If there’s one thing for sure, it’s the gaming industry always seems to be at the forefront of new technology and digital innovations. Usually one of the first industries to jump on a new trend and willing to take a risk in the hopes of embracing the newest breakthroughs. There are plenty of examples that showcase this ability, but we’ve recently seen it in action through the industry’s early adoption of non-fungible tokens (NFTs).
NFTs are digital assets that exist through the Blockchain platform, so they don’t have any physical form. These assets are becoming an important part of gaming and are now widely used to improve the experience for gamers. In this article, we’ll be looking at the role of NFTs in games and how they have been able to come together seamlessly.
How Are NFTs Currently Used in Online Games?
NFTs exploded in popularity and the gaming industry was one that quickly took its potential onboard, so there’s probably no genre of game that hasn’t been touched by NFTs, but one area where they have become particularly noticeable is in online casino games. With the introduction of blockchain technology, there has been a huge surge in the popularity of cryptocurrency casinos. In a casino Bitcoin can be used to transfer money quickly, affordably, and securely, and some casinos have extra features like being able to unlock certain NFTs.
Although a lot of people may be motivated by winning money, the novelty of having an NFT is proving to be attractive to many players. NFTs can either be stored in a digital wallet or can be sold to other players to earn some money to use for further bets. The sense of rarity and exclusivity that players can get from NFTs is what makes them come back to playing games over and over again.
In some cases, NFTs are the sole purpose of the game – rather than being an additional bonus offered within a Bitcoin casino or roleplay adventure game. For example, games like Dookey Dash (a popular, limited-game from Yuga Labs) where players needed an access pass NFT to even access the game, which was a simple ‘endless runner’ style setup like Temple Run. As players got through different levels, they would be rewarded with more NFTs, a completely new gaming experience for many players.
How Are NFTs Changing The Gaming Industry
When we’re talking about NFTs within games, we’re not talking about the headline-worthy NFTs that celebrities are paying millions of dollars for, it’s all on a much smaller scale. A lot of the NFTs you see within online games are verified and non-replicable, which is very different to traditional gaming models.
Here are just some of the ways that NFTs are changing the gaming industry:
- They allow players to own unique assets within the games which they never could before
- Their value can increase over time, providing a secure way for gamers to invest their money
- They have created a new economy for trading assets within online games
- They have facilitated easier interaction between multiple games
- They provide designers with more creative freedom, without the typical restraints of physical assets
- They have improved the process of crowdfunding, providing mutual benefit for people buying assets and those trying to raise money
- They have built trust and security for in-game purchases thanks to be created on the Blockchain system
The Future of NFTs in The Gaming Industry
The future of NFTs in the gaming industry could really go in any direction because it’s based on a technology that many would agree is still in its infancy and hasn’t been fully explored. Developers are still tweaking its use, and there are plenty of new opportunities that game companies should be looking out for if they want a chance to create the next hit game.
The global blockchain gaming market is set to hit heights of $65.7 billion by 2027, so there’s no argument that this technology is going to form the foundations of many new games currently in creation and development.
One key reason why traditional gamers are attracted to NFT games is that these games create much more of a community feel for players. They empower players to create their own trading markets and player-driven economies within their favorite games through buying and selling NFTs, providing a chance to build wealth and value within a game.
As we’ve seen, NFTs have significantly changed the way that the gaming industry operates. They have been able to make in-game purchases more secure for players – which builds trust throughout the entire industry – but they have also facilitated the creation of large trading communities where players can buy and sell NFTs. By finding a legitimate way to create value and revenue streams for players, it’s easy to see why so many people are jumping on this trend, and we’re excited to see how far this technology will go.
