There is no doubt that NFTs have been the talk of the town in recent months, seeing their boom in 2021 with a market value of
NFTs in Gaming
Expanding into other spaces, the gaming industry has seen NFTs infiltrate the space with many promising utilities. NFTs in the blockchain gaming world are mainly utilised as in-game assets, where one can purchase an NFT in the form of skins, avatars, weapons, and more. These in-game NFT purchases can then be up-skilled within the gameplay (ultimately increasing their value), or be traded on the relevant NFT marketplace. The utilities of these assets are truly endless. Keeping this in mind, there seems to be a misconception that NFTs in gaming is for gamers or gaming enthusiasts only - which is far from reality. The utilities of these in-game assets go far beyond the gameplay, offering non-gamers an opportunity to reap the benefits.
NFTs as an Investment
Like all NFTs, in-game NFTs is viewed as a lucrative investment, with the possibility of skyrocketing in value. Looking at some successful NFTs such as Mutant Ape Yacht Club (MAYC) and Bored Ape Yacht Club (BAYC), which saw a crazy jump of
Voting Rights
When purchasing an in-game NFT, the process is done through the relevant marketplace, where the investor will need to acquire the game’s local governance token to make NFT purchases. Investors can also use governance tokens to purchase NFTs through secondary marketplaces. A mass majority of blockchain games give investors, (who hold the governance token), the power of voting. NFT and token holders can then play a big part in the decisions made by gaming developers. Going back to Reign of Terror, the staking pool for the local $ROT token allows for the production of $sROT which are used for DAO proposals and voting, allowing users to participate in decision-making regarding monetary policies, treasury and token allocations, community management, and having a say in their product roadmap. In addition to that, RoT focuses on giving their players more ways to play together in the game through the use of their $sROT token and the SocialFi mechanics of the game.
Social Functions
The rise of SocialFi sees social media, finance, and DeFi integrating into one, allowing social influences to have the potential to be tokenized. This system allows influential figures to receive monetary rewards for being active on SocialFi platforms. SocialFi mechanics have been added in the Reign of Terror ecosystem in a number of ways, including giving guilds and alliances to have access to special missions and allowing alliances to capture land from other alliances. The DAO of RoT gives alliances the power to vote regarding the development of the game and its future. The function of SocialFi is a great addition to monetize through NFT games.
Final Thoughts
When deciding on which blockchain game NFTs to invest in, it is important to understand the full economic model of the game. Although it may seem that many blockchain games are looking to merely attract gamers into their ecosystem, emerging games such as Reign of Terror are giving investors and gamers alike, an opportunity to enter the world of GameFi through their multiple attractions including the opportunity to lend NFTs to earn a passive income, immortalize oneself into an NFT as well as having the ability to trade, craft and upgrade NFTs. Earning an income through active gameplay while focusing on improving skills is yet another reason that many have been attracted by the world of RoT. Will you be joining the revolution of NFTs in gaming?