Gaming has come a long way from being just a source of entertainment to becoming an activity that will not only reward people indirectly and passively but even directly. Thanks to the entry of P2E games, gaming is now a dependable source of income. All these advancements and transformations are effectively altering the perception of gaming.

The Size Of The Gaming Market

The gaming market is expected to breach a fifth of a billion dollars by the end of this year. The global count of players will also be above 3 billion by the end of 2022.

China which held the pole position when it comes to gaming number supremacy has lost its spot to the United States. However, the Asia-Pacific region remains the leader in terms of revenue because of the existence of the two most populous countries on the planet. Mobile gaming revenues will pass the $100 billion mark for the first time in 2022 and parallel to this, that has been a steady drop in console gaming.

The games market is expected to reach a revenue of $222.6 billion in 2024, and it will continue to be one of the most lucrative segments for Avenue. It is surprising to note that the gaming industry is, at present, larger than the movie industry and the music industry combined!

Applications Of NFTs In The Gaming Domain

Non-fungible tokens (NFTs) have taken the entire world by storm. They have not spared even a single industry including but not limited to entertainment, art and collectibles, brands, and gaming. Using the distributed ledger technology called the blockchain, NFTs create the framework to store unique digital assets.

This utility can be extended into the world of gaming. Gaming assets could capitalize on the provable support that blockchain facilitates… Like scarcity, interoperability, and immutability.

Making gaming assets as NFTs ensures that the ownership of the asset is digitally verifiable and is completely in the hands of the players. This would mean that the economy of the game is not just confined to the gaming ecosystem but can be taken to a wider spectrum of audiences. The same logic might apply to superficial gaming elements like skins.

NFTs have a huge potential in the world of gaming including but not confined to the potential to bridge the gap between skill and financial stability of game streamers, enabling engaged marketplaces to trade gaming assets and enhancement game mechanics.

It would not be an exaggeration to say that NFTs and games share a symbiotic relationship with each other! The world of gaming can immensely benefit from nonfungible tokens!

What Is A NFT Gaming Marketplace?

In the context of a peer-to-peer trade setup, the marketplace is inevitable! It would be interesting and almost accurate to think of the NFT gaming marketplace like Amazon where a completely democratic setup ensures that users can sell and buy gaming NFTs.

We have already seen how the introduction of NFTs in the gaming space has made game assets tradable. The gaming NFT marketplaces facilitate these transactions. The NFT game marketplace is, in essence, a digital ecosystem powered by the blockchain that ensures secure player identification, facilitates trading, and sustains the game.

The gaming NFT marketplace ensures that both players and developers can generate revenue while playing their games. The blockchain technology that enables users to have complete ownership of their gaming assets also powers the blockchain, ensuring a considerable degree of decentralization and the autonomy of users when it comes to setting prices for the gaming assets.

Combining the growth and the potential of gaming (both existing and projected), NFT Gaming Marketplaces have all the potential to become the next big thing when it comes to transaction volumes and revenues… Congruent to what Amazon is today! What makes this entire setup even more special is the fact that this is a market that is considerably more secure and decentralized, making the tire ecosystem less susceptible to collapses that might happen because of centralization.

Benefits Of A Gaming NFT Marketplace

✔️The NFT marketplace opens up opportunities for traders and gamers to take advantage of multiple wallets and multiple standards of tokens. This makes the entire marketplace extremely versatile and accommodative, and in the long run, it might be the catalyst that would fuel the creation of games compatible with multiple blockchains.

✔️ Some marketplaces take up the task of ensuring that only the most legitimate game developers/studios and professional artists from the gaming industry participate in the platform. This ensures that you do not lose your money to unscrupulous games and malicious developers.

✔️ Some marketplaces let you list the game NFTs without any fees. You need to pay after completing the transaction. Needless to say, the royalty fees and the service charges… and lately applicable taxes apply.

✔️ Gaming marketplaces might have started for a different purpose but in the long run, they end up becoming the epicenter of a robust and engaged gaming community. With this community in place, a lot of community engagement activities like contests, NFT giveaways, raffle programs, and bonuses can be floated. Eventually, marketplaces have the potential to become the best promotional platforms for gamers and game enthusiasts.

The Future Of Gaming NFT Marketplaces

And it is quite evident that NFT gaming is one of the most lucrative avenues in the blockchain space. Noted investors like Mark Cuban and established blockchain companies like Solana and Polygon have invested in the gaming and Web3 space. 

While there may have been temporary setbacks like Steam stopping its support, we cannot deny the fact that certain countries like the Philippines, Vietnam, and Cambodia have been looking at games as a dependable source of revenue and livelihood.

Every new manifestation of any technology goes through its adolescence before it matures. By bringing in games that are understandable, engaging, and lucrative, the gaming space will grow to be more lucrative with every passing day… Simply because a simple human emotion called “sense of victory” loves challenging itself, playing and trying again until they win!