NFT and the Future of Gaming

I wanted to share my thoughts on NFTs as the topic comes up more and more. I’ve been getting a lot of questions on the topic and there’s plenty of confusion and uncertainty. What are NFTs, are they actually going to stick around, are they viable? I’m going to do my best to answer those questions and maybe I can provide my POV on what it means for gaming!?

Now, there’s been a serious shift in focus over the past two or three years in the digital industries. Gaming has felt the shift and the rising tide of blockchain has pushed through the castle walls and entered the games industry en-masse. Blockchain and NFT gaming is getting bigger, it’s getting noticed, and attracting a lot of investment attention and capital. But it is still somewhat misunderstood, people are still unsure of its potential and what it can do for players and developers alike.

?So, what is NFT and Blockchain Gaming?

NFTs or Non-Fungible Tokens, are digital units that can be bought and sold, similar to the collectible market for art and trading cards. NFTs are confusing as you own something entirely digital, how is it proven that you own it??

Well, it uses the nature of blockchain to authenticate and guarantee proof of ownership of these unique digital items. Through blockchain’s transparency, security, verifiability, and immutability, NFTs are protected by the bulwark of the decentralized blockchain. This ensures that scarcity and proof of ownership is guaranteed. The ability to value and distribute assets, gives the huge potential for trends and player investment, especially if they are instantly tradable.

?How will it impact the gaming industry and the players?

Already, we’re seeing how NFTs are affecting players and developers.

NFTs are providing new revenue streams for game developers. Creating and auctioning off rare and in-demand items creates a new business model that is changing how games can be funded and brought to market. Games have always been stocked full of collectibles, customizable elements, and resources to gather or trade. The inclusion of NFTs simply allow all involved to benefit.

Developers can now turn the assets they’ve created into longstanding sources of revenue and profit. With venture capitalists also investing heavily in blockchain based games, game developers may receive the resources to develop their dream project, easier than ever.

For players, they can purchase and own unique NFT items such as skins, land, and avatars, which can be later sold on at the market’s ongoing rates. Where previously, any investment by players, either time or monetary, could not be recouped, now there is the opportunity to earn money from participating in the gaming industry. ?

This is seen in the growing play-to-earn industry, where players can effectively develop careers out of the investment they put into games and their NFTs. This investment of time and effort can easily be monetised by the player and sold for a profit.

What does it mean for the future of gaming?

Although the concept of blockchain and NFTs has been around for some time, their lot only began to rise recently as it skyrocketed to a level of significance in 2021. As NFTs are still in their relative infancy, there will no doubt soon be a far larger selection of AAA – Blockchain games which will appeal to the mass market.

The growing NFT demand can also expedite the journey towards the Metaverse, where gaming worlds can be interlinked and shared. Which is precisely the type of world NFTs encourages and lives in comfortably. And honestly what makes me most excited about this technology.

There may be a future for NFTs and all players in the Metaverse where, as legitimate owners, you can take the avatars and other NFT items you own from one gaming world to another. This gives a level of security to your investment if a game is shut down. It ensures your time is never wasted on the contrary imagine owning a rare item from a game that no longer operates the value of said NFT (if conditions are right) can potentially skyrocket.

All time and effort expended for a game that will no doubt eventually be replaced or fall out of popularity is no longer forgotten. Instead, it’s repurposed, to the next title and the next world.

This technology is still evolving, currently the landscape shifts almost daily. But despite all the concerns, I honestly believe that this is the path to a better future for the industry. We’ve seen how technology and industry evolves to adapt. And I can’t wait to see how it adapts to accommodate NFTs, crypto, and blockchain into the mainstream.?