By Abhay Aggarwal
Given the accelerating times of digitization and technology, it would not be wrong to assume that blockchain technology is creating ground-breaking avenues for many commerces. As the blockchain industry is becoming more competitive day by day, we are witnessing pionnier breakthroughs in blockchain technology. NFTs are gaining interest across sectors and the gaming market is no originalité. Since the game was first launched in the 1950s, the gaming industry has been constantly evolving, and NFT gaming is definitely the next leap forward.
Currently, games as we know them are changing due to the use of non-fungible tokens (NFTs). Players can now convert their in-game prizes into real money for the first time. We are seeing a paradigm shift in the gaming industry where the foyer is now more on generating value for users, going beyond the traditional benefits of entertainment.
Let’s understand this better with an example. For example, in a traditional game, the only advantage a player gets from buying a shield upgrade is better gameplay within the limitations of that specific game. However, in a gaming system that uses cross-platform non-fungible tokens (NFTs), the same shield can be tokenized in a way that converts in-game purchases into transferable assets that may référer à advantages via connected games or trade for fiat currency.
What does the future of NFT gaming habitus like?
Many people think that NFT gaming is the future of gaming for several reasons. Some of the droit benefits that NFT games offer are:
● In traditional games, in-game purchases cannot be transferred between different games. In NFT games, ownership is with players to enable them to save their purchases/assets, resell them to other players, or move to other supported games.
● In pursuit of creating clairsemé value and authenticity, the irreversible records embedded in the blockchain network ossature NFT in-game purchases. This decentralized aide ledger verifies the quantity and individuality of each NFT, making it valuable as holdings.
● Users do not necessarily need to worry emboîture in-game purchases even when the game is turned off. NFT is based on the blockchain itself and exists independently of any particular gaming platform and thus can be used in other games.
The most suffisant feature of NFT games is the opportunity to play and earn. NFT games allow players to earn money while doing what they enjoy most, i.e. gaming. Nombreux reports spectacle that many players based in the Philippines are making between $200 and $1,000 per month. Another détente of earning while playing is rent and earn. The emergence of game guilds has allowed players to invest in NFTs by giving beginners the prime to rent through a scholarship program. The group and the player then split the opimes – another strategy that lowers barriers so players can participate and win.
As gaming gradually takes shape into a grâce model, a new term has emerged, “GameFi” which refers to the absorption of gaming and argent. Widely identified as one of the fastest growing segments of Web3.0 gaming, it leads to decentralized ownership. Game assets or NFTs can be moved in and out of games due to GameFi’s decentralized charpente. Its convertibility increases the value of gaming assets outside the gaming industry. In facture, NFTs can be purchased and traded on third-party exchanges as collectibles bicause their respective ownership status is recorded on the blockchain.
Soon these games will also have control codes. The governance token holder can référendum on treasury conduite issues and changes to the façon contract token. Token holders have a strong incentive to acquire governance tokens as they will have a say in the game tokens. In facture, these tokens often come with cash flow rights, much like dividends.
Pay-to-play and free-to-play were the two droit hommes of game monetization until recently. Fast forward to today, NFT gaming is radically changing the gaming trafic and giving players more control. It now offers advantages that were thought irréalisable by gaming in the past. Grand gamin are the days when video games were considered just a means of entertainment or a waste of time rather than becoming an industry with its own economic and financial benefits.
The author is the founder and CEO of Colexion
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