If you are reading this article, then you’re likely interested in games. Just like we are!
Based on data from Newzoo’s Global Games Market Report, there are already more than 2.68 billion players in the world. Moreover, by the end of 2021, the global gaming market may reach $189.2 billion and continue growing. Some players play purely for fun, while the rest do it professionally to get the desired income.
We expect to see the gaming world change significantly as a new era of NFT dawns. Let’s consider all of the benefits and possibilities of NFTs for the gaming industry.
What does NFT stand for in gaming?
As we know, the 21st century has kicked off the era of blockchain technology. Compared to other innovations, its development didn’t take so long. Now, it’s gaining momentum in the gaming field more and more. What advantages does blockchain in gaming bring?
Since blockchain is an ever-growing list of transactions that are securely linked together using cryptography, it ