Presently, the gaming industry is worth well above $180 billion, representing considerable growth without any sign of falling anytime soon. Although not the entire gaming industry has adopted the NFT technology, there are still early adopters enjoying the model’s newness. For instance, it includes the VR and AR and the curved screen to the latest GPUs. Therefore, the gaming industry cannot deny the presence and impact of non-fungible tokens.
The Non-fungible token or NFTs are the unique digital assets meant to stand for the digital collectible and other metaverse assets. Others include digital art, skin, 3D design, and so much more. Some of the other items in-game purchases have cumulatively provided real value by providing a digital currency such as cryptocurrency. In addition, it offered digital rights to these items to build a play-to-earn economy.
Another attractive benefit is that this system provides the game developers an opportunity to earn more money for their brainchild. Also, the eventual result is that of a much better and more equitable game environment. Let us consider some of the direct impacts of NFT games’ advent on the gaming industry.
Game Creators can Earn More
The gaming industry is good soil for tech experimentation. The game designers become the early adopters of the new innovation while experimenting with other dimensions. For instance, these professionals try out the user interface, game mechanics alongside the monetization of their new game projects. Moreover, the developers are also ready and eager to test out the gameplay mechanics while building it upon NFT basics. learn more about types of NFT at http://3daysgrace.org/the-9-types-of-nft-you-should-know-about/
In the long run, each of these in-game assets can eventually become premium virtual goods that will be worth a fortune. For instance, the skin of the game Fortnite sold for a future in no time. Also, the game developers can build on non-fungible tokens that could have unique in-game items. These privately owned items can be collected, auctioned, or traded for real money. In the not-so-long past, some in-game NFT items have sold for a considerable amount of money. For instance, the Formula 1 track NFT sold for an incredible amount of $3 million. You can only imagine how glad the developer of that game track will feel.
Furthermore, the NFT models also can radically improve the customer’s or players’ gaming experience. This process also gives the gamers more control over the assets they invest in the game or earn from the competition. That means it becomes easier to buy or less these in-game assets to other players or in marketplaces. This possibility also implies that even developers can get an additional source of income as they engage in-game transactions.
Play-to-Earn (P2E) Game Models
The recent years have also seen us observe the significant emergence of many play-to-earn games against the conventional pay-to-win models. Also, the game design work for the immense ability of a player economy. In this process, the gamers earn tokens by accomplishing different tasks. When these players make this currency and premium virtual goods from the game ecosystem, the potential value of these NFTs continues to rise.
Therefore, gamers’ demand for these currencies has been a major driving factor for their value. These seeking gamers need the rarer items in the game. That provides an opportunity to make money for those trading in such assets. For instance, if a player seeks to buy an in-game help such as a rare skin for his avatar, an owner can earn from completing quests to provide that feature. Moreover, other special items also have good value in the game environment.
For example, a player may acquire a whole parcel of virtual land in a virtual planet or universe. He will purchase and manage this property within the gaming platform as the owner. Therefore, monetizing games using the NFT models provides practically limitless possibilities. In addition, there are presently over 20 such games that are primarily founded on the Ethereum blockchain technology.
One such is the Axie Infinity game, an NFT-based game above $40 million in sales. The game was made by Sky Mavis, a Vietnamese studio. And has a digital pet universe where players can battle, conquer, raise and trade some fantasy creatures known as Axies. Also, the inspiration for these cute digital creatures came from the common Cryptokitties. But Axie Infinity added the advantage of areal gameplay with special daily quests and more interactions.
Another significant impact of the non-fungible tokens on the gaming industry is the primary control of the game player. This control is on the digital in-game assets they can choose to buy, sell, trade, auction, or exchange with other players and in the marketplace. A gamer may also acquire an NFT through design or purchase as a game skin or theme track. When this transaction happens, the buyer can be confident that he owns this asset forever.
The players’ control over their virtual assets means that the developers cannot just wake up and close the game one day. In traditional gaming systems, this closure may happen, and both the game and all the invested assets are gone. How is this new type of ownership secured? Blockchain technology. Users can also buy virtual lands freely with a direct correspondence to the natural earth.
In conclusion, the gaming industry can give the correct response to the adaptation of this NFT system. At the same time, this step influences some in-game economies advancing from the experimental stage to the actual implementation in the project. The game developers can also adopt new strategies that have already been proven by the game users. If the economic stakeholders will decide about adapting the new NFT model, the time is now.