What Is NFT iGaming And What Does The Future Look Like?

The gaming industry has transformed significantly over the years from classics such as Tetris and Space Invaders to complex games with large online open-worlds you can explore as much as you like. NFTs are the latest technology looking to transform the gaming industry once more. Below, we will go through what exactly NFT games are and how they may play a significant role in gaming.

What are NFT Games?

NFTs are non-fungible tokens, which are digital assets that have been integrated into what are known as NFT games. Every NFT is unique and stored on a new blockchain technology. The blockchain is a distributed ledger technology that enables transactions to be transparent and secure. This is one of the main reasons NFTs have become popular recently and a significant contributor to why we see game developers incorporating them into video games. Incorporating the NFT in igaming has altered the landscape of the gaming industry, providing players with new incentives to play other than just for fun.

NFT games are, in many aspects, similar to video games that people enjoy playing. However, one significant difference is that in an NFT game, the players can buy, sell, and even trade in-game assets in NFTs. These NFT games can exist across several genres and platforms, from first-person shooters (FPSs) to role-playing games (RPGs), and can be played on mobile phones, consoles, and PCs.

What Makes NFT Games Different?

Despite NFT games having a lot of similarities to traditional games, there are some significant differences to know about. One big difference is the concept of ownership in NFT games, where players can buy and own assets in-game, which has never been possible before. In traditional games, you could spend significant time playing a game to obtain an item you could risk losing when you stop playing. NFT games prevent this from happening as these in-game assets are stored on a blockchain, confirming they are the item’s sole owner and are protected against cyber attacks.

Another key difference in NFT games is the opportunity to earn money while playing the game. In traditional games, players can earn in-game rewards or currency; however, it can only be used in that specific game to buy items in the game. In an NFT game, players have the opportunity to make money they can use in real life by buying and selling the in-game assets they have obtained while playing the game. This creates an economy within NFT games that means players can make a living by playing the game.

Benefits of Owning NFTs in Games

Aside from the sense of ownership and pride that players feel from owning their unique in-game asset in an NFT game and the potential to make real money, another benefit is the security provided by these types of games. Thanks to blockchain technology, these NFT games offer players transparency and security. This helps players feel less stressed while playing the game, as they know their assets are protected and can be easily traced and tracked. Additionally, thanks to the open market in these games, players have a new incentive to play to earn real money, which has never been seen before in the gaming industry.

NFT Game Examples

Many NFT games currently exist on the market, and many more are expected to be released soon. Axie Infinity is an NFT game where players can collect and breed creatures, known as Axies, which can be sold on the open market. It is a blockchain-based game that has recently seen significant growth in its player base. Another NFT game gaining traction in this space is Decentraland, a virtual world that allows players to develop virtual land that can be bought and sold. The land that exists in this game can be sold as an NFT on the open market and owned by players.

NFT Game Market Growth and Trends

Although NFT games are relatively new concepts, a report by DappRadar has stated that in the first quarter of 2021 alone, the market grew by 274%. This level of growth is expected to continue as more game developers look to capitalize on the emergence of this new type of game. Cross-chain NFTs may contribute to developing NFT games, enabling in-game NFTs to exist across several blockchains, increasing their utility and value.

The Future of Gaming is NFT Games

Many people are excited to see how NFT games will shape the future of the gaming industry. They offer a unique way in which players can enjoy playing games and provide a new incentive with respect to earning money and owning in-game items with real value. As the market continues to evolve, innovations in games will be expected, attracting new players and adding benefits for players.

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Ruby Rodriguez

Disclaimer: The information presented here may express the authors personal views and is based on prevailing market conditions. Please perform your own due diligence before investing in cryptocurrencies. Neither the author nor the publication holds responsibility for any financial losses sustained.