The hottest and most sizzling topic on the internet is NFT, as the debate arises where many critics are stating NFT will sweep the gaming industry while others disagree with this. Now, what exactly the matter is and how NFT-based video games will affect the gaming industry? These all sorts of questions are cleared here, and you will get the utmost and most comprehensive answer to this trending topic.
Undoubtedly, NFT is the future as it runs on blockchain technology, where all digital assets are secured. But the critics who are against this are saying that blockchain technology consumes too much energy, and that is against the sustainable development policy. If you keep aside this point, there are no other elements that can affect the people directly. But if you go through the market research for the next gaming platform, you will find NFT alone. Now, let’s come to the point, what NFT is, its role in the game, and its effect in the gaming industry?
NFT – A Comprehensive Explanation
NFT means a Non-Fungible Token, a digital asset such as art, clothes, cards, etc., that works seamlessly on the shared online ledger, i.e., blockchain technology. Let us understand in a simple form; for instance, if you are good at artistic skill and want to sell your art at a higher price, then NFT is an ideal place. You just need to get some cryptocurrencies in your digital wallet, and then you can convert your art to NFT by paying the charges. Once your art is get converted into NFT, it signifies your digital ownership of that art, and thereafter, you can sell them on the NFT marketplace.
Likewise, if you are big fond of games, then Play-to-Earn games are the best suitable platform as the same is based on blockchain technology and follows the NFT concept. Once you finish all the game levels, then you can sell your collectibles to other game players at a good price, or else you can convert the same in real currency.
NFT Games Dominating the Gaming Industry
Earlier, NFT was recognized in the art field, but its popularity dragged many gaming companies to this technology where many gamers earned a huge amount of money. For instance, there is a game called Axis Infinity. And with this game many people across the world generated good money that helped them to recover financially from the lockdown. Likewise, other similar crypto games as well as Gclub casino that are trending in the market are Gods Unchained, The Sandbox, Illuvium, Crypto Kitties, and others.
Many gaming firms and investors have kept their eyes on NFT, and the rise of this platform enabled them to invest. On the list, the top gaming companies that are planning to invest in are Electronic Arts, Ubisoft, Activision Blizzard, and Zynga.
Recently, Ubisoft (a leading gaming company) launched the Quartz program based on the NFT concept. As per the program, the players will receive digits that are unique and most valuable in the Ubisoft world. This is a very new kind of initiative started by Ubisoft that uses the NFT platform in AAA games, and also it is energy efficient. A glimpse of the program can be seen in the Ghost Reckon Breakpoint game as it is in the Beta phase. Ubisoft collaborated with Tezos that offers XTZ cryptocurrency to enable the players to sell their acquired digits in cryptocurrency and can further convert to real currency.
The above example of Ubisoft indicates how the top gaming firms are moving to the NFT platform.
Benefits of NFT Games
After considering the example of Ubisoft, it is certain that there is something hidden in the NFT that is forcing the gaming companies to choose this platform. Now, let’s wrap up all the important layers of NFT to see what benefits the gamers will get.
An Opportunity to Earn
If you have played the traditional game, then you may have noticed that after clearing the game level, you will get some rewards, but that is only usable in games. Additionally, you will have to spend money to buy the loot boxes, and the possibility is very low that you will get the things you were looking for in the loot box.
Furthermore, to move ahead in the traditional and even in present games, you will have to spend money to buy in-game products as these utilities help you to win the game and defeat the opponent. But at the end of the game, you will find, you lost money and time.
But if you go with NFT games, there are many possibilities to make money, and if you are good in the art field, then also you can trade the same in the NFT marketplace.
Many NFT games enable you to design & sell the games, and through this way, you can earn money by utilizing your gaming skills. Likewise, the domination of developers will be minimized through the NFT games.
In the gaming industry, the players usually purchase the in-game items through different gateways. However, transaction security becomes a major hurdle in the path of gamers as well as developing firms. Many found NordVPN a good solution for securing their Internet connection, But, NFT games that run on the advanced security ledger platform offer comprehensive security that enables the users to kick off the transaction fear.
Are There Any Loopholes In NFT Games?
Many critics are stating that there are some loopholes in NFT games; for instance, if the publisher shuts down the game server (an arbitrary assumption), then your game skins in the wallet will get affected. Additionally, gaming companies have the authority to choose which game items can be bought or resold. Even some of the gaming companies are approaching the legal path of NFT, such as a license to sell securities and others.
NFT is the future, and its entry into the gaming industry has created a massive impact on such an industry and enabled most firms to take this path. However, there are some minor loopholes, but if you exclude the same, then undoubtedly NFT is the next gaming market, and currently, also many users are earning hefty amounts from this source.