Non-fungible tokens, or NFTs, have created a unique revolution in the digital landscape. The unique assets have changed the conventional perceptions of authenticity and ownership in the domain of blockchain technology. The rise of NFT gaming platforms serves as proof of the fact that NFTs are more than unique artwork pieces or collectibles. As a matter of fact, the use of NFTs in gaming has proved their capability for redefining the trends in the use of technology.
Non-fungible tokens have become one of the top favorites for digital asset adoption in different industries. How does the gaming industry leverage NFTs? One of the most prominent answers to such questions points to the ways in which NFTs enable ownership and trading of in-game assets and characters. Let us find out more about the role of NFTs in the gaming industry beyond serving unique representations of collectibles.
What Do You Know About NFT Games?
The first thing that comes to mind about NFT gaming is the assumption that such games would be hyper-realistic and include advanced 3D graphics. However, an NFT gaming platforms list would help you understand that they are special games that utilize NFTs for representing digital assets.
Non-fungible tokens are unique digital tokens stored on blockchain networks, which ensure cryptographic security and transparency in transactions. NFT games are just like traditional video games, albeit with a major difference. The distinctive highlight of NFT games is the flexibility for players to purchase, sell, and trade in-game assets in the form of NFTs.
NFTs could represent almost any type of asset in the games, such as virtual land, skins, characters, collectibles, and weapons. Why? NFTs are unique and ensure that every asset in the game is a one-of-a-kind asset that would improve scarcity. It also develops a sense of ownership that is not present in the case of traditional gaming. The answers to “What are the best NFT gaming platforms?” would lead you to diverse responses. You can find different types of NFT games, including RPGs and first-person shooters, and can enjoy them on different platforms or devices.
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Popularity of NFTs in Gaming
If you think that NFTs are popular in gaming only because they provide unique collectibles, then you need to think twice. The growing popularity of NFTs is clear proof of different utilities guaranteed by NFTs in the gaming industry. First of all, you must know that NFTs in the gaming industry generated revenue of $4.5 billion in 2021.
Almost every tech enthusiast has learned about gaming NFT marketplace and its benefits. The sudden surge in popularity of gaming NFTs is the ability to transform players into decision-makers. NFTs don’t just tell you that you own a collectible. They actually give you ownership of the collectibles and other assets in the games, including your gaming experiences.
You can uncover the unique highlights of NFT games and how they help you explore diverse use cases by learning about the differences with traditional games. With conventional games, all you could earn was some moments of fun and pleasure. However, NFT games can give you the opportunity to earn real financial rewards. As a matter of fact, NFTs serve as the foundations of building play-to-earn and play-to-own games.
Non-fungible tokens could help in earning digital assets that you can swap for real value. You can rent the NFTs on a gaming NFT marketplace and earn in cryptocurrency or fiat currency. Most important of all, NFTs have become a symbol of social status in the digital landscape. Here are some of the popular NFT games that have caught the attention of the world.
Axie Infinity is a game with Pokemon-like characters that are represented as NFTs on the blockchain. It is one of the notable NFT projects with a complex economic ecosystem and simple gameplay mechanics. As a matter of fact, it was one of the driving factors for addressing the problem of unemployment in Philippines during the COVID-19 pandemic.
Another popular addition to an NFT gaming platforms list is Illuvium, a 3D NFT game with battle-style gameplay. The concept of the game involves chasing and capturing deity-like creatures. Most important of all, it is the first game that leverages ETH to create a high-end gameplay experience. Illuvium has also sold digital real estate in the form of NFTs for over $72 million in June 2022. Therefore, it is reasonable to believe that NFT games are not all about crypto collectibles.
What Do Companies Have to Gain from NFT Game Development?
The growing interest of many companies in NFT game development has boosted curiosity regarding their motivations. Non-fungible tokens can help in transforming major gaming industry metrics. As a matter of fact, NFTs have the potential to transform the gaming industry completely. With the right way to implement NFTs in game development, organizations can achieve the following advantages.
Number of Users
The most prominent reason to adopt NFT gaming platforms is the assurance of growth in the number of active users. Games are more likely to take interest in NFT games owing to the different benefits beyond crypto collectibles. For example, the NFT metaverse platform Alien Worlds garnered more users than other leading blockchain-based games such as Splinterlands.
NFT games could also have more concurrent users or a total number of people interacting with the game simultaneously. It is also important to note that NFT games have dedicated followers who look forward to new releases. The popularity of NFT games registers new benchmarks in the gaming industry for the number of concurrent users.
Customer Retention Rate
Another notable factor for considering gaming NFT marketplace development is the assurance of customer retention. Customer retention rate could help in identifying how many users love playing the game continuously for a specific period of time. Interestingly, NFT games have an average customer retention rate of 75%, which is significantly higher than traditional games. Non-fungible tokens can offer ideal incentives for loyalty of customers and help in turning them into brand ambassadors of NFT games.
