🪙Tokenization

The Tokenization Process of In-game Items

In our example scenario we will be bringing a Steam originated game asset item onto the blockchain as a vNFT (Virtual Non-Fungible Token).

The options for its subsequent use or reversion are as follows:

• Tokenization: You would start by verifying ownership of your Steam game asset within the VoidZ platform. Once verified, the platform locks the in-game item to prevent its use or trade within Steam, maintaining its value and uniqueness.

• Minting the vNFT: The platform then mints a vNFT that corresponds to your Steam game asset. This vNFT is a blockchain-based representation of your item, carrying all its attributes and the ownership rights.

• Trading on the Blockchain: Now as a vNFT, your Steam asset can be listed on a blockchain marketplace. Other users can view, trade, or purchase it using cryptocurrency. The vNFT's blockchain entry ensures proof of ownership and transaction history.

• Selling the vNFT: If you choose to sell the vNFT, the transaction occurs on the blockchain. You transfer ownership of the vNFT to the buyer, and in return, you receive cryptocurrency or another asset as payment.

• Redemption by Original Owner: If you decide you want your Steam asset item back for in-game use, you would initiate a burn process on VoidZ, where the vNFT is destroyed. Subsequently, the platform would release the original Steam item from the digital vault, making it available in your Steam inventory once again.

• Redemption by a New Owner: If a new owner wants the original Steam asset after purchasing the vNFT, they would go through a similar burn process. They destroy the vNFT, prompting the VoidZ platform to transfer the original in-game item to their Steam inventory.

The vNFT effectively acts as a bridge between, in this case, the Steam gaming platform and the blockchain, allowing for the fluid movement of digital assets between two disparate systems. This process ensures that ownership and value are maintained whether the item exists as a vNFT on the blockchain or as an original in-game item on Steam.