Even though the term NFT is used since 2012 when we had some of the first projects on the Blockchain, the term didn’t become popular until the late 20-tees. The quick expansion of NFTs is not so quick if we take a look at when the first project came out.
NFTs or non-fungible tokens can be used for many things such as collecting digital art pieces, music, videos, and its most promising branch, gaming.
It seems like the entire concept of NFTs is specifically designed for the gaming industry, just because it opens up many possibilities that were not available a few years ago. Since NFTs act as a certificate for authenticity on a digital asset, the first thing that comes to mind is NFT in games.
In the past couple of years, we’ve seen many new NFT games that scooped a large portion of the market. People are drawn to the idea that they can play the game and at the same time earn digital collectibles that go straight to their wallets. These collectibles can later be used in the game or sold to a third party for some profits.
It all sounds great on paper, but do NFTs have a bright future in gaming or is it just a recent trend that will quickly vanish? Let’s see what games have to earn from NFTs and if it is actually a thing that came to stay.
The Change of Concept
Traditionally, gamers have had to pay to play their favorite games, until the NFT marketplace opened a world where players can own, trade, and sell their digital assets. Providing players with a chance to earn real-world money by playing games is a huge advantage for NFT games that might change the entire industry.
For some people, on the other hand, NFTs are just an internet obsession that will fade away in the near future. However, the data from popular NFT games suggests differently.
If we go back one year, we can see that the NFT market reached $2.5 billion in sales in just the first half of the year. Additionally, NFT games like Axie Infinity generated more than $35.8 million of protocol revenue in a week, making it one of the best-performing assets that year.
This proves that the concept of NFT gaming is very much alive and it is changing the industry every day, with the best blockchain games coming up in different genres: sports, MMORPG, FPS, etc.
What is Play-to-Earn NFT Gaming?
The biggest advantage that comes with NFT games is the option where people can own their digital assets and generate income through playing the game. Most NFT games offer players rewards such as tokens and NFTs which can later be used to purchase in-game items that you’ll own or sell your NFTs.
Other games provide players with an option to build their own in-game asset and then sell it on the in-game marketplace.
The value of these digital assets varies depending on many things, such as the popularity of the game, aesthetics, usability, rarity, and more.
The Future of NFT Gaming
As of now, the NFT game space isn’t fully explored, meaning that there are a lot more possibilities for game developers to use this blockchain technology in games. With that said, there are some games that managed to cover some of the NFT basics and offer players something that hasn’t experienced yet.
In the future, we expect more game developers to jump on the idea of creating NFT games, especially big names in the industry.
We are still at an early stage in NFT gaming development, and there is a lot that is coming in the future that will change how people interact with games.
As we inch towards Web 3 and the Metaverse, NFT games are the perfect piece of the puzzle to complete this change in technology.
Last but not least, we have an announcement of new NFT consoles like the Polium One which is predicted to be launched around the year 2024. This brand new console will allegedly feature NFT games and it will be designed specifically to feature a system where you can play your favorite games and earn digital assets tied to the Blockchain.
NFT gaming has its ups and downs and it really depends on whether or not the market keeps up with this trend. Some people believe the hype will calm down soon and these NFT games won’t be as profitable as some companies predicted initially.
However, almost all gaming companies are trying to join the bandwagon to compete with new projects solely focused on NFTs. Former popular browser games like Habbo, which used to be a mixture of hangout and game parlor for kids and teenagers are now turning their heads to NFTs.
This raises a question: should we be exposing young people to something we, adults, are not even completely sure has a future? Since gaming companies have been scrutinized in the past due to their promotion of loot boxes, they might see in the NFT market a loophole to continue with their trend of incentivizing kids and teens to gamble their parents’ funds in videogames.