Play to Earn Games

The Impacts of NFT Games on the Gaming Industry

Play to earn games

Presently, the gaming industry is worth well above $180 billion, representing considerable growth without any sign of falling anytime soon. Although not the entire gaming industry has adopted the NFT technology, there are still early adopters enjoying the model’s newness. For instance, it includes the VR and AR and the curved screen to the latest GPUs. Therefore, the gaming industry cannot deny the presence and impact of non-fungible tokens.

The Non-fungible token or NFTs are the unique digital assets meant to stand for the digital collectible and other metaverse assets. Others include digital art, skin, 3D design, and so much more. Some of the other items in-game purchases have cumulatively provided real value by providing a digital currency such as cryptocurrency. In addition, it offered digital rights to these items to build a play-to-earn economy. 

Another attractive benefit is that this system provides the game developers an opportunity to earn more money for their brainchild. Also, the eventual result is that of a much better and more equitable game environment. Let us consider some of the direct impacts of NFT games’ advent on the gaming industry. 

Game Creators can Earn More

The gaming industry is good soil for tech experimentation. The game designers become the early adopters of the new innovation while experimenting with other dimensions. For instance, these professionals try out the user interface, game mechanics alongside the monetization of their new game projects. Moreover, the developers are also ready and eager to test out the gameplay mechanics while building it upon NFT basics. learn more about types of NFT at http://3daysgrace.org/the-9-types-of-nft-you-should-know-about/

In the long run, each of these in-game assets can eventually become premium virtual goods that will be worth a fortune. For instance, the skin of the game Fortnite sold for a future in no time. Also, the game developers can build on non-fungible tokens that could have unique in-game items. These privately owned items can be collected, auctioned, or traded for real money. In the not-so-long past, some in-game NFT items have sold for a considerable amount of money. For instance, the Formula 1 track NFT sold for an incredible amount of $3 million. You can only imagine how glad the developer of that game track will feel.

Furthermore, the NFT models also can radically improve the customer’s or players’ gaming experience. This process also gives the gamers more control over the assets they invest in the game or earn from the competition. That means it becomes easier to buy or less these in-game assets to other players or in marketplaces. This possibility also implies that even developers can get an additional source of income as they engage in-game transactions. 

Play-to-Earn (P2E) Game Models

The recent years have also seen us observe the significant emergence of many play-to-earn games against the conventional pay-to-win models. Also, the game design work for the immense ability of a player economy. In this process, the gamers earn tokens by accomplishing different tasks. When these players make this currency and premium virtual goods from the game ecosystem, the potential value of these NFTs continues to rise. 

Therefore, gamers’ demand for these currencies has been a major driving factor for their value. These seeking gamers need the rarer items in the game. That provides an opportunity to make money for those trading in such assets. For instance, if a player seeks to buy an in-game help such as a rare skin for his avatar, an owner can earn from completing quests to provide that feature. Moreover, other special items also have good value in the game environment.

For example, a player may acquire a whole parcel of virtual land in a virtual planet or universe. He will purchase and manage this property within the gaming platform as the owner. Therefore, monetizing games using the NFT models provides practically limitless possibilities. In addition, there are presently over 20 such games that are primarily founded on the Ethereum blockchain technology. 

One such is the Axie Infinity game, an NFT-based game above $40 million in sales. The game was made by Sky Mavis, a Vietnamese studio. And has a digital pet universe where players can battle, conquer, raise and trade some fantasy creatures known as Axies. Also, the inspiration for these cute digital creatures came from the common Cryptokitties. But Axie Infinity added the advantage of areal gameplay with special daily quests and more interactions. 

Player Power

Another significant impact of the non-fungible tokens on the gaming industry is the primary control of the game player. This control is on the digital in-game assets they can choose to buy, sell, trade, auction, or exchange with other players and in the marketplace. A gamer may also acquire an NFT through design or purchase as a game skin or theme track. When this transaction happens, the buyer can be confident that he owns this asset forever. 

The players’ control over their virtual assets means that the developers cannot just wake up and close the game one day. In traditional gaming systems, this closure may happen, and both the game and all the invested assets are gone. How is this new type of ownership secured? Blockchain technology. Users can also buy virtual lands freely with a direct correspondence to the natural earth. 

Conclusion

In conclusion, the gaming industry can give the correct response to the adaptation of this NFT system. At the same time, this step influences some in-game economies advancing from the experimental stage to the actual implementation in the project. The game developers can also adopt new strategies that have already been proven by the game users. If the economic stakeholders will decide about adapting the new NFT model, the time is now. 

