.

However, organizations like the Blockchain Game Alliance have the support of influential gaming companies like Ubisoft, AMD, Galaxy Interactive, Gameloft, Atari, and more. This allows BGA to raise awareness about the benefits of blockchain technology, which includes NFTs,  in the gaming industry via panels, demo days, research, and more.

That being said, NFT-based games from indie developers and small game studios have already become extremely popular over the past years, with names like Axie Infinity, The Sandbox, Decentraland, and F1 Delta Time leading the charge.

In recent days, Islandinc video game publisher CCP Games announced it would be manually minting Tezos NFTs to reward participants on the XVII Alliance Tournament, one of EVE Online’s biggest events. The use of NFTs by a game title that has been widely known for its ruthless and real-life-like open economy will surely present an interesting test case for the use of NFTs in well-established games, especially considering that smart NFTs wouldn’t need manual minting.

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