Benefits of NFT gaming
There was slight confusion across the game development world when NFT’s were announced to be making their debut inside of games. Since games developers and studios have introduced NFT’s to the experience, many players are still trying to decide whether it is a positive or negative experience.
NFT’s enter a game as art. This means that the NFT takes the form of in-game assets such as characters, skins and collectables. This means that those items purchased inside of the game now have real-world worth. The concept is being called ‘play-to-earn’. This means that players are able to earn the NFT’s through the games, buy them, resell them for a much higher price.
The are several benefits of NFT play-to-earn games. Whilst several gamers have began to focus on the negatives, others have began to make money and expand their opportunities.
For developers and owners
One of the first is the market being relatively uncrowded. The NFT market is fairly new and there are few entrepreneurs entering the market with high-quality products. This has caused competition to be low, giving a significant advantage to those forward thinking developers who have been able to see NFT games potential.
In addition to this is the new ways to earn income. Traditional gaming does not allow gamers a lot, if any, ways to make an income based on playing. NFT gaming, however, allows players to earn a lot of money. Many NFT games require paid entrance to the game meaning that game owners are making an initial income just from gamers entering the game. NFT assets also have a significantly higher price than traditional in-game items. Owners are also able to sell NFT’s from the games inside and outside the games meaning a wider marketplace to sell digital products.
Whilst traditional games aren’t new to people, NFT’s and play to earn games are. NFT gamers are always looking for a new product that allow them extra opportunity. Traditional game developers and studios are in constant competition with large brands and small indie ones. Each studio/developer will struggle to draw a large and broad audience to their games. Whereas NFT games drew a new and broader audience by having the attraction of earning and being part of something new.
For players
One of the top advantages of NFT gaming is the chance to earn a lot of money. Gamers are able to be entertained whilst earning a significant income. Avid players are able to do what they love and treat is as a job. The process does take some knowledge of crypto and trading to be able to make informed decisons. There is also no need to strive to become a professional gamer to earn large sums of cash. There is no need to participate in championships to earn when you can earn by playing at an everyday standard.
NFT games are decetrnalized. This means that players own gaming NFT’s. They can buy, sell and trade the assets within the game, outside the game and also to an NFT wallet to showcase them in a marketplace. The freedom element of this seems to be the most attractive part of NFT gaming. Regular and traditional games do not allow for players to buy and resell game assets purchased for game progress. Once bought, the player keeps the item/asset for the entire game. NFT gaming offers much more flexibility and personalisation.
Within the online/digital world of finance there are millions of transactions made every day. Many of these are investments and cryptocurrency transactions that revolve around large sums of money. NFT rights are based upon the foundation of peer-to-peer technologies to protect deals from the risk of cyberattacks and keep those rights unbreakable. Due to the blockchain, NFT and crypto owners needn't worry about their transactions and if they are safe because the security system is strong and robust.
With the rise of NFT’s and crypto as well as the active and strong development of the metaverse it is clear that NFT gaming will be a large part of the gaming world in the near future. However, it is also clear that some just are not ready for the change quite yet.
