The evolution of technology has allowed different sectors to grow and develop in ways that were once unimaginable. The gaming industry is one area that has been able to take advantage of these advances and create a whole new world for gamers. One of the most recent innovations to hit the gaming industry is using non-fungible tokens or NFTs. With exclusive in-game assets being secured and stored on the blockchain, NFTs are changing the gaming industry significantly.
Creating a game like Wolf NFT costs about as much as making a Hollywood movie. NFTs have been around for a few years, but they only started gaining mainstream traction in the past year. In the world of NFTs, gamers can purchase, trade, and sell in-game assets stored on the blockchain. These assets can be bought, marketed, or traded like any other cryptocurrency. The use of NFTs in the gaming industry has several benefits. This article has a look at some of the ways that NFTs are changing the gaming industry. Let’s take a look.
Offer a Source of Income
Due to the increase in inflation, many people are looking for ways to generate an alternative source of income. The traditional 9 to 5 job is not enough to make ends meet. This has led to the rise of passive income streams. And NFTs offer a great way to generate passive income. In many cases, NFTs can be resold for a higher price later on. This makes them a great investment option.
There are several ways to generate income from NFTs. The most common way is by selling them. You can earn income by renting out your NFTs or providing related services. For example, you can create an NFT marketplace or a service that helps people buy and sell NFTs. If you are searching for How to build a drone app, you need great learning of NFT, so it is compulsory to understand the basics of an NFT before it can be used in games.
Purchase In-Game Items
In-game items have real value. It is because they offer rare and unique benefits that cannot be found anywhere else. As a result, they are often sold for high prices. Some in-game items can even be sold for hundreds or thousands of dollars. With NFTs, you can purchase in-game items that offer rare and unique benefits. For example, you can buy an NFT that gives you rare skin in a game.
This skin may not be available to other players and can only be obtained through an NFT. Every new game will have a new set of in-game items that can be purchased with NFTs. Perhaps the most popular game that accepts NFTs is CryptoKitties. Players can buy, breed, and trade virtual cats in this game. These virtual cats are stored on the Ethereum blockchain, and each one is unique.
Ownership of In-game Assets
All game assets can be stored on the immutable ledger with the blockchain. In other words, they cannot be duplicated, nor can they be destroyed. This creates a whole new level of scarcity and value for in-game items. Players can now own their game assets and have true ownership over them. Previously, when a player bought an in-game item, they only rented it from the game company.
It makes sense that game companies would also want to move to this model since it creates a new revenue stream for them. And we are already seeing this happen with some games like Decentraland. True ownership now led to the rise in the value of these items. So much so that people are now willing to spend real money to buy these game assets.
Increased Engagement and Social Interaction
Every social interaction in a game, whether a simple “like” or a more complex trade, can now be represented as an NFT. This allows for a whole new level of social interaction within games. And because these interactions are stored on the blockchain, they cannot be deleted or tampered with. This creates a much more engaging and social experience for gamers.
Because of the increased engagement and social interaction that NFTs allow, game developers can now monetize their games in new ways. Previously, the only way to make money from a game was to sell it for a one-time fee or to charge monthly subscriptions. With NFTs, game developers can now charge for in-game items and experiences. This allows them to make more money from their games and creates a more engaging experience for gamers.
Transaction Fee Commission
Not only gamers are benefitted from the new model, but also the game developers. When a player buys or sells an NFT, the game developer gets a small percentage of the transaction as a commission. This is similar to how traditional online games make money from in-game purchases. However, with NFTs, game developers can earn much more money.
Several NFTs have been sold for millions of dollars, and the game developers get a small percentage of each transaction. So, not only does this new model allow game developers to make more money, but it also gives them a steadier stream of revenue. Previously, game developers would make most of their money when a player first bought the game. With NFTs, players can make money every time they buy or sell an in-game item.