NFTs: Blockchain, Game Assets & Future

  • By Karthik Sakthivel
  • 12-09-2022
  • Technology
nft blockchain

NFTs are changing how players perceive online gaming and in-game asset purchases. As they begin to enter the game development scene, communities and game developers are reaching out to them, encouraging them to participate and innovate. To create NFT marketplace is the best thing a crypto business owner can do as of today! Here are some amazing stats to satisfy your temptation to build NFT marketplace.

NFT sales had reached $37 billion by the first week of May, compared to $40 billion for the entire year 2021.

As per Chainanalysis, if the January median weekly total holds, total NFT sales could more than double to $90 billion by the end of 2022.

Let us know more about Blockchain, NFT gaming, and what it holds for the future!

Blockchain and NFTs

NFTs, or non-fungible tokens, are distinct, valuable, and rewarding. Their creation and trading have been made possible by the use of Blockchain technology. NFTs are a novel way to control and own digital goods. They are idealized versions of an artist's works such as clothing, music, and art. Rather than being a passing fad, the popularity of NFTs signals the start of a significant cultural shift in how we assign value and significance to digital goods ownership. And Blockchain technology is backing it so well that we cannot even expect what the NFT future has for us.

NFTs in the Gaming Industry

Since they allow players to take ownership of specific in-game assets, NFTs are becoming more common in video games. Valve DOTA 2 is a great example if the user is a great player with a limited number of skins because he/she can sell those skins for bitcoin or Steam's in-game currency. The item is now monetary in value and can be used or traded.

Another factor driving the growth of NFTs in the gaming sector is the ability to earn money while playing games, which has been made possible by cryptocurrencies and Blockchain technology. Many new businesses and startups, including Game Machine, are becoming increasingly interested in the industry as they try to develop new revenue streams for the emerging gaming industry as in-game microtransactions become more popular among gamers.

Future of NFTs

NFTs will dominate Blockchain gaming in the future. Because game developers no longer have complete control over how their in-game assets are used, new gameplay features will be required to keep players engaged and NFT activity high. Prior to the introduction of NFTs, players could not sell, trade, or purchase digital goods in a decentralized manner.

By encoding NFT-specific rules into the asset itself, NFTs enable users to create their own gaming content and sell it on NFT marketplaces. NFTs will be heavily used in future Blockchain gaming industry standards. They could also be used as tokens in games in the future, transforming a rare NFT into a rare item or special perk that can provide an advantage or make a challenge more difficult. As a result, NFT users may become more loyal, lowering development costs.

Conclusion

Because of the financial opportunity in the gaming industry, more non-Blockchain-focused brands will be encouraged to experiment with NFTs, most likely in collaboration with independent Blockchain projects that have the necessary technical know-how. With this much potential, NFTs have a great opportunity to fundamentally improve gaming, at least for those who use NFT technology in gaming!

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Author

Karthik Sakthivel

Karthik Sakthivel is the CTO of Pyramidion Solutions, a leading mobile app development company. He is a Data Science expert and Blockchain enthusiast who is always looking for innovations and new technologies. He takes pride in guiding the teams with the best approaches using state-of-the-art technologies!

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