NFTs or Non Fungible tokens are quite unique to each other and cannot be exchanged just like any other assets. In the world of gaming, NFTs have gained a massive amount of popularity to represent several in-game assets such as virtual real estate, armor, weapons, and much more.
NFTs have offered quite a lot of benefits that provide ownership and scarcity in the gaming world. If we look at traditional games, most of the in-game assets are owned by developers and players do not have any control over them or ownership. With Non-Fungible it’s quite different players can own, collect and trade their in-game assets just like they do for other physical assets.
If you are curious to know more, then you are at the right place, we would be discussing everything about NFT gaming.
How is NFT gaming different from Traditional Gaming?
NFT gaming is quite different from traditional gaming as it opens up new opportunities for game developers to monetize their games and earn passive income. Some of the ways implemented in NFT gaming are trading virtual real estate and special in-game assets like cars and much more.
Due to the highly speculative nature of NFTs. A lot of people have found good investment opportunities as these in-game assets are in demand and can help the holders to earn good profits.
NFT gaming leverages Blockchain technology that allows security and decentralized transactions. Unlike traditional gaming, everything in NFT gaming is decentralized and the centralized entity has no authority over it.
NFT gaming is rapidly growing Space- Key Facts
As per the statistics, the global NFT market is worth nearly 2.5 Billion USD and it is expected to grow up to 20 Billion USD by 2025. This rapid growth has led a lot of Gaming companies to adopt blockchain technology for their new gaming products.
Recently a Survey was done where it was concluded that the NFT gaming market is expected to grow at a CAGR of 50 percent in coming years. This rapid growth is the outcome of the huge popularity of NFTs in the gaming industry.
The top 10 NFT gaming companies like Tencent are expected to take over 50 percent of the NFT market by building on blockchains like TRON and Ethereum.
Some of the key players in the NFT gaming Industry are My CryptoHeros, Cryptokittes, Axie Infinity, Decentraland, and much more.
Significance of NFT Gaming
NFT gaming has the potential to change the way we think about ownership and value in the digital game World. Some of the key significance of NFT gaming include following —
- A lot of NFTs are sold at great prices hence they have a great return on investment. Gamers can own in-game assets and build a new asset class that can help them to generate a lot of profits by selling their in-game assets.
- As NFT gaming is gaining popularity, there is a newly evolving area in the law industry where a lot of experts are trying to address the legal and regulatory aspects of NFT tokens. It is believed that it can revolutionize the economy of the gaming industry.
- Unlike traditional gaming, in NFT gaming, the assets have some monetary value associated with them which can be a source of income for the developers and the gamers as it is can generate new revenue.
- Gamers can now trade in their assets and create a level of ownership and scarcity which is not there in traditional gaming.
Some of the popular NFT games
- Axie Infinity
Axie Infinity is one of the most popular games in the NFT space. It is a P2E NFT game that allows players to engage in different kinds of battles, and breed Axis( the main character of the Game). There are nearly 8 Million players and 2.8 active gamers who play it daily.
- Raid Party
It is another online multiplayer game, which has gained a lot of attention in less time. Raid Party is an Ethereum-based NFT game that allows players to earn mechanics. Different Players can come together and party.
- Alien World
It is a Fantastic Sci-Fi game for players who like to do some classic in-game grinding, do some digging, and want to explore new things. This NFT game includes a number of galaxies from which you need to search for in-game assets in the form of NFTs.
- Crypto Kitties
This is one of the oldest games launched on Ethereum. It is basically a game where you can breed Kitties with different characteristics and trade them on various NFT market platforms. This was deployed on the Ethereum blockchain when launched.
If you are fascinated by the amazing NFT games and want to build them, Then this is the best time to begin with.
NFT in the gaming industry would not only help gamers to take ownership of the items but also help to build a metaverse. NFT-powered games like Axie Infinity or Splinterlands would amalgamate the metaverse and general audience. Some big tech giants like Meta are betting a lot on Metaverse and this would be a revolutionary thing.
Video games or games, in general, could be the heart of a metaverse that would link several industries like music, events, and art. Moreover, NFT games are the best way for players who are looking to generate a passive income. In a nutshell, NFT gaming has opened up new gaming and earning facilities where players can own anything they want, from accessories to land.
Prashant Pujara is the CEO of MultiQoS Technologies, an ecommerce-focused Mobile App Development Company where you can hire app developers for your business. He is in charge of the company’s commercial and delivery operations and strategic planning and strategy.