NFTs Are ‘Loot’ in This New $21 Million Crypto Gaming Venture

NFTs in video games power immutability, ownership, interoperability, and scarcity. While NFT gaming has been fast to redefine the gaming industry, video games are also being accepted and welcomed, in turn. Recently, gaming giant Atari announced its plan about setting up a crypto casino using the blockchain technology of the Ethereum Network. In fact, NFT gaming has been a prominent part of NFTs’ $2.5 billion sales in the initial half of 2021. 

The $21 Million Game Fund featuring NFT “Loot”

Do you ever wonder if you could exist within the same timeline of the world’s first crypto-based live-action PC game? Wish you could live and experience such a historic moment? Well, that moment is now a happening possibility with NFT gaming. 

A bunch of gaming veterans from alumni of companies such as Epic Games, Riot Games, Blizzard Entertainment, Electronic Arts, and Decentraland have raised $10.3 million from an initial round A of funding, in order to launch their company, Big Time Studios. The company is powering NFT gaming by building its first action, role-playing game. The raised sum will help to develop the software that lets players buy and sell NFT-based virtual items. 

Big Time Studio’s founder and CEO Ari Meilich shared his deep interest in NFT and said, “NFTs are ready for prime time — we’ve seen a lot of traction as of late. I’m excited about this space.” 

FBG Capital has reportedly led and succeeded the funding along with support from reputable investment firms like North Island Ventures, Digital Currency Group, OKEx Blockdream Ventures, Alameda Research, Ashton Kutcher’s Sound Ventures, and likewise.

Big Time Studio promises to invest in the companies adopting their technology from an $11 million fund they are close to forming. After all, the company’s team has always been OGs bringing their knowledge to the world of NFT gaming. All 25 members have worked on major gaming successes, for example, “Call of Duty”, “God of War,” and “Fortnite.” We can therefore collectively agree that NFT gaming is the next big push 

The NFT Loot

The first game they plan to drop is called “Big Time”. It is a multi-player live-action PC game. Users can form teams, explore multiple levels, and combat opponents to collect NFT-based loots.

However, what’s new is the play-to-earn component that lets people earn something of value by investing their time in it. Moreover, the obtained items that may be desirable to other players in the game, can be transferred and sold for real money. Additionally, the game is going to be free to play, except for the virtual assets that players choose to buy. 

Moreover, players will be able to buy, sell, trade, lend or even gift these items, allowing more user-control over them. Meilich also shared that his company is planning to drive secondary revenue via fees collected from other NFT enthusiastic gaming ventures.

While we talk about this exciting news, it is important to understand what NFTs are, and how they work so well with the gaming landscape.

What are NFTs?

Non-Fungible Tokens uniquely represent digital assets. They are a modern-day boon to the crypto and blockchain enthusiasts, and they have become the talk around the Metaversal domain. Each piece of NFT possesses a unique hash that ensures security and protection from forgery or malpractice.

Moreover, they verify the originality and ownership of the contents inside the NFTs. The data within these tokens can symbolize videos, art, music, tweets, even memes. Name anything you can that exists digitally and you can turn it into an NFT. This brings us to our next question.

What is NFT gaming?

In a nutshell, NFT games are nothing but games consisting of NFTs. You come and play the game, win NFT collectibles, list them up on your Marketplace and earn revenues. It facilitates and promotes NFTs and their tradability in a fun and interactive way, i.e. through playable video games. Who knows, you might be the next “richest gamer in the world”?

If evaluated technically, this aids gaming platforms and companies to utilize the power of NFTs. Not only can they earn from the game sales and merchandise, but they can also approach the crypto investor and enthusiast community. These distinct functionalities help transfer features easily and accessible across varying platforms.

Conclusion

NFTically is a Non-Fungible Tokens marketplace service provider. We help businesses and individuals to set up their own white-label NFT stores with or without any technical expertise. You simply have to connect a wallet, add your work, mint them into NFTs, and list them for sale.