NFT is a digital asset that proves an individual’s ownership of something rare. Such coins became available just a couple of years ago but have generally gained in popularity recently, with gamers and crypto-enthusiastic adopters being the first.
The real-world things are transformed into digital tokens on a separate network. This token, a non-fungible token or NFT, is one-of-a-kind, like a rare trading card. No two NFTs are the same, so you cannot trade one NFT for the other. NFTs can be used to represent paintings, unique stories, and articles, as well as rare collectibles. The global NFT gaming market is expected to grow from $471.90 billion in 2024 to $942.58 billion by 2029, at a CAGR of 14.84%. The global play-to-earn NFT games market size was valued at $3.29 billion in 2022 and is expected to reach $8.86 billion by 2028, growing at a CAGR of 17.93%.
Therefore, what do NFTs have to do with gaming? This blog talks about How NFTs solve the challenges of the gaming industry!
What is the NFT solution for the gaming sphere?
NFTs offer a solution to a common problem for gamers. The fact that the players do not physically possess the game items that they spend time collecting and developing. For example, these items would become unavailable after the game ends. Now, players can get their hands on NFTs, which can be virtual equipment like rare weapons or some cool outfits. An example of this may be selling your strong sword or any other item to another player for real money or playing the games that are new using your existing NFT collection. NFTs could be used as a tool to launch a whole new genre of games, some of which would be like online versions of popular gacha games where you collect digital toys. This might be a turning point for the industry as it would allow the players to take control of their gaming experience.
NFTs bring a revolution into the world of players owning items in video games. Usually, in the case of purchasing something in a game, you are only able to use it within that game, and you will lose it when the game is shut down. With NFTs, you own the game items you get, such as characters or special weapons. This means that you can sell them to other players for real money, and you can even use them in the other games that are based on NFTs.
Here’s why NFTs are a big deal for gamers
- True Ownership: You own your in-game stuff, not just the right to use it. You can trade it, use it in other games, or even sell it for real money.
- No More Disappearing Items: When a game shuts down, you don’t lose your stuff anymore. It stays yours on the blockchain, which is a super secure online record.
- Security: The blockchain technology behind NFTs makes it almost impossible for someone to steal your game items.
NFTs create opportunities for players to make money while playing games
Video games can be entertaining and even productive, but they may also be costly. There are free games available, but sometimes they try to get you to buy stuff later. In real life, you don’t get to keep the things you acquire in a paid game.
NFT games are different. While in traditional games, you just get virtual things and cannot sell them for real money, in NFT games, you own the items you get in-game and can trade them for real money. This can be compensated with the use of gaming equipment and electricity. In the traditional non-NFT games, you will not be compensated for your time investment but in the NFT games, you will!
NFT games are similar to regular games but with a different concept. There are special markets within the game where players can buy, sell, and trade the things they collect from the game. It is not like the games you usually play, where when you stop playing, you lose all you have gained. In NFT games, you can own your things and even sell them for real money to other players.
Play-to-earn allows the players to be in control of their assets and finally enrich themselves through questing, upgrading, breeding creatures, buying game items, and more. Besides, NFT gaming allows you to earn money while you play. Like in-game items (tools, weapons) and even real money (cryptocurrency), you can get rewards. The player can spend these rewards in the gameplay or sell them to other players for more money.
Consequently, NFT games have become a means of enjoyment and earning for the players. As a result, the term “gaming” is now getting more and more popular to be considered as a part-time or even a full-time job. Therefore, in a very short period since the emergence of these NFTs into the already existing gaming universe, their popularity has risen to the extent that around 700000 players could not access them within a month.
The Bottom Line
NFTs are a great new idea in the gaming industry, though along with the opportunities they offer, they also have their shortcomings. The process of their incorporation into a normal game will require detailed planning, which may result in additional costs that will be incurred after some time. As of now, NFTs have been developed separately. However, these are very specific and thus have a very limited audience, and they do not have that sheer reach. That’s the gap that Webcom System fills. Webcom Systems is a company that has expertise in NFTs game development and platforms. We focus on creating immersive experiences with blockchain technology, where players can own and trade unique in-game items, characters, or even virtual land. This “play-to-earn” concept lets users profit from their gameplay and collectible ownership. Webcom Systems also offers solutions for NFT launchpads, facilitating the creation of custom trading applications for blockchain assets.
