Blockopedia News

NFTs in gaming, what’s the rage all about?

The world of NFT is witnessing an ever-expanding phase in its dimensions every day. Even for those who may find NFTs complicated to understand, the excitement is omnipresent as the rage is steadily taking over the digital space. 

One of the biggest beneficiaries of NFT technology is the gaming industry. Gaming firms have begun to explore ways to bring NFT’s and crypto into gaming technology. Taking advantage of the new type of internet, Web3, these games will run on blockchain technology to conquer the full potential of cryptocurrencies and NFT.

Winning in digital assets and cryptocurrency:

As of now, the gaming industry is all pumped up to introduce the “play and earn” initiative to drive more player attention to this new form of gaming experience. Players will be motivated to play more because the rewards are simply not going to be mere cash. They are going to be rewarded with NFTs such as digital assets and cryptocurrencies.

This decentralised movement in technology, popularly known as Web3, is going to revolutionise and integrate a whole new dimension of gaming experiences knotted with real-world economies.

Play to earn – A unique paradigm that’s changing the game 

The player incentive is only the face of the gaming industry. The real framework lies in how these technologies are going to integrate the digital currencies, keeping the players’ score in mind.

So, instead of playing a free game on the internet, the company is actually going to pay you to play it. Above that, they are going to reward you with some incentives or even hand out a financial stake in the company!

This is where the role of NFT comes in:

By playing such games, the player is rewarded with unique digital items in the form of collectables that can be bought, traded, or sold through cryptocurrencies. In contrast to traditional games, players can purchase and sell them to other players or move to other games.

Games like ‘SIPHER’ and ‘Doctor Who: Worlds Apart’ are pioneering such initiatives where “Play to Earn” has a dominant role. Doctor Who is even allowing players with Founder Tokens to try out the game during the alpha test, an exclusive benefit. 

A goldmine for collectors: 

Game players are often collectors. Some gamers are obsessed with collecting unique items. That is why NFT-based games are catching the attention of players that value the authenticity and uniqueness of these games. The people who are largely benefiting from them are the game developers.

The traditional gaming system is very centralized. But this is not the case of  decentralised games which exist on independent blockchains. Gaming NFTs on a decentralised platform can be linked to each other in separate games. Consider this, two games based on the ethereum network can have the same in-assets. It makes trading of assets much easier than it would otherwise.

Before the introduction of the decentralised gaming system, if the game was deleted or erased, the entire progress would be wiped out. But since the ownership of NFTs is stored on independent blockchain technology, nobody can tamper with the information, regardless of what happens with the game.

These benefits attached to modern gaming technology have led more gaming developers to enter and experiment in this field. Nonetheless, by forming partnerships or by involving third parties, companies intend to adopt this new change in full swing.

Further, the success of this gaming is going to strengthen the structure of NFT’s and blockchain technology even more, connecting it more to the everyday lives of people. 

Numbers don’t lie, and the biggest changes in NFTs are evident from the increasing interest generated by consumers, as evident from Google trends. You may observe that the sales of NFTs, such as digital art and NBA Top Shot, began picking up in February and have since surged, giving a huge push to the gaming industry. Which is why a decentralized system of player-owned assets is the future of gaming. A place where gamers are rewarded for their time and effort invested. A big change is coming in the gaming arena, and NFTs will have the biggest run.

Related posts

3AC bankruptcy process faces challenges amid unknown whereabouts of founders

Biggest Movers: DOGE Hits 1-Month High to Start the Weekend

$333 Million in Bitcoin Vanished from FTX Days Before the Company Filed for Bankruptcy Protection