Founded in 1994, SpellFire is currently on the ethereum blockchain, which utilizes the DAO concept.
SpellFire is a fantasy game that offers players a unique experience in a magical world, and it has launched the first non-fungible token (NFT) experience, which involves owning cards from the game in real life. The company revealed that it seeks to make “everyone involved a part of the revolution, which connects the past to the future.”
“Since NFTs are digital assets and represent real-world items, from art, to game items, we can expect that everything we buy with them will stay in the digital world forever. However, the upcoming new project, the fantasy game Spellfire, is willing and ready to be a wind of change on this issue,” the team behind SpellFire explained in a press release.
While the global art collecting business has existed for years, certainly before the Middle Ages, blockchain technology has taken it to a whole new realm. Prior to that, art collecting faced challenges of authenticity and content piracy. As a result, the whole business never reached its significant global potential until the advent of blockchain technology and the cryptocurrency industry.
After a few months on the road to global recognition of NFT, the demand for digital-enabled tangible objects soared to an all-time high. It is no wonder that the fashion industry found a potential niche by exploring the NFT market and blockchain technology.
SpellFire was founded back in 1994 and is currently on the ethereum blockchain, whereby it leverages the DAO concept.
The platform uses Magic tokens whereby 40,000,000 MAGIC tokens will be distributed through in-game rewards. Tournaments, Special Collections, Achievements.SpellFire features thousands of unique collectible cards, enabling users to create amazing stories by creating unique cards with allegedly special powers.
SpellFire and the NFT Marketplace
SpellFire is venturing into a market that has already proliferated with other institutional investors, and they have taken their first steps. Notably, the NFT market was previously valued at $3 billion, an almost 10-fold increase from the previous year.
After the Defi boom in the middle of last year, the NFT market got a facelift after Artist Beeple sold $69 million in art.
However, there has been a missing link in global adoption, and that is the lack of physical objects to accompany digital art.SpellFire is looking to bridge that gap and in turn interconnect the gaming industry with digital and physical collectibles.
Notably, SpellFire users can earn Ether (Eth) coins by selling unique cards.