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How Will NFT Gaming Platforms Help in Exploring Diverse Benefits?
NFT games could help in exploring diversity beyond crypto collectibles with multiple advantages. Here is an overview of the different value benefits of NFT games for players.
Ownership and Authenticity
The most common theme in answers to ‘What are the best NFT gaming platforms?’ would point towards ownership and authenticity. Most people think that NFTs in games would offer a unique representation of collectibles with a ‘crypto’ element for distinctive specialization. Non-fungible tokens give complete ownership of digital assets to players and they could also control the assets. You can notice a massive difference with conventional gaming platforms, where in-game assets belong to the gaming platform.
With NFT games, the digital assets are stored on blockchain. Players could transfer, trade, or sell NFTs across different platforms and games, which ensures that players have true ownership over game assets. In addition, NFTs could help in proving the rarity and authenticity of the in-game assets. For example, players could earn valuable NFT collectibles and use them as per their wish, like selling on a NFT marketplace or using the collectible in another game.
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New Avenues for Creativity
The best way in which top NFT games could offer diverse benefits is the opportunity for creativity. Non-fungible tokens can help players in creating and customizing their digital assets. It is important to note that a gaming NFT marketplace could grow only through listing unique NFTs.
Where will the new NFTs come from? The answer would point toward the power of players for creating and customizing their digital assets. Players could mint NFTs from any type of digital content, including images, audio files, and video files. The NFTs could prove uniqueness on the basis of their distinctive traits and metadata.
Players could explore the opportunities for becoming game creators by designing their custom game characters, environments, or items. In addition, NFTs also allow the flexibility to share digital assets with other developers or players. For example, you can create a unique NFT character and use it for different games. In addition, you can also share it with other developers in return for a licensing fee. The benefits of customization in NFTs open new avenues for creativity and serve as effective tools for boosting the NFT ecosystem further.
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Explosion of Play-to-Earn and Play-to-Own Games
NFT game development also showcases the potential for creating new types of games, such as play-to-earn and play-to-own games. The responses to “What are the best NFT gaming platforms?” would point to the sporadic growth of new variants of NFT games. You can find that majority of NFT games follow the play-to-earn model, which incentivizes players for their contributions to the game or participation. For example, you might earn valuable NFTs as a player for completing a specific task or playing the game for a certain amount of time.
On the other hand, the pitfalls with play-to-earn model have paved the path for arrival of play-to-own games. The new play-to-own model aims to resolve the pitfalls associated with play-to-earn games, particularly in terms of gameplay. Play-to-earn games focus primarily on financial incentives, which make the gameplay experience similar to competition for grabbing the best deals.
Over the course of time, such games are likely to lose their charm. However, play-to-own games give a new definition to NFT gaming platforms by introducing intuitive gameplay. Play-to-own would help in creating games that not only help players leverage the benefits of NFT incentives but also enjoy the games.
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Another prominent reason for which NFT games can help in exploring diversity beyond crypto collectibles is the facility of metaverse games. NFT games could enter the domain of metaverse easily as they utilize the technological power of blockchain. NFT games have actually provided the predecessors to metaverse game development. Non-fungible tokens can serve as an effective tool in metaverse games and drive the world towards a digital future in gaming.
As a matter of fact, NFTs in the metaverse could help in connecting many other industries with gaming. For example, video games could connect directly with fashion, events, music, and art in the metaverse. Let us assume that you have a gaming NFT marketplace on the metaverse for a specific game. Players could use NFTs for decorating a specific character with trending fashion by choosing NFT clothing and accessories from a virtual store of a fashion brand in the metaverse.
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Bridging the Gap between Reality and Virtual Worlds
The best thing about NFT games is the option for bridging the gap between real and virtual worlds. Have you played FIFA on console or your PC? It is a popular game worldwide and has ardent fans all over the world. Players spend hours on the game for pleasure and the fun of playing with friends. The special collectibles earned in the game come with a unique sense of achievement known only to those who have played FIFA. However, the reward and collectibles earned in the game are of no use to the player other than showing off their FIFA skills to friends.
With NFTs, players could use a collectible jersey in the game as a valuable asset for auction. It would be like earning the jersey in the real world and fetching the right value for it according to your preferences. NFTs could present many other opportunities for the future by bringing items and clothes from virtual worlds into the physical world.
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The outline of value advantages associated with NFT gaming platforms provides a clear impression of their utility. It is important to understand that NFT games were created for something more than just offering unique crypto collectibles. First of all, NFT games offer an exclusive advantage for players with complete control over their game assets and experiences. NFT games could also bridge the gap between real and virtual worlds alongside opening up new opportunities for economic benefits. Learn more about the different value advantages of NFT games and discover how you can build one right now.
*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!