How are games affecting the NFT industry? Are NFTs the future of gaming? | NFT CULTURE | Web3 Culture NFTs and Crypto Art
Imagine playing games to earn money, the hours you spent in the game would finally have a meaning! The video game industry is evolving with the use of NFTs. The gaming community gradually got used to the concept of in-game purchases to unlock unique skins, levels and extra perks. Today, a wide variety of games rely on microtransactions to generate revenue, such as Star Wars Battlefront II, Fortnite, and Pokémon Unite. Now video games are made available online.
To the delight of gamers everywhere, it is now possible to turn game rewards into real money. It is because of this change that the NFT gaming market has expanded and gained popularity. Let’s go deep into NFT games and see how it contributes to the benefit of people.
NFT Gaming – An overview
NFT games are those that provide NFTs, or virtual tokens, to players in exchange for their participation in the game. NFTs are a matter of luck. There is also the option to buy NFTs that are extremely popular and wait for their value to rise before selling them. When it comes to NFT games, Axie Infinity is a great choice. Non-fungible tokens (NFTs) called Axies are the game’s primary forms of currency. Players can exchange SLP tokens for real money on major platforms such as Binance.
How are NFTs boosting the gaming industry?
Many believe NFT games are the wave of the future of gaming for several different reasons. The advantages of NFT games surpass conventional games in many ways. Let’s take a look at them.
1. A way to make money
A few years ago, players used to earn rewards in video games, but these rewards could not be cashed out. Today, NFT games give people a means to earn money while playing video games. Playing Axie Infinity can earn you anywhere from $200 to $1,000 every month in places like the Philippines, where it’s quite popular.
Many trade a variety of crypto assets with trading platforms such as tesler app and make money. NFTs also act as an investment vehicle. Those who buy NFTs do so in the hope of realizing a profit by selling their holdings at a higher price in the future. The same scenario can occur in virtual worlds.
2. Selling outside the game
Blockchain technology allows NFTs to be traded and purchased without a central location. Players can exchange in-game currency for real currency outside of the game, which presents a new challenge for developers. Businesses can waive a number of transaction fees. Most games now prevent players from engaging in monetary transactions outside of the game’s official trading tools. However, this cannot be prohibited with NFTs.
3. Security
Players should feel safe in the safe space of the NFT game. Modern blockchain technology is reliable and secure. Therefore, players can rest easy knowing that their NFTs are secured against duplication and theft. No NFT can ever be lost, unless in the case of fraud or when a player unwittingly gives access to their wallet to a malicious smart contract.
4. Rarity
Rarity points provide a quantifiable indication of how unusual certain NFT initiatives are. Higher scores indicate that the NFT project is more special and in demand. The value of a non-fungible token (NFT) is generally based on how rare it is. NFT’s underlying blockchain technology helps keep transactions public. So it is easy to verify the authenticity of the NFT’s owner and the rarity of the asset.
5. Commission fee for transactions
In addition to players, game creators will also profit from NFT games. The video game publisher has the right to collect a fee corresponding to a certain percentage of the sale price each time a NFT comes up for sale. Therefore, the publisher receives payment for each NFT purchased. Several NFTs have sold for hundreds of thousands, if not millions, of dollars, making them a lucrative investment for video game companies.
6. Access to Metaverse
The Metaverse is such an amazing concept! In 2022, as more companies and artists push into the space, expect to hear more about the metaverse and its implications. It is a complex network of media that includes websites, user-generated material, private forums, online games, and virtual worlds. Soon the world will accept the shaking concept metaverse and people will start investing their hard earned money in the metaverse.
7. Make your avatar unique
Video games rely heavily on player customization. Several recent games are based on the premise that players like to step into the shoes of their heroes. Evidence abounds in games such as Grand Theft Auto Online, Fortnite and FIFA’s online store. The player’s avatar can adopt the player’s sense of style by purchasing and wearing unique clothing items such as a coat, shorts, or hat. In NFT games like Forest Knight, you can find really rare items, some of which may be one of only ten in the world. NFT game developers can use NFT drops to generate buzz for their games and create a sense of community among players.
The crux of the matter
There is no doubt that NFT games lead to a dramatic shift in the gaming industry and give players more freedom of action. They provide benefits that were previously thought to be unattainable via games. The stigma attached to spending a lot of time playing video games has almost disappeared. It has become the same as working full time now.
