What is the impact of NFTs in the gaming industry?

“It has become appallingly obvious that our technology has exceeded our humanity,” said Einstein. The concept of NFTs and investment upon them is of exponential prospect for gamers, investors, and businessmen alike. With a recorded $338 million transactional volume in 2020 alone, experts believe that the market cap of NFTs is growing at a 1000x rate! Simultaneously, the global gaming sector anticipates a hike of 314.40 billion USD by 2026, with a CAGR of 9.64 percent in the next 6 years. Just imagine the future if two of these concepts unify and become a single industry. Yes, you guessed it right, the NFT Gaming Industry. In this blog, we will explore the process and prospects of the NFT Gaming industry and how NFT games have the potential to replace the conventional gaming nuances.

The intriguing aspects

Profitability

When we talk about an NFT game or NFT games in general, the main focus tends to be on profitability. Earning through gaming has conventionally been a lucrative career since the times of Tetris and Super Mario. Game development organizations generate their revenues through direct platform game sales or through in-game purchases. This exact idea resonated with the NFT experts. If explained simply, they asked themselves, “What if we replace our in-game achievable and purchasable with NFTs?”

And Voila! We now have games like Axie Infinity, The Sandbox, CryptoKitties, and SplinterLands.

Non-fungibility

Not only can the organizations earn through game sales (if they wish to), they can now also sell in-game purchasable as NFTs. Thanks to the aspect of non-fungibility, the prices of these tokens increase with their scarcity. This means that if you earn an NFT that is super rare, chances are you can sell it for double or triple amounts later on!

Power of blockchain: Yes, embracing NFTs entails harnessing the potential of blockchain.. Blockchain provides-

Efficient and effective in-game transfers and transactions.
Instant traceability and security.
Decentralization and transparency.
Heightened automation.

These are very much among the top priorities that any gaming firm would want.

But leaving aside the gaming firms, how may NFT Games benefit YOU? Read along to find out.

Advantages of NFT Games

There are two primary advantages I would like to talk about.

Active/Passive Income

When you play NFT Games, not only can you purchase or earn NFTs you can also sell them on NFT Marketplaces. This brings you a whole lot of revenue generation possibilities. What’s more, an NFT once sold can still generate passive income for you each time it gets sold by the next buyers.

Exposure to the NFT community

While you were only a gamer, you had access and exposure to the traditional gaming communities. Now, you also get to explore the NFT communities, which can provide you with enormous opportunities. Assuming you are a serious gamer, you will surely notice increased counts of heads among your followers.

Popular NFT Games to consider

Blockchain and NFT-based games are being developed every now and then due to the craze around the concept of NFTs. Among them, the below-mentioned games are by far the most popular within the NFT Gaming community.

Axie Infinity

Heavily based on the idea of Pokemon Go, Axie Infinity is a hugely popular game. This game has little creatures which are called Axies. You have to select your own Axie and battle with other players to win. These Axies, or in-game customizable characters are NFTs that can be traded in NFT Marketplaces. The NFTs are based on ERC-20 tokens and can be traded for Ethers.

Splinterlands

If you are a hardcore gamer, you must have heard about tradable card games. Splinterlands is a PvP card game that has recently risen to fame, even more than Axie Infinity. Here you have to buy cards and fight battles with other players. These cards and some of the in-game rewards are actually NFTs which you can sell for cryptocurrencies.

Gods Unchained

Gods Unchained is another PvP card trading game similar to Splinterlands. You can collect and purchase cards from other players or also earn cards through battling in the arena. Each of the game cards is based on ERC-721 token and can be sold for Ethers either in-game or in open Marketplaces.

Other popular NFT Games are The Sandbox 3D, Alien Worlds, Battle Racers, and Sorare.

Endnote

For many of us late Gen Y’s and Gen Z’s, gaming has been an escape from reality. Now you get to enjoy playing games and earn at the same time! Just install any NFT game, play it, unlock levels or achieve objectives, earn NFTs and sell them!

Curious about which marketplace to choose to sell your NFTs? Why not create your own NFT Marketplace? At NFTically, you can create your personal white-label NFT Marketplace without any technical hassles.