On July 11, GameStop announced the launch of its long-awaited NFT marketplace. The platform, which is now open to the public for beta testing, was able to generate a trading volume of over $1 million within 12 hours of its launch. Undoubtedly, despite the current bear market, blockchain-based games with NFT elements are seeing an uptick in users. In fact, Dappradar reported that in Q1 of 2022, VCs poured over $2.5 billion into blockchain gaming. If you are looking for NFT game development services in UK, this is the best time as both investors, as well as users, are swarming the market.
According to recent stats, the gaming industry is bigger than music, TV, and movies combined, and it is compounding 10% year on year. Out of all the money spent in the gaming industry, $100bn is annually spent on renting items and very soon this will turn into a trillion-dollar economy that will be built on web3.
However, the industry faces a few challenges, including the following:
1. Liquidity challenges
It was observed during NFT gaming platform development in UK and globally that at the heart of an NFT game is an NFT marketplace and at the heart of it are the orders that are requests of trades. The order that is created first is called the maker order and the order which fills it is called the taker order. In the NFT marketplace, or any kind of exchange, the maker orders are stored in an order book where they remain as active orders till a taker order comes in. The speed at which a maker order is filled in is known as the liquidity of the marketplace.
Today most of the NFT marketplaces are continuing to build their separate order books because of which the liquidity is getting segregated. As a result, many NFT games are facing liquidity issues which is a big challenge, and to solve this, blockchains like Immutable X are proposing solutions like offering a global protocol level order book.
2. Scalable blockchains
According to the recent data, despite the crypto winter, blockchain games are witnessing continued engagement. However, most of the transaction count is being contributed by games on protocols like WAX, Hive, BNB Smart Chain, Solana, and Ronin.
Out of the 5, the users are specifically drawn to WAX and Binance Smart Chain and that is because both are high-speed, low gas fees chains. If you are looking for NFT gaming development in UK, make sure you pick the right blockchain to support your game.
3. Top-notch user Interface
Blockchain gaming includes both B2C and B2B transactions. But most of the games focus only on a user interface suitable for B2C transactions. To optimize the B2C user experience, the gaming interface must support instant in-game trades and a wallet. And for B2B, the game must have APIs ready for the web2 companies to use.
4. Security
In the first 6 months of 2022, DeFi has faced hacks worth $1.4 billion. As a result, blockchain gamers have also become very conscious of the security aspect of the games. Thus, blockchain development on platforms that are inherently secure with features like zk-rollups ensures the game would not suffer from bridge hacks.
As one of the leading NFT game development services in UK we ensure, that the games are developed only on secure blockchains.
5. Scalable economy design
Blockchain and gaming are integrated to spawn a very popular play-to-earn economy. The gamers play games to unlock unique features and create unique NFTs that can then be sold on the NFT marketplaces. This allows gamers to monetize their time and earn actual money while they play the games. Gamers in many countries started to earn their daily wages by playing play-to-earn games. But with the popularity of such games as Axie Infinity, the initial game investment also started going up. To aid gamers who cannot afford to pay the upfront cost of playing such games, popular guilds like GuildFi and Yield Guild Games (YGG) started aiding the gamers. The initiative became very popular as it allows gamers to borrow gaming characters to play the game or up their gameplay. The crypto gaming industry needs more such initiatives.
The blockchain gaming industry has seen a huge influx of investors and users in the last couple of months. The industry is growing at a pace never seen before and if you have been looking out for the best time to enter the market, this is it.
If you are looking for NFT game development services in UK or anywhere across the globe, Antier Solutions’ experts can help you accomplish your business goals. We provide business-oriented services – so, whether you want to launch a move-to-earn game, play-to-earn game, strategy-based game, or any other NFT game, we successfully transform your vision into reality.
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