How Cryptocurrency and NFTs Affecting the Today’s Games

By juegoadmin | NFT Game Development | March 30th, 2022

Crypto Gaming: How are Cryptocurrency and NFTs Affecting the Today’s Games

Like a wildfire, the usage and requirement of cryptocurrency have spread immensely over the last few years. Despite the highly divergent opinions, the use of cryptocurrencies is rapidly growing in the gaming sector. Non Fungible Tokens, or NFTs, are a very new domain of cryptocurrency that offers considerable potential for gamers and developers.

Cryptocurrency gaming is very different from mainstream gaming. Many big names in the industry are joining the scenario. Cryptocurrencies, by incorporating NFTs, are using a state-of-the-art technology called blockchain and this is creating new breakthroughs. Incorporating NFTs into Crypto gaming also has a vast potential for video game purposes.

Best NFTs games provide a completely new and advanced experience for their users. It also offers new game mechanics and uses various ways to monetize the game for potential developers and players.

The Combination of Gaming and Blockchain

The worldwide gaming industry usually generates hundreds and billions of revenue from mobile, PC, and console gaming. Despite the value, players receive significantly less weight as they have to spend money accessing gaming content and its features.

Blockchain-based games are mostly decentralized applications, so they contribute heavily to providing value for the players. It gives a better ground to the players by providing value and utility for in-gaming purchases. In a gaming landscape, the proper implementation of cross-platform NFTs can transform the mode of in-game asset purchase.

Non Fungible Tokens are unique and can be easily customized to maintain their value within several gaming environments. It also holds the potential to explore new unfolding possibilities.

An Overview of Non-Fungible Tokens

NFTs represent many forms. This ranges from real estate or artwork, and even as a personal identity. It also uses a great range of practical applications to appeal to diverse industries.

Three Notable Features of NFTs:

Non Fungibility:

It briefly implies that each NFT is a form of a unique cryptographic token. Each NFT metadata represents authenticity. Many cryptocurrencies such as bitcoin, ether, and other permits are also not exchangeable and unique.

Rarity:

The existing scarcity of NFTs games makes them more alluring. A very famous cryptogame named CryptoKitties enables the payers to collect digital cats that have specifically designed NFT.

Invisibility:

Cryptocurrencies are used as a mode of invisible exchange.

The Possible Integration of NFTs in Games

Many big names are getting into the blockchain landscape for generating significant revenue. NFTs or Non Fungible Tokens are reorganizing how gamers perceive online gaming and game-based asset purchase. Advanced blockchain technology is taking the video game scenario into new possibilities like:

  • Non Fungible Tokens can be heavily polarizing as new crypto millionaires speculate NFTs as a form of digital art and get eye-popping revenue from their digital assets.
  • The scarcity and popularity of the assets are dominating the transactions. Many players are selling in-game assets as NFTs games as a form of marketing. Some gamers are also extending themselves to pay massive money for rare purchases.

The Potential Benefits of Non-Fungible Tokens in Gaming

  • NFTs provide a sense of ownership for their players while in-game asset purchasing. While using blockchain technology, gamers can save their purchases, sell their tokens to other gamers, and send them to different games.
  • Digital assets like NFTs can be easily monetized and turned into cash as a better trading method.
  • As long as there is demand, it will retain the game’s market value.
  • NFT purchasing also creates a sense of scarcity within the existing blockchain network. Each NFT provides a valuable, unique quotient and ownership.
  • Crypto Gaming presents game assets in different gaming environments by interconnecting them in various games.
  • NFTs provide an autonomous and unique cross-platform where in-game purchases can quickly occur following existing guidelines.

The Potential Disadvantages of Non-Fungible Tokens in Gaming

  • To an extent, gamers can develop a habit of online gambling.
  • The ability to divert players to turn their digital assets into actual cash can lead to market manipulation and security breaches.
  • Many gamers spend extensive time selling digital assets rather than playing the game.
  • Traditional gamers are not that much excited about the NFT or crypto gaming scenario
  • The potential threat of cyber-attacks is very high as digital assets can be pirated and manipulated easily. For newcomers, comprehending the value of digital tokens can be very confusing. Copies of NFTs can be seen readily available on the internet.
  • NFTs are not an environment-friendly form of digital asset and are very unsustainable as they require a relatively high energy level.
  • Non Fungible Tokens can’t be used as a form of physical art and must stay limited to specific territory only.

The Future Prospect of NFTs Games

Despite the significant benefits of incorporating NFTs into gaming, it also holds many hurdles that need to be overcome. Despite their value, NFTs possess a considerable risk that can motivate players to invest in the gaming ecosystems. Many great NFTs games like Splinter land, Sorare, The Sandbox, Ember Sword, and Alien Worlds already exist in the market. Many NFTs games are being produced. The field also requires a lot of space for growth and development. The prospect of more AAA developers entering the scenario is very high in the future. We will probably see more blockchain-based games in the existing system.

Many leading developers are pushing their boundaries toward using NFTs as a brief part of their gaming ventures. Also, many companies are considering expansion towards the metaverse. It will only potentially make NFTs and metaverse in the gaming industry more prominent and profitable. In the upcoming years, the blockchain and metaverse are exciting prospects to watch out for in the gaming industry.

As the demand for Crypto gaming is rapidly rising, you can also develop upgradable Crypto Games like Crypto Kitties or Axie Infinity. If you are cherishing such ideas, you need to hire an efficient team of professional game developers.

Takeaway

You can indeed consider Juego Studios as your blockchain developer. Juego Studios is a leading NFT game development company that offers end-to-end, cross-platform solutions to applications and game development with their extensive expertise in Xamarin, Unreal, Play Canvas, Cocos2d-X, and other hybrid applications development frameworks with their AR, VR, and IoT solutions. Go through their game development services portfolio to learn more about the games and apps created by them.