Is NFT technology profitable for gamers?

Video games today have taken a giant leap from the previous status and the industry is clearly showing signs for future growth. The mobile games once-neglected have surpassed the PC gaming industry today with more than 2.5 billion mobile game players worldwide. The usage of NFTs in the gaming world can be multiple. There is the availability of free games as well as personalizing the gaming avatars with special focus on visual enrichment and customization of outfits or weapons too are getting all the attention. The advantage of free games is that they can keep players engaged for a long time and as a result, they are lured into making in-app purchases to fund the development of games they are so addicted to. Surprisingly users actually spend thousands of dollars just to personalize the outer appearance which actually has no effect on the core game. Abiding by all the said features, gaming company Roblox has become very successful. But the problem is that players, in spite of spending both time and money, do not receive ownership rights over the hard-earned digital assets. Moreover, the developers can interfere with the gaming and can even delete it. All these problems can be solved via NFT. The bloom of the mobile gaming industry happened since the massive popularity of CryptoKitties, the biggest game to be built on blockchain technology. With the advent of CryptoKitties, the importance of digital assets in gaming got recognized. 

“You have 2.6 billion people that play video games and thousands of studios that all have digital assets and digital IP. Within video gaming, tokenization is a 40-year-old concept. The founders of Blockchain Capital had great success trading digital assets in Second Life. They then used that experience to identify value in a brand new digital currency, Bitcoin, and invested heavily into it,” says Josh Chapman, the managing partner of Konvoy Ventures.

Decentralization of games:

So far, gaming was a centralized concept, and data assets used to belong to the original game but it changes now with decentralization in the picture. Blockchain enables real-world value to be applied to digital assets within the game. The value of the game assets depends on their availability. The other problem with the centralized concept is that the in-game assets are not owned by the players: any mishap or server issue always is a threat to the stakes. The current example can be given from France where a massive fire destroyed the entire data of the multiplayer role-playing game ‘Rust’. It is therefore very foolish of one to take such risk with no security guaranteed on hard-earned assets. Decentralization remodels the entire structure where spending is equivalent to investing. The player is free to log out and even sell the asset to another. 

If you are a gamer then feel free to seek assistance from Game development companies that are into Nonfungible token development services, to help you in decentralizing your game. It is always important for any game publisher or development studio to look for copyright protection in the case of designing the game character on NFT. It is hard to protect NFTs if there is a lack of originality. NFT may design characters that are pre-existing but in that case, it has to seek a license from the owner. NFTs must also look for unlawful third-party interference. It is expected from the game publishers that they check the validation of the distributor platforms in accordance with the regulations.  

Hence, the benefits of NFTs in games can be summarized as,

• Game play with customized virtual assets.
• Transparency in the cost of game assets.
• Clear image of revenues among the community.
• Restriction of usage of game assets in multiple games.
• Listing of game assets to drive attention.
• Probability of great revenue generation. 
• Increase of token value depending on demand.

Some examples to look at

• A Japanese video game company called ‘Taito’ just announced its collaboration with Celer Network and Next Gaming to include its game on the blockchain technology.
• Another gaming company ‘Atari’ too set foot in the world of NFTs and created its own blockchain called ‘Atari Blockchain’ and introduced tokens called Atari tokens.
• ‘The Six Dragons’ by the prominent playstation maker Sony trades on the Ethereum blockchain. According to their website- “What makes this experience unique is that almost all items in the game are decentralized, using the power of innovative blockchain technology. That means players truly own their game assets as they can freely trade them with other players, sell them for real-world value, and use them across different game universes.”

Being a Non Fungible Token Development Company, we know It is too early to predict the success of NFT gaming while it is in the immature stage. Compare with the big video game series like Call of Duty in terms of sales and player numbers, NFT games surely have a long path to go. NFT stands as an alien concept to many gamers and transactions through NFT still sound risky to many. But with the growing popularity, it can be hoped that gaming industries will utilize the assets in the best possible way.