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NFTs: A game-changer that could potentially disrupt the gaming industry

NFT

TL; DR Breakdown

  • Recent developments have changed the perception of games to a more fascinating world.
  • As demand for NFTs skyrockets up to 1785%, the same could disrupt the gaming industry.
  • Google, Microsoft and Amazon have spurred on developments in AI technology and gameplay.

The news of NFTs is all over the place, and you might be wondering what the whole fuss is all about. Well, I can guarantee you that it is not all noise. There is a strong reason why there’s significant hype about these tokens in the cryptocurrency space and the gaming industry. Let’s see how NFTs would potentially disrupt the gaming industry.

NFTs and gameplay

The gaming industry has evolved from simple table tennis games as we knew them in the past to more complex software games for mobile devices, PCs, and consoles, providing almost unlimited types and mechanisms of interactions. These recent developments have changed the perception of games from a purely interactive form of entertainment to a more complex and fascinating world.

NFTs are becoming increasingly more popular by the day. It even gained more popularity when Mike Winkelmann, also known as Beeple, sold his digital art for $69 million. 

There are several NFT games in the Blockchain Industry. Top examples of these will be discussed in the following paragraphs;

The first on the list is Axie Infinity. In this NFT-based game, users raise and acquire NFT-based pets known as Axies to compete with other users on the platform. Different NFTs have their own generic fingerprint unique to them, and their attributes can be passed down through the generations in a chain of Axies.

Another popular NFT-based game is Gods Unchained. This is a free NFTgame that infuses NFT properties into a card-like trading game. Users get cards by buying cards from players or by coming top in PVP duels. The quality of the cards and the player’s playing skills mostly determine who wins.

Thirdly is Splinterlands. This is a trading card game that allows players to make money. To commence the process of playing, you have to purchase what is called an entry card game, create a Steam account, and present these cards that you buy in Splinterlands. You can also combine similar cards to increase their strength or sell one of your cards as cryptocurrency.

Sandbox 3D introduced SAND, an ERC20 token, as the native token of Metaverse. Users can use it to obtain in-game items from the NFT-based game. There is also what is known as the LAND token. The LAND token is the most valuable and popular asset in this game. With the possibilities of NFTs, one could obtain digital assets that have real-world applications.

Alien Worlds is an NFT Defi meta-universe that allows for competition and cooperation between players when they try to see the possibilities in other planets. This is achieved by incentivizing players to compete with Trilium (TLM) and control decentralized autonomous organizations (Planet DAO).

Demand for NFT is skyrocketing every day, and there are no obvious signs that it will decline. In the last three months, the market value of NFTs has increased by 1785%.

NFTs: A game-changer that could potentially disrupt the gaming industry 1
Source: Forbes, A graph depicting the market capitalization of the NFTs.

The NFT Marketspace is pulling a lot of traffic from companies, funds, exchanges, and traditional VC firms both from the Crypto and Tech sector. 

According to WE PC, the video gaming industry’s revenue was $78.61 billion in 2017. There are projections that the market would grow at 2.29% annually from 2020-2024. This will cause a rise in the market volume to $100.56 billion by 2024.

Expert opinions on why people play NFT games

People play NFT games for a variety of reasons. As a space that has received a lot of attention from the public and investors, it has many potential rewards for players who can earn thousands of dollars. These games are also very entertaining, and players appreciate the immutability of NFT technology. This means that people play NFT games because they are unique and rare.

Using Axie Infinity as an example, it was discovered that players who lost their jobs during the COVID 19 pandemic could earn $8 to $40 depending on the strength of their axies, power, and incentives during gameplay. Players only need to play for 50-80 days to recoup their $800 initial investment. Analysts predict that AXS will reach a price target of $100 because it is prone to volatility.

NFTs: A game-changer that could potentially disrupt the gaming industry 2
Source: Axie Infinity

Future of the NFT gameplay industry & AI

The massive statistics already speak volumes about the NFT’s future in the gaming industry. Everyone, including gamers, desires experience, variety, and the opportunity to make good money while playing games; NFT games provide these opportunities. It’s worth noting that the NFT games space is still relatively new, and there are still opportunities for a better and improved gaming experience, as well as more rewards for players.

The development of AI technology has accelerated recently due to major technology firms like Google, Microsoft, and Amazon into artificial intelligence research teams. These technological advances will further accelerate the development of intelligent NFTs in the future and enable them to interact with humans in meaningful ways.

In the coming years, we will see better NFT games that are more user-friendly, designed for mobile phones, and have better graphics and story plots. We can see such development in Next Earth as it pioneers personalization in the metaverse, even beyond NFT-based virtual land ownership. Soon, users will be able to make pixel-based land art, merging the old and the new by bringing retro pixel art into the cutting-edge metaverse.

Conclusion

NFT gaming is definitely an important cog in the future of gaming. It is already positively disrupting the gaming industry with its increased potential to reward players and creators. This sense of self-expression extends beyond just creations into virtual space itself: “This is my world, these are my creations, I am the hero.”

Tobi Amure

Tobi Amure

A veteran crypto and financial market writer and analyst, Tobi has also been trading for both spots and futures. He holds a BTech in Cryptocurrency Technologies but dabbles with jazz music in his free time. His opinion pieces on NFT, ETF and crypto developments are bound to spark some fireworks.

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