Blockchain technology has played a path-breaking role for many industries and new ventures are enjoying success by embracing it. With more blockchain development agencies or developers joining the industry, new use cases of blockchain technology emerge each day. The gaming industry is not an exception, and NFT for gaming industry has been getting acceptance for the last few years from the game owners as well as the players.
NFT Games are the same as any other virtual game which can be played over any device or computer. In a conventional game, the players earn coins and decorative items by achieving a milestone in the game. But they don’t own these items outside the gaming ecosystem.
In NFT Gaming, the player can transfer his earnings to another game or can exchange it with any other player with cryptocurrency.
NFTs are digital assets that can come in any form which includes memes and GIFs to in-game assets. In conventional games, the game owners own the collectibles. But in NFT gaming, players own the NFTs they earn and can further exchange them or later sell them when these items achieve rarity.
A game owner invests heavily in a gaming platform and then spends on marketing to make it famous. But there is a vast potential for NFT gaming ownership.
In a world economy that is daily witnessing robust growth in Blockchain and cryptocurrency domain, NFT gaming offers the following benefits to the owners:
1. Potential to attract venture capital: Smart investors know that there is a great potential to earn through blockchain and crypto markets. Gaming is seen as a new way to market services and products effectively and a blockchain game NFT solution can become a Tencent of the future. The game developers and owners would like to jump on the bandwagon of blockchain-based gaming solutions to attract venture capitalists. In a World Economic Forum report, it is estimated that venture capital funds in blockchain-based startups and solutions are looking to invest more than 52 billion dollars in 2021-2022.
2. Scaling up existing Gaming Solutions: Existing gaming solutions can scale up by embracing NFT game development solutions. It will not only open up new avenues for business but will also attract new players to the platform. Ultimately, a game is rated by the number of players who have signed in or logged in to it and are regularly playing over it. NFT game development can help existing products in delivering more attractive options to its gamers who end up earning something out of it.
3. Earning from transaction fee: When an NFT gaming token is transacted over a gaming solution, the owner can either charge a transaction fee from the intermediary wallet or exchange or it can charge a certain fee from the owner itself if he wants to sell or exchange it with others. Sometimes, the transaction amount can go up to millions of dollars which will attract a handsome transaction fee.
4. Mergers and Takeovers: Many times a pneumatic solution disrupts the industry and the existing players look to buy out or merge such ventures to save their existing business. Gaming is not an exception and if a blockchain gaming solution will disrupt the existing industrial setup, the industrial peers may become keen to either buy the venture or be a part of it. Thus, a small start, including NFT gaming token and game development can take an owner to new heights.
5. Earning from App Store or Play Store: When a certain number of downloads happen on an App Store or Play Store, the game owners earn a percentage of the download fee. Each new download will bring more revenue for the venture. In-App purchases also lead to a continuous flow of earnings for the game owners. Special events and festive sales can contribute in a big way while earning during festivals.
Covid 19 has hit economies badly and local businesses have stalled, shrinking the buying capacity of an average household. The gaming community found NFT gaming token as a means to earn real money. It is reported that a game named Axie Infinity became very popular among people in the Philippines and during the lockdown period, many business owners turned to it to earn their daily bread.
Some considerable benefits for a gamer are given below:
1. Ownership of in-Game assets: In NFT gaming, a player gets full control over his earned and acquired assets and he can earn cryptocurrencies instead of them. Physical ownership gives more incentives of playing on a blockchain-based game and can turn out to be a regular source of income.
2. Highly secure environment: An NFT based gaming solution provides a high level of security and reliability. A gamer can remain assured of the security of his digital assets as blockchain technology gives his wallet an impenetrable shield of highly sophisticated technology.
3. Transparency and Provable rarity: NFTs work on the principle of rarity or scarcity. Blockchain helps in maintaining the transparency of digital transactions. It also serves as a tool to prove the rarity of the asset which leads to good returns in exchange for the asset.
NFT for gaming industry is the future as we can see many gamers are taking it up not just as a hobby but more as a profession. With gamers joining “Play-to-Earn” models and earning, NFT game development has made its niche. Those who don’t join the trial will later find themselves alienated.
At Antier Solutions, we can help you build a world-class NFT gaming platform with market-leading features. Our blockchain engineers and subject matter experts deliver business-oriented solutions that help you accomplish your goals.
Schedule A Free Demo of one of the NFT gaming platforms developed by us or connect with our subject matter experts to share your business needs.
Please fill out the form to make the request. We’ll be in touch to schedule a free demo.
