In this ever-evolving world, you have definitely heard the word NFTs—non-fungible tokens. NFTs have revolutionized many industries and now have taken the gaming industry by storm because of their high demand in the gaming and digital market. This innovative technology continues to make headlines in recent years as these digital assets sell for millions of dollars, and are still flying off the shelves in the online market.
NFTs in the Gaming Industry:
NFTs and gaming is undoubtedly a winning combination as NFTs have countless possibilities in this industry and is changing the traditional gaming patterns constantly, let’s discuss the major factors that are contributing to the NTFS to change and evolve the world of gaming.
The addition of blockchain and NFT technology has decentralized the gaming world by placing control of the game in the hands of its participants, and that’s the reason numerous gamers, many big companies and game produce showed their interest as this decentralization has become the key factor in the expansion of the gaming industry in the world.
What is the Play-to-Earn model?
One of the major reasons why NFTs are becoming a new trend in the gaming world is because of the play-to-earn model. With this model, the participants are rewarded with NFTs and cryptocurrency just by completing certain actions while playing games. Then, the players sell these NFTs and the cryptocurrency in the market for their financial gain.
While traditional gamers could argue that there are other existing gaming platforms that uses play-to-earn model, let us take NFTs and how they can change this. Through NFTs games, you cannot only earn, but it allows the players for the ownership and transferability of the items that are retained by gaming companies and developers as a digital asset. In short, with NFTs, players own and control whatever they buy, earn or make.
Transparency is one of the most beneficial properties of blockchain technology and NFTs. When you tokenize your wealth or assets on an NFT gaming platform, it gives you access to asset information transparently without compromising player privacy.
Considering the benefits for players as well as gaming developers, NFTs are expected to be a long-term phenomenon, as it is attracting a mass of individuals and cryptocurrency investors to the market by storm.
According to Nonfungigble.com, which keeps the record of the market for NFT sales, these digital assets grew from $40.9 million in 2018 to more than $41 billion in 2021.
These statistics show us how fast NFTs is growing its value in the digital market, and how this is going to add a new layer on top of the existing digital economy.”
As we have already seen, NFTs are starting to touch areas of our life that previously were never touched by traditional games, so we’re definitely sure that in the near future NFTs would bring a new revolution in the gaming industry