Why Should You Want NFTs in Gaming Even If You Don't Play?

There's no question that NFTs are booming in the gaming industry. Gamers worldwide are trying to find ways to make their games more secure and fun, and blockchain is the solution they are looking for. In this article, we are going to take a look at some of the benefits that this technology has to bring to the gaming industry.

Without a question, NFTs have become the talk of the town in recent months. They saw a boom in 2021 with a market value of $17 billion, and their worth has continued to rise in 2022.

Playing video games is about achievement and rivalry for gamers. It is a method of digitally competing with others to complete a task. This is done to score points and win the game. Because playing games takes more than just strong eye and hand coordination, which calls for talent on the player's side. The gamer must also be capable of making wise choices.

What would happen if buying special abilities allowed you to win a game? Although buying in-game items like loot boxes has become more popular, the gaming industry is increasingly taking NFTs (Non-Fungible Tokens) into consideration. Gamers that have access to unique features (like abilities) can beat opponents much more quickly.

So what exactly is an NFT?

Non-fungible tokens, or NFTs, are designed to be unique digital products. One $5 note is the same as another because money is fungible, which means it may be exchanged for another similar object. The entire selling point of NFTs is that they are original digital goods. A token is "a digital certificate held on a publicly verifiable distributed database" known as a blockchain, according to NFT marketplace OpenSea. An NFT is distinct due to the data present in that certificate or "smart contract."

NFT Gaming will Add Value

Start with the biggest one. NFTs in video games can unlock and enhance previously completed gameplay. "In the gaming business, it's something where if the player is putting their value into the game, it just makes full sense they can take this value out of the game," says Chris Clarke of KokoSwap.

With the adoption of its own platform, Quartz, and its in-game NFT, Digits, Ubisoft has adopted this viewpoint. The publisher published Quartz towards the end of 2021 to criticism from fans, but it persisted. This is significant because NFTs have the potential to develop a secondary market for digital goods and games successfully.

Players will take Command

Players are addicted to purchasing in-game products through season passes and microtransactions. However, NFTs give players more control over the game by allowing them to sell objects and potentially profit from future resales. This is significant for the era of digital games for those gamers who grew up trading in their old games for new ones.

Limited-time skins are currently available in games like Fortnite and FIFA. The developer is in charge of both games' scarcity. Players may manage the selling and resale of goods with NFTs. You will be able to purchase the season's initial kits from other players if you joined FIFA Ultimate Team late and missed them.

Players had the option of purchasing NFTs of new skills or XP in addition to items. Using the FIFA Ultimate Team as an example, players could earn money by building distinctive teams and selling them to other players on an NFT marketplace.

Gaming will dominate Metaverse

NFT-powered games like Splinterlands and Axie Infinity are ahead of the curve for people who seek the advantages of blockchains and the metaverse. NFTs will be the glue that connects the metaverse to the rest of our integrated, digital future.

The metaverse is a general name for Web 3. It will transform the way we socialize, work, play video games, and interact. It will have various sides and places, as well as multiple personalities.

The metaverse's center may be video games, which connect music, art, fashion, and events. Brands are already vying to enter the present "Metaverse" games. Adidas has purchased the property in The Sandbox, a startup that offers virtual real estate, while Gucci has partnered with Roblox to sell goods.

Play-to-Earn Games will be Extremely Popular

Internal markets and economies can be beneficial. The development of Play-to-Earn games like Axie Infinity shows the way forward. Some gamers can even make a career from these games. Play-to-Earn games like Axie Infinity aren't going away, with 3 million daily users.

While many Play-to-Earn games resemble non-NFT titles such as Pokémon and Stardew Valley, there are rumors that others are essentially backdoor blockchains, with the gameplay coming second to purchasing and selling bitcoin disguised as collecting objects.

Play-to-Earn has some volatility difficulties as well. The value of things might fluctuate, causing a significant number of players to leave a game in order to pay out. There may be issues if the numbers entering do not match or exceed those leaving.

However, the architecture of Play-to-Earn games is comparable to Free-to-Play games, so the roots are still there for gamers to connect with, as long as 'Play' is always prioritized above 'Earn' and they aren't money-grab trade applications disguised as cuddly animals.

Final Thoughts

NFT games have the potential to become the industry standard if they receive enough attention and popularity. They have already made significant adjustments to games, making them far more enjoyable for gamers. From there, it might be a significant transformation in the way people play games, comparable to what Fear was to the market or 3D was for surroundings.

Many more NFT games are on the way, and some have already achieved success, but NFTs are a blank canvas, a technology that can be utilized for a variety of purposes, therefore NFT games themselves may evolve in the future. Time will only tell.