Category:NFT

NFT Gaming: The Ultimate Guide And More

Written by

Netizens

March 16, 2023

7 min read

A while back we added a comprehensive guide on NFT on our blog page explaining all the hooks of the technology in the simplest of language. Here in this write, we will take it a step further and dot down all the ways NFT comes in handy on gaming platforms.

Let’s first refresh your memory. NFT or Non-Fungible Tokens are digital collectibles on blockchain that carry a certain value. They are exchangeable through a digital ledger making them suitable to use in games as representations of characters, consumables, or tradeable items. NFT game development are growing in popularity due to their feature of minting money.

These games usually provide a wallet to maintain a transactional amount. They are mainly present on the Ethereum network or BNB smart chain. Do you know that NFT game development will cross a CAGR of 33% by 2027? Some of the unique in-game features of NFT gaming include:

Scarcity

NFTs represent non-interchangeable assets that create a sense of exclusivity and rarity, making them highly sought after by players.

Ownership

NFTs provide a way to track the history of an item which creates a sense of ownership and personalization of the asset among players.

Trading

NFTs can be bought, sold, and traded allowing players to monetize their in-game assets and create virtual economies within games.

Gameplay

NFTs can be used to create new types of gameplay experiences where users find and collect rare NFT items. It’s like mining for gold but digitally.

Interoperability

Built on blockchain technology, NFTs are interoperable with other platforms and applications. They can be used for cross-game trading and use cases.

Decentralization

Non-fungible tokens are decentralized, meaning that they are not controlled by any central authority or organization giving players more control over their assets.

Immutable

Lastly, NFTs are saved on blockchain technology, keeping them safe from any malicious activity and ensuring that the NFT assets remain unique and valuable.

How Do NFT Games Work?

NFT games are more complex than possessing crypto wallets. They run on smart contracts developed by software experts. For example, CryptoKitties is an NFT-based game where players take care of their cats in various ways and make mint money out of it. NFT developers tried to know its algorithm but none could. A software development company like Netizens Technologies can help you build a similar game if you are interested in the field of crypto. Our experts have worked on building mobile applications in the field and are quite capable of delivering a custom mobile app or game to kickstart your online NFT campaign.

The 7 games that are using NFT blockchain technology at the moment are Axie Infinity, Splinterlands, Tom Clancy’s Ghost Recon: Breakpoint, Alien Worlds, Farmer’s World, Upland, and Crazy Defence Horses. These games earn money by charging an entry fee or a cut from in-game trades. Axie Infinity has 3 million players with in-game items valued at $2.3 billion.

NFT Gaming: 10 Things You Need To Know

#1 Value Addition

When a gamer adds value to the game, he/she expects to get back that value from it. This is where NFTs come into play. The player can buy items, update their avatars, level up using tokens, buy boosters, add a new collection of land, and more to keep up with peers.

#2 Player Control

NFTs in the game allow players to take full control of the items they buy. They can possess these items for as long as possible and trade them for any price. Thus, NFT increases the player’s control over the game. Many other games limit this control using time frame buyouts like FIFA. Here, the players buy skins, points, or players for a certain amount of time.

#3 Play-To-Earn

The rise of Axie Infinity shows that an internal economy can be positive. Some players depend on this game for their daily income. Such games are never going away as more and more people realize the power of NFTs in gaming. Founder of Axie Infinity recently that 50% of its player do not even understand the concept of NFT. They are just thrilled to be a part of the earning community. This is where we need to accept blockchain superiority.

#4 Huge Interoperability

An NFT collectible can be used across several games. This means that it can be transferred across games by sharing the same blockchain details. It is this quality that is known as Ubisoft’s Quartz. The provision of linking several items with one chain is a wonderful thing. Players enjoy playing such games where they can feel the growth of their character one step at a time.

#5 Metaverse

Metaverse is a broad term for Web 3.0. A type of browser that is set to change how we interact in the modern world. NFT game development will fit right into this wonderful world and offer great openings..

#6 Mixture Of Real & Virtual

Augmented reality and virtual reality are the two big terms that have been doing rounds in the technology industry for the past five years. The introduction of non-fungible values in these technologies is imminent. Imagine FIFA with NFT! The product line itself sends chills down my spine.

#7 Enhanced Collectibles

The act of collectibles is second in nature for all gamers out there. Konami recently released a collection that bagged around $12000 on average. As NFTs enter gaming, we will notice a rise in these numbers and more people opting to invest due to enhanced security in nature. As discussed earlier, NFTs are based on blockchain, making them a safe investment option for all.

#8 Next Kickstarter

Today, launching a game or an update of a game is a task in itself! We have noticed companies splurging a high amount of cash on such events. This can be revamped with adding a collection of NFTs to the event and hyping them to bring in a relevant audience. Crowdfunding such events will add in extra value to the games and make them legible for a longer run in the market.

#9 Greater Rewards

The gaming community is built on followers. There are many software development services that build games and receive followers for perks. Similarly, NFT gaming can act as gateways to get players closer to the people and teams behind the biggest games. An NFT can be used as a token to gain access to in-game sessions or events where players build their exclusive magic.

#10 Re-Invented Fitness Games

In the end, imagine the idea of earning money as you sweat! This is where Move-to-Earn games are taking the modern populace. Step-N rewards people with NFT badges as they hit their milestones. Thus, NFT gaming is on a whole new level, redefining what people think and do!

Conclusion

To conclude, NFTs or Non-Fungible Tokens can be used in various ways on a physical as well as web level. We are surrounded by innovations and should look forward to what’s changing and how from time to time. Our world is on the edge of technological advancements and everything is going to hit fast. NFTs is just the beginning of a new dawn.

In case you are looking for a web development company, get in touch with Netizens Technologies today! Our team is well-versed to handle all types of IT as well as digital marketing requirements. We have worked with several clients globally and would be happy to connect.