The blooming NFT market offers multiple opportunities in various industries. For example, the NFT art market allows modern artists to express their talent and get a fair reward for their work. In contrast, NFT art investors receive proof of purchasing ownership of certain artworks.
There is another promising field in the NFT market — disruptive NFT games. Since this market is still new, it may be hard to gauge the value of such games. Especially when you are just looking at entering this market. Hence, we’ve prepared a detailed article on how NFT games work and their benefits for different market players are.
What Is an NFT Game?
Let’s remember that the term NFT stands for a non-fungible token. It’s basically a certificate of ownership of any one-of-a-kind digital goods, like an image, GIF, video, or audio file. The info about these files and their owner is coded with blockchain technology. Thus, NFT game users can buy and collect unique/limited gaming assets playing a video game and own them exclusively.
For example, you have reached a particular game milestone like defeating the boss in a game, and you got a unique axe as a prize. Now, this asset is only yours; hundreds of other players can’t get the same. And you can dispose of it at your discretion: trade or sell its token to another gamer or collector for crypto coins or real-world dollars.
Basically, the number and uniqueness of assets depend on the developer — if they have created only one asset, then one player can exclusively obtain and own it. In addition, if the developer crafted twenty similar assets as a collection, there wouldn’t be an opportunity to make some more.
The Benefits of Gaming NFTs
Millions of people love the gaming industry, but who knew that it could get even better? Once NFTs became a part of regular games, they brought new opportunities and benefits for gamers as well as to the respective NFT game development company. Let’s have a closer look at what makes NFT games a profitable solution for both sides.
- Gaming as investing. Playing games has always been a fun pastime, and for some gamers, it even has become a sport. Thus, only professional gamers used to make money on it. Nowadays, anyone can turn their gaming time into investments, as players can sell collected/purchased assets or trade them for Bitcoin/Ethereum.
- The ability to earn the equivalent of a full-time job salary. If playing games is your main passion, you can now make money on play-to-earn crypto games. Some NFT games allow earning $100 per day, while selling gaming assets that have grown in value can net even more profits. Of course, it takes time to reach a decent salary level, especially for US citizens. So it’s always better to have some additional sources of income for financial insurance.
- Provable ownership. The complete information about gaming NFTs is recorded in their code with blockchain technology. Decoding it, you can learn about the creator of a certain NFT and all the history of its ownership. As an NFT passes to another owner, this record is left in the blockchain codebase. Thus, there is no room for copycats, as the ownership is 100% provable.
- The variety of assets. Gaming NFTs are usually listed as a collection, and there are a massive number of different, vivid, and impressive gaming assets. For example, one of the most popular NFT collections is Bored Ape Yacht Club, which consists of 10,000 NFTs that illustrate monkeys in different and creative ways.
The variety of platforms. Gamers can choose any appropriate platform for NFT gaming since such games are developed for desktop, web, mobile, and AR/VR, listing them in Metaverses as well as independently.
For Game Developers
- Higher cost and demand for NFT assets. Since NFT items provide gamers with immutable ownership and the opportunity to earn, the demand and price for such assets have risen. It means that developers can get more from selling assets for games, especially rare ones.
- Additional earnings. In addition to monetization through in-game sales, most NFT games have a paid entrance to the game. In addition, players often have to pay a transactional fee to move NFTs, such as withdrawing them to a wallet, another platform, or selling/trading to another player.
- The ability to attract venture capital. The NFT market is hitting the ground running, so many investors (especially crypto experts) do not want to miss the opportunity to earn money. That is why far-sighted game developers are targeting the NFT game sector because venture capitalists are actively looking for promising projects for investment.
- The opportunity to grow through a disruptive market. Many large-scale companies want to become part of the NFT gaming market, which is a promising field. Instead of spending massive resources on in-house NFT game development, it’s more profitable to take over or invest in an existing NFT game development company. Thus, such gaming companies can become part of large enterprises.
To Summarize: The Best Time To Master NFT Gaming
As you can see, multiple benefits open the door of fantastic earnings for everyone — entrepreneurs, gamers, investors, collectors. Nevertheless, it’s crucial to enter this market at the right moment in order to get the most out of it, and the best time for it is 2022-2023. Why is it so? You can explore the analytics below in order to dive deeper into this subject.
That’s Why 2022-2023 Are The Perfect Timing
2021 has become the year of rising NFTs, particularly in the gaming industry. According to DataRadar, the largest NFT marketplace OpenSea has hit a milestone of $10 billion in all-time NFT sales volume in 2021. As for the beginning of 2022, this number has risen to $20.7 billion.
These numbers show that the NFT market is growing fast, but it is still not crowded yet. For those who plan to join soon, it means more opportunities with fewer competitors. A case that has happened in the coffee industry is a great illustration of the benefits that early birds get.
Think about it — it was easier for Starbucks to get ahead with their customer focus and high-level service when there were practically no similar providers on the market. Nowadays, it is much more difficult for coffee houses to achieve the Starbacks’ result because of increased competition. The same is going on now, and that is why 2022-2023 are the right time for joining the NFT market.