NFT aka Non-fungible-token has been trending a lot these days. A lot of us might have apprehensions about investing in cryptocurrencies and NFTs. But one thing is visible: the way they are transforming the world; be it economic or the industrial world.
NFT is not elevating the gaming experience single-handedly. You hear about evolving concepts like metaverse, blockchain, and crypto alongside NFT. These, are NFT and crypto, together play a vital role in shaping the future of the gaming industry.
The traditional gaming system has a pay to play, free-to-play, or play-to-win model. These models certainly do not bring tangible monetary benefits to the gamers. Because these are designed for entertainment purposes mostly. With the introduction of NFT and blockchain, gamers focused on games monetization.
The gaming industry is expected to rise to $300 billion by 2025. And many developers are using the following two ways to monetize their games:
These methods created a whole new dimension for gamers to earn money while they play their favorite mobile games. Before we go deep into various aspects related to NFT and cryptocurrency, let’s first understand what is NFT and cryptocurrency:
A non-fungible token is a digital asset that can be traded online over blockchain platforms. Ethereum, Opensea, and Axie marketplace are some popular platforms that let you trade NFTs. An NFT could be digital art, images, memes, videos, tweets, avatars, accessories, virtual land, and many more. Each NFT is a unique token and cannot be replicated.
NFT is believed to be the future of digital art collections. Traditional gaming favors game producers and a one-way flow of money. But NFT when combined with blockchain promotes fair play along with other benefits like immutability, interoperability, security, and ownership.
NFTs are called non-fungible because they cannot be traded in exchange for a similar asset. Each NFT has its digital signature. Hence, these cannot be exchanged for one another. The digital art may have higher value when compared with similar digital art of the same genre.
Each NFT has exclusive possession rights. That means one holder at a time. This uniqueness makes it easy to verify the ownership and transfer of NFTs between the traders. To own NFTs, you need to first buy a digital wallet to store digital cryptocurrency. It is then followed by purchasing cryptocurrency that can be bought using a credit card. Once we are set with wallet and digital currency, we can use some of the popular digital marketplaces like Rarible, OpenSea.io, or foundation to buy the assets.
Cryptocurrency is a digital currency designed for trading over the computer network for secure transactions. It is not regulated by any central authority figure. Cryptocurrency does not have a physical form as it is completely digital. It is decentralized and each transaction is recorded in a public ledger.
Transactions using cryptocurrency are completely encrypted. That’s how it received its name. Encryption makes transactions secure, and we use digital wallets to store cryptocurrency.
Cryptocurrency uses blockchain to record all the transactions completed by the owner. This digital currency is generated by using complex algorithms and mathematical programs. This process is popularly known as mining. If you own a crypto coin, all you own is a key.
Bitcoin was the first-ever open-source fungible cryptocurrency introduced in 2009. There are numerous cryptocurrency in the world today. But if you want to buy cryptocurrency then you can choose between a cryptocurrency exchange and a traditional broker.
There are limitless opportunities for gamers to use NFTs to own digital assets and transfer ownership. Traditional gaming systems allow gamers to play and win. But that could not be transformed into real money. That has changed now. Because now, game developers are developing NFT games to earn money.
Gamers can buy digital assets from gaming platforms. These assets can be traded in the NFT marketplace. On the other hand, game developers can create games that allow gamers to earn rewards that are cryptocurrencies or NFTs. And these rewards can be utilized to convert into cryptocurrencies or purchase a range of gaming assets.
Digital avatars and skins are trending. These improve the aesthetics of the character. NFTs in gaming have some other applications too. Popular games like Minecraft or Warcraft allow gamers to showcase their creativity. Gamers can create their maps or worlds with the help of unique innovative tools. And these maps or worlds can be traded with the help of NFTs. Portability of the assets is also possible using NFTs. A gaming asset bought in a call of duty can be used in counterstrike with the help of NFTs.
Crypto mobile and NFT mobile gaming surfaced after the introduction of cryptocurrencies and NFTs. Cryptocurrency is used in crypto mobile games for transactions. But NFTs are used in NFT mobile games for trading. NFT mobile gaming is a convenient platform. It helps both gamers and owners to earn more.
A traditional arcade gaming method makes you buy the game or spend money to buy assets or weapons. NFT games on the other hand let you earn by just playing the game. Inbuilt gaming rewards can be traded using NFTs. Each gaming asset has unique authorization that can be traded in the NFT marketplace to earn more cryptocurrency.
Racing tracks, cars, accessories, and drive experience are some of the digital gaming assets that can be traded with the help of NFTs. To enhance the overall gaming experience, a gamer can buy the best car from the lot. Then the gamer can trade it later to earn NFTs or cryptocurrency. An NFT game development company can certainly help you design a game that not just elevates the gaming experience but lets you earn money while you play.
Card games based on blockchain technology have a unique value for each card and a unique NFT associated with each card. These cards can be sold and transferred through NFTs. Undoubtedly NFTs have given opportunities for gamers to play several card-based games. This not only increases the number of gamers but also increases the investment in NFTs. Interoperability, transparency, and NFT ownership have attracted many gamers into the virtual gaming universe.
Innovation and creativity are two aspects that made gamers incline more toward NFT and crypto games. These give you freedom and features to enhance the gaming experience. Play-to-earn games like Sandbox, Axie Infinity, etc are generating huge revenues. They have a wide range of digital assets and own virtual currency. Many developers are now looking forward to developing NFT games using play to earn models.
Interoperability features are possible due to blockchain technology. This makes the system highly secure. NFTs can be traded across various platforms. This enables trading with various cryptocurrencies allowing gamers to buy other in-game assets. NFT game developers in an NFT game development company constantly work on improving cross-platform portability.
An obvious reason for people to show increased interest in NFT games is: it provides considerable monetary gains. As the value of NFT and cryptocurrency rises, the NFT asset’s value also increases. This makes the owner digitally rich. And that is why we may find many business houses showing interest in NFT game development.
NFT games allow customization of avatar- and environment. This creates new gaming experiences. This control is missing in a traditional game. These assets can be traded to other players.
We are already witnessing the way NFT and crypto have enhanced the gaming experience. This will revolutionize the way we work, live, socialize, and play games. And the platform is already readying itself for mobile gaming. Any gamer would like to play a game that provides monetary gains along with an enhanced gaming experience through NFT collectibles.
As we see the gradual shift from play to win to play to earn, the mobile gaming industry will transcend to crypto mobile and NFT mobile gaming eventually. There is already a huge investment by individuals and many organizations. Moreover, NFTs will not be restricted to the social or gaming world. With time we will see NFTs expanding into real estate, the financial marketplace, and real-world possessions. Game enthusiasts feel nostalgic about owning a valuable digital asset. This nostalgia is the primary driving factor for people to invest more in NFTs.
Would you like to explore the endless opportunities that cryptocurrency and NFTs have to offer? If you are looking for an NFT game development company, consider Juego Studio. Juego Studios have the best in-house technology professionals. They possess expertise in futuristic technologies like AR, VR, AI, NFT, and Metaverse. To read more such articles about upcoming technologies and developments in the gaming world, you can refer to the website of Juego Studios. Browse through the game development services section of Juego Studios to gather more information about the viral games and great apps we created.