The 9 Types of NFT You Should Know About

The 9 Types of NFT You Should Know About

The title above already proves that nothing can fall under the category of NFT as media content. Of course, NFTs contain digital media content, but some are more appropriate for digital art pieces worth keeping than others. The news of how Jack Dorsey sold the first-ever tweet for $2.9 million got many people’s tongue waggling. Therefore, the general public rose in response and started selling NFT like a priceless piece of art. 

What are the NFTs, and why are they significant in the digital world?

Digital media is usually easily replicated and transferred from one end to another indiscriminately. However, what a work it will be to produce the Mona Lisa with all the brushstrokes and the original paper! Therefore, the NFTs are a digital piece of art that is impossible to replicate and reproduce or simultaneously own by two people. The properties on an NFT model cannot be copied or replaced. 

It is possible to copy the media itself from a social media platform if it is a media file copied. But the buyer or owner still retains the ownership of the NFT. The NFT bore the original of all the sources and carried a unique code to that effect. It is no longer as simple as copying online from a page or downloading from a crack store and installing it at home. Let us now consider the main point of the matter. What are the types of NFT that we have?

The 9 Different Types of NFT

Suppose not all media items and files qualify as NFT media content or asset. What can fit into the equation? In other words, what are the crucial qualities or types of content that can be NFT? The following file types and formats are the common ones that are also sensible to be added to the marketplace for a good value.

A vast frontier for using the NFT platform is to sell video games and their associated contents. And most of the early adopters of this new method have been gaming companies who saw the great benefits embedded in the process. Right now, many companies are selling their entire games as NFTs. Even more, some game upgrades are being moved to the platform to make it more entertaining and rewarding to their game players. 

On the other hand, other companies prefer to only sell their in-game resources such as content, tracks, skins, characters, and other relevant items. Moreover, millions of assets can sell for vast sums of money to players in a unique and exclusive format to just one buyer. While developers can sell regular DLC, they may sell limited versions as NFT models.

2. Art 

The artwork is perhaps one of the simplest forms of media that qualify for the NFT model. Moreover, it is the most popular one. While it is a fantastic opportunity for artists to sell their best works through digital platforms, they can also get great value and appreciation. The digital space can also provide the same reality as the physical space can. 

A typical example is the most valuable NFT work of art by Beeple called EVERYDAY’S: THE FIRST 5000 DAYS. This work of art sold for a whopping $69 million, leading to several other very costly NFTs. These feats are not limited to just the picture arts because they can also work for video art. Short videos and GIFs can sell for that much for their uniqueness. learn more about EVERDAY’S by clicking here

3. Music

As for music artists, the demand is always high. So, if any artist can create a stunning work with a uniqueness that can sell for a good value, why not place it on NFT? Music release has existed in the fungible class for several decades and is distributed as they were. Such releases still come in labeled CDs, cassettes, records, and, more recently, digital forms. learn how to earn $100 per day by only playing NFT Game at http://3daysgrace.org/nft-games-log-in-to-play-and-earn-100-per-day/

However, DJs and musicians have been selling their significant works on NFTs to earn more and secure their uniqueness. After several cuts and contract deductions, the music artist only gets a small fraction of the money that eh music generates. But with the NFTs, musicians can picket up to 100% of the cash generated from their work. 

4. Big Sports moments

While we discuss selling baseball cards as trading cards, we can also sell other sports items on the virtual NFT platforms. But then, this title refers to not just objects but also memorable sports moments. For instance, you can trade a short clip of a significant moment in a club’s history or groundbreaking slam-dunks or remarkable touchdowns. Even a 10-second clip can sell for as much as $200,000

5. Trading cards and collectibles 

Another acceptable digital file on the NFT Game platform is the digital trading cards. For example, buyers can trade limited editions of baseball cards that sell for thousands of dollars on the NFT market. Moreover, people can easily buy or sell virtual versions of these items the same way you can sell the real thing. 

And it may be surprising that these virtual cards can sell for as much as a million dollars in the NFT market. Apart from the basic baseball cards as trading cards, companies can also sell many other collectibles on the NFT market. As long as the collectible is unique and worth what anyone can spend hugely on, then it can be put on the NFT market. 

While we have mentioned some essential types of digital media that can work for NFT sales or deals, the others may also include 

  1. Virtual Fashion 
  2. Domain names
  3. The Growth of the NFT Market
  4. Memes 

Conclusion 

In all these dynamics, the NFT market is still growing from buying different items to marketing the listed items so that those who want them can find them. Meanwhile, a buyer or seller must learn how this platform works to make a good profit.