The gaming industry has been around for a long time, and it’s only getting bigger. A recent report by Newzoo estimates that the global video game market will reach $115 billion in 2020 with an annual growth of 6%. There are many reasons why gamers are drawn to this growing industry, but one major reason is the introduction of new technologies like blockchain-based digital goods or nft’s. NFT’s are an emerging type of crypto-collectibles that have been gaining traction in recent months. They allow users to purchase, trade and sell virtual assets on the blockchain. These items can be as simple as a digital character or as complex as a complete economy within a game.
What Are Non Fungible Tokens ?
Non fungible tokens are a special class of cryptographic ERC-721 token . NFTs have many possible use cases in the Gaming industry, most notably as a weapon or item that is unique to you. These tokens are proving themselves to be an excellent way of storing information about something that exists in the virtual world – your items, characters, weapons etc. Gaming studios are now looking at how they can implement these tokens into their games. Additionally, NFTs are often one-of-a-kind, or one of a very limited run, and have unique identifying codes. “In essence, NFTs generate digital scarcity, “as said by Arry Yu, managing director of Yellow Umbrella Ventures. Since November 2017, a whopping $283 million has been spent on NFTs according to reports.
“EVERYDAYS: The First 5000 Days” by Mike Winklemann, commonly known as “Beeple,” sold at Christie’s for a record-breaking $69.3 million, making it one of the most popular NFTs of the present.
How They Work :
Starting off with a bang, Gaming studio ” Axie Infinity” has already published their own game that allows players to use NFT’s called Axies. The most sought out feature of this game is its ability to battle one another with your pets by casting different spells and having them fight it out. They work a lot like Cryptokitties, these pets are unique and can experience growth throughout the game. The Axie owners have to feed their pets to make them grow stronger, or alternatively use an Axie incubator for it to do so automatically over time. The actual battle is automated, but the owner gets notified by an alert if their pet wins or loses.
The game allows for breeding of Axies, so you can create your own little family tree with the parents and offspring. Axie Infinity Gaming Studio is only one of many Gaming studios that are looking at implementing NFT’s in their games – it all looks promising!
To begin playing and participate in these games, you’ll need to create a free cryptocurrency wallet, locate a play-to-earn game on the blockchain (P2E), and then connect the two. After installing the game and establishing a connection with your wallet, you will be able to store and earn in-game products that may be sold in cryptocurrency marketplaces. You can then sell your Bitcoin to earn USD, GBP, YEN, or other money.
To summarize the users will need to :
- Download a cryptocurrency wallet.
- Select a P2E game (like axie infinity or any other).
- Integrate your wallet with the game.
- Participate in the game to earn cryptocurrency or NFTs (in-game items).
- Interact with the Marketplaces to Sell/Buy.
With these five simple steps, anyone can enter the world of play to earn gaming, where you can discover and earn from games you adore. SensorTower estimates that the mobile gaming business produced over $7.6 billion USD in revenue from player spending on both the App and Play Stores. There is an enormous demand for high-quality games, with people of all demographics interested in unwinding and enjoying some good old-fashioned relaxing games.
What This Means For The Gaming Industry :
The gaming industry is set for a major shakeup if studios keep implementing NFTs. There are many benefits and advancements that can happen as a result, such as :
- Gaming Nft’s Allow Blockchain Gaming To Expand Faster Than Ever Before, Gamers like new things and they like trying new games all the time and these tokens will allow Gaming studios to give the players a sense of ownership and identity about their characters and items, and to also prove their authenticity.
- It also allows for easier transfer of these tokens from one player to another – which would make trading between players a whole lot easier. For instance, what if a Souvenir Dragon Lore sniper weapon (worth $26,000 and is considered a rare item) from Counter-Strike: Global Offensive could be imported into Call of Duty: Modern Warfare? Or how about transferring that unique turtle or bacon Minecraft cape to Roblox’s Adopt Me game? If players can get more usage out of the skins and accessories they purchase for a single game, they may be more willing to pay for such customizations
- Gaming industry is actively looking at ways to implement nft’s in games . This adds security and immutability to Gaming assets and they can use nft’s to incentivize playing the games – like giving the players free tokens for reaching a certain benchmark in the game and allowing them trade these with other gamers. This will help Gaming studios build a stronger Gaming community and make Gaming even more fun!
- In future we might see Gaming Studios not use fiat currencies at all, but use Gaming nft’s instead and one of the biggest benefits of Gaming Nft’s is that you do not need to purchase a specific token for every game you want to play. The Gaming company could simply create an ERC721 Gaming Nft that can be used in any game they release. This would save Gaming companies a lot of money, time and resources while allowing Gaming to grow much bigger than it ever has before.
- NFT’s will provides an opportunity for developers to make more money by selling tokens that represent items within their games instead of selling those expensive physical copies. Games based on blockchain are provably fair and cannot be hacked, which means players no longer need to worry about being cheated out of their hard-earned coins/tokens.
NFT games are the future of gaming. Blockchain-based games are often referred to as Non-Fungible Tokens Games or simply NFT Games. The first widely successful game that used an ERC721 token was CryptoKitties in late 2017 by AxiomZen. The blockchain game allowed users to breed and trade digital kitties. The first blockchain game proved that the value of NFTs was much more than just a simple cryptocurrency token. Gaming is where I see this impacting the world most in my personal opinion. For instance a game called Immutable’s Gods Unchained was able to sell out of NFT’s, awarding players 6.2 million USD in in-game assets and raising 15 million USD in its Series A funding round and a non-profit organization called Leyline is currently working to gamify environmental and social sustainability and is developing collectible NFTs that people can earn by performing good social deeds that benefit the environment and their community.
Gaming is already one of the biggest industry right now and its still growing at a very fast speed, so why limit Gaming to one Gaming company or Gaming experience? Gaming Nft’s allow Gaming companies to be flexible and work with other Gaming companies. This flexibility would lead to more NFT games, which could benefit the Gaming industry as a whole by providing more resources for Gaming and helping make Gaming more fun. Instead of making an online Gaming Marketplace, Gaming Tokens can help Gaming companies make Gaming more fun.
I hope this article has given you some insight into the world of Non-Fungible Tokens (NFTs) and how they’ll be important in the future. If you like what you read, please share it with your friends! Also make sure to check out our website for more information on other topics related to gaming.