Web3 is revolutionizing the non-fungible token (NFT) gaming industry by providing novel ways to interact with blockchains, cryptocurrencies, and NFT games. In the first half of 2022, 1.22 million unique active wallets—or 52% of total blockchain activity—were drawn to Web3 gaming.
For players in the Web3 metaverse, the capacity of blockchains and NFTs to facilitate real ownership and interoperability in games creates a number of opportunities. Web 3.0, or Web3, will fundamentally alter how we use the internet. The majority of Web3’s features and applications are produced by one such business, gaming.
Therefore, the topic of this blog will be how NFT game development services are transforming the gaming market. We will also talk about the difficulties that could arise if someone chooses to create a programme that is comparable.
What Do The Statistics Say About NFT Gaming?
- The statistics are shocking when researchers put the data in perspective. In 2021, 49% of blockchain usage was related to gaming. With over 1.4 million active wallets linked each year, blockchain-based games emerged as the most popular category.
- Comparably, in the first half of 2022, 1.22 million unique active wallets—or 52% of all blockchain activity—were drawn to Web3 games. It’s also important to keep in mind that more and more people are playing games built on the blockchain.
- Blockchain Game Alliance and DappRadar’s Q1 2022 research indicates that the market for blockchain-based games grew by 2000% over the prior year. Surprisingly, in the first quarter of 2022, $2.5 billion was invested in the blockchain gaming industry. A staggering $4 billion was raised for this industry in 2021.
Benefits Of NFT Game Development
For a variety of reasons, a lot of individuals believe that NFT gaming is the way of the future. NFT games offer benefits not found in traditional games. These are the following:
1. Offers A Source Of Income
Many developing and poor countries have extremely high unemployment rates due to their underdeveloped economies. NFT games offer locals in those areas the opportunity to earn money while engaging in their favorite pastime: gaming.
2. Ownership of In-Game Assets
After purchasing assets, players in traditional games are unable to trade them with one another. NFT games have a unique storyline. Gamers have the option to trade or sell their NFTs to other users on compatible websites.
Because NFTs are built on blockchain development technology, they are unique and immutable. This ensures that players’ laboriously earned NFTs cannot be lost or stolen. Unless there is fraud involved or a member grants a malicious smart contract access to their wallet, it is impossible to lose an NFT.
4. Proof of Scarcity
An NFT’s worth is usually determined by how uncommon it is. The future of NFT gaming in our sector is predicated on blockchain technology, which promotes transparency. This enables verifying the owner and scarcity of the NFT easily.
5. Transaction Fee Commission
Not only can NFT games benefit players, but they also benefit producers. When an NFT is transferred, the game publisher may take a share of the total transaction fee. This way, every time an NFT is sold, the publisher makes money.
6. Ability To Raise Capital
Proficient investors are always on the lookout for new projects to fund, particularly those that have a firm grasp of NFTs and cryptocurrencies.
Five Ways That NFT Gaming Is Changing The Gaming Sector
1. Independent NFT Games
NFT-based games can operate in a variety of ecosystems because decentralized games are developed on distinct blockchains. When a game closes, the user won’t have to worry about losing their purchases because NFTs are displayed independently of a specific game.
Within the gaming industry, NFTs let users establish a unique persona that stays connected to their accounts for as long as they are own. NFTs’ use of blockchain technology allows customers to store their possessions in a secure manner. As previously said, users can exchange their digital assets for cash or cryptocurrencies on NFT marketplaces.
2. Create Rewarding Cryptocurrency
In-game crypto awards are another feature that the majority of play-to-earn games offer, allowing users to earn passive money while making sure that active players are paid for their involvement. The Play to Earn idea, also referred to as NFT gaming, presents a user-driven economy designed to help gamers close the gap between the real and virtual worlds.
3. Virtual Assets for Gaming You Can Own
By creating, getting improvements, purchasing items, and engaging in other specific in-game actions, players can take charge of their resources and add value. By boosting the game economy, they add value for both the developers and the community. Via NFT Games’ next industry, players will be able to fully own these game NFT assets.
4. Buying and Selling NFTs Within the Game
The core principle of the play-to-earn paradigm is the creation, acquisition, and sale of in-game non-fungible tokens (NFTs). The most well-known instances are trading and purchasing games based on NFTs. On internet gaming marketplaces, they offer produced weapons, power-ups, and other items from their NFT collections for sale.
5. A New and Open Gaming Sector
NFT games incentivize users to participate by providing an open economy, rewarding them with real money in cryptocurrency or in-game. As NFT-based games gain popularity, the value of the key NFT in-game characters and assets will also increase. This encourages players to actively participate in the game in order to receive more attractive rewards.
NFT Gaming: Possible Difficulties
The video game creation industry is still facing a number of challenges, and game studios are always searching for solutions.
1. Mismatched Interests in GameFi & NFTs
Players and investors have different priorities and interests than the core team. Although many projects involve vesting team tokens, because token values typically do not (or very marginally contribute to) the team’s major source of revenue, the team is frequently not motivate to pay attention to token values.
The way traditional organizations function dictates that market prices, or coin values, should rise in proportion to the company’s growth and stakeholder value.
2. Game of Zero Sum
Under decentralization and Web3, there is no central authority, giving each individual control over their freedom to purchase and sell assets whenever they choose. NFT gaming is a zero-sum game since each token seller needs a buyer who is willing to purchase their tokens.
3. An imbalance between producers and value extractors
Another pressing issue that NFT gamers deal with is the disparity between value producers and value extractors. However, these “value creators” who enter the game will soon turn into “value extractors,” as no one will want to invest in a project knowing they will lose money.
Conclusion: The Future Of NFT Gaming
The world has been waiting for a new gaming platform to rival the massive market share of Dota 2, PUBG, and Fortnite. That sounds wonderful, and it is now technically possible.
NFTs may already be found in games like NFT Duel, where players can purchase NFT trade cards with cryptocurrency tokens. But what if you could buy a whole suit of armour, or even a whole game character? That’s what NFT gaming makes feasible.
Because NFTs are blockchain-based, they are transparent and safe. Compared to traditional currencies like dollars or euros, they allow for more complex transactions since blockchain technology links them.