Non Fungible tokens or NFTs as they are commonly known hold the magic wand it takes to bring a revolution like never before to the world of gaming.
There are multiple avenues that will be impacted as NFTs in gaming are creating just wonders.
The Current Situation:
The global gaming industry was valued at about $203.12 billion in 2020, fueled rapidly by the COVID-19 pandemic. It is expected to reach about $546 billion in 2028 with a staggering growth rate of 13.2%.
In all of this, it is to be remembered that games were only meant to be means of entertainment and engagement. It is true that game experts could make an earning by playing games they are good at. Some of them have gone to participate in tournaments and engagements across the globe earning millions of dollars. However, any earning because of gaming was only made possible through external intervention. The possibilities of earning were not inherent to the game itself.
Another stream of concern with respect to the erstwhile gaming world was with respect to the assets that were required to be purchased to enhance the experience of gameplay. While it is only logical to expect gamers to spend money to enhance their experience of gameplay, the bigger concern was that these assets were not of any value outside the gaming ecosystem or maybe even within the gaming ecosystem if the company decided to pull the plug on that game.
Introducing NFTs into the gaming ecosystem addresses both these concerns of the traditional gaming world.
The Longevity Of The Asset:
As you may have known, NFT reside on the blockchain which is, in essence, a decentralized and distributed digital ledger. One of the properties of the blockchain (that makes it extremely secure and dependable) is the fact that the information there is immutable. This means that no information can be changed without universal consensus.
Therefore, it is possible for NFTs to retain their authenticity, keeping a dependable record. This is a quantum leap for digital assets because it was always difficult to attribute the authenticity of a photograph or a video in the digital space.
This permanent nature of digital assets with complete attribute ability can become a big bliss for the world of gaming. Gaming enthusiasts spend a bomb when it comes to purchasing assets that enhance the experience of gameplay. Once the game becomes obsolete, these assets become meaningless. At this point in time, it becomes more of a liability than an asset.
With NFTs and blockchain technology in place, these assets tend to make sense and tend to be relevant even outside the game ecosystem. This would mean that these assets can be purchased and sold on marketplaces, making them inherently valuable. This will give a new lease of hope for gaming assets. This transformation is also expected to create a symbiotic relationship between multiple games because a game created for one as it if it is permanent, could be used in another game with a similar if not congruent utility.
P2E:
Play to earn, commonly abbreviated P2E, is one of the newest trends in the world of gaming. If there is so much potential in the gaming arena, why should it be a means of entertainment alone and why not earn?
This billion-dollar question has also been fittingly addressed by NFT. The introduction of NFT has helped gamers monetize the time and effort they spend on their game. P2E gaming has become so relevant and intense that some people in countries like Vietnam, Thailand, the Philippines, and Indonesia depend on these games as their source of livelihood.
It would not be an exaggeration to say that P2E games give back to the gaming community what they have always deserved. It is these gaming communities that make the game relevant, engaging, and profitable. The introduction of NFTs will spearhead a major shift in the world of gaming from companies to communities.
Closing Words
The world of gaming has already been brought into its metamorphosis, thanks to NFT and blockchain technology. It will be a new world where the priorities are flipped. The world of gaming will be accelerated by the gaming community and not the other way around!