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Can NFTs disrupt the gaming sector?

TL;DR

  • CEO believes NFTs can disrupt the gaming sector
  • Gamers continue to push back against NFT
  • Jack Lu wants to change gamer’s perception of NFT

NFTs have been imbibed fully into the gaming sector over the last few years. This is because most of them provide use cases for the rare digital arts across the sector. One such is allowing players to own in-game assets and sell them at their convenience. However, there is a big consensus that most gamers are not okay with using NFTs in the gaming sector.

Gamers continue to pushback against NFT

Over the last few years, there has been maximum refusal from the gaming community against companies like Ubisoft trying to incorporate NFTs into the sector. One of the main reasons for this pushback is the penchant for scams to be easily committed among players in the gaming sector. There has also been a big argument regarding the impacts of the activities of these rare pieces on the environment.

However, the argument has been killed with the recent migration of Ethereum through the merge that took place some weeks ago. Outside the excuses and the complaints, analysts see NFTs as ways gaming companies bring out the value in their products through the players. This backlash that the sector is suffering has been seen in the market, with the free-to-play model garnering as much criticism when it first made its way into the gaming sector.

Jack Lu wants to change gamer’s perception of NFTs

Amid the real pushback from the gamers in the sector, NFT marketplace Magic Eden concedes that there is a long-term value in gaming NFTs. Magic Eden made its debut on Solana in June to lesser fanfare. It is now worth about $1.6 billion while extending its services to Ethereum. The company’s CEO, Jack Lu, was upbeat about the chances of NFT’s survival in the gaming world. In an interview, he said that despite the pushback, the sector could provide an excellent opportunity for game builders to work to help their businesses thrive.

The company has housed many established games while providing the much-needed launchpad for new games in the NFT sector. Lu mentioned that there is still a lot of work to do concerning changing the mindset of gamers where NFTs are concerned. He mentioned the presence of malicious actors as one deterrent that has caused gamers to push back against adopting NFTs in the gaming sector. Presently, Axie Infinity still holds the record for the biggest NFT game, with the game seeing its trading volume surge as high as $4 billion.

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Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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