This content originally appeared on Level Up Coding - Medium and was authored by Dmytro Spilka
Unlike traditional cryptocurrencies such as Bitcoin, the potential of NFTs to disrupt gaming has been discussed a lot recently. NFTs are starting to move into the game development scene, with communities and game developers reaching out for them in order to get involved and innovate.
NFTs are tokens that are the representation of a specific asset. They can be anything from an in-game item to an access pass. Still, games that use NFTs have a few things in common: In-game items are usually tradable and can be bought or sold for any other tradable commodity or cryptocurrency such as Bitcoin.
(Image Source: PCGamesN)
The gaming industry is heavily reliant on microtransactions, with many games having adopted this business model early on. In-Game Purchases (IAP) have become popular within the gaming community, and gamers are spending a lot of money on these IAPs. In-game items are usually tradable with each other, and there is a market built around specific items.
NFTs do not own any work. Instead, they are an asset that can be traded at any time and be used by the owner. Recently, many new games have taken on this model, and some of the top games on Steam have implemented NFTs as in-game assets. Recently, Valve has partnered with publisher Perfect World Entertainment to launch the first official blockchain game: DOTA, under the DOTA 2 title. In order to play this game, you will need to get DOTA 2’s cosmetic ‘Skins’ from the Steam Community Market, which will cost a certain amount of crypto or “Steam currency”.
These skins have become very popular, with many people trying to collect them all as they are able to be sold on the Steam Community Market in exchange for its cryptocurrency equivalent. The most expensive skin that has been sold cost up to $110,000.
Games with NFTs as in-game assets are becoming more popular because of their ability to give ownership of a particular asset over to the gamer themselves. Valve’s DOTA 2 game is an excellent example because if you are a great player and have a small number of skins in the game, you are able to sell that skin for bitcoin or Steam’s currency. This gives the owner of that particular item a monetary value attached to it, which they can use or trade to their own benefit.
Another reason why NFTs are becoming more popular within the gaming industry is that cryptocurrency and blockchain technology allows gamers to earn money while playing games. With in-game micro-transactions becoming more popular among gamers, many new companies and startups such as Game Machine are gaining interest within the industry as they are trying to generate new revenue streams for this upcoming gaming industry.
Game Machine is a blockchain platform that allows gamers to earn money while playing games through the use of cryptocurrency. This in-game currency can be used in the real world by their participation in affiliate marketing or purchasing goods & services such as gift cards.
This innovative idea is looking to offer a new gaming experience for gamers by allowing them to earn money while playing games. By participating in in-game challenges on smart devices like phones and tablets, players of these games are rewarded with Game Machines native currency, GMC tokens.
(Image from Statista demonstrates hours spent on weekly gaming in the UK over 2013–2019)
The benefits of this new gaming revolution are plentiful for both developers and gamers alike. Most gaming developers are looking for new approaches to generate revenue from their games, and Game Machine is looking to be one of the first real-life implementations of NFTs in gaming. The idea behind this revolutionary concept is that cryptocurrency is a global currency that everybody can use, not just gamers in the world.
The global nature of this blockchain platform means that a gamer anywhere in the world can participate and earn money while playing games. Furthermore, Game Machine can give developers of all sorts of games the ability to create their own unique cryptocurrency-based game offering rewards, which can then be spent on real-world goods, which will create endless possibilities for monetization and reward systems within this innovative new concept.
The ability to earn money while playing games will be a big hit in the gaming community. With a lot of microtransactions going on within the gaming industry, the idea of being able to offer a unique monetary reward system that can then be spent on other goods and services is something that will grab everybody’s attention and interest.
Overall, the gaming industry is one of the biggest industries being transformed by blockchain technology, and NFTs are just one example of how this innovative concept can be used. Gaming is a significant business, with 90% of all gamers spending at least an hour a day playing their favourite game. Creating revolutionary new ways to monetize gaming will be a very popular concept with the gaming community.
Why NFTs Are Moving Into The Gaming Arena And Their Future was originally published in Level Up Coding on Medium, where people are continuing the conversation by highlighting and responding to this story.
This content originally appeared on Level Up Coding - Medium and was authored by Dmytro Spilka
Dmytro Spilka | Sciencx (2022-03-07T03:20:55+00:00) Why NFTs Are Moving Into The Gaming Arena And Their Future. Retrieved from https://www.scien.cx/2022/03/07/why-nfts-are-moving-into-the-gaming-arena-and-their-future/
Please log in to upload a file.
There are no updates yet.
Click the Upload button above to add an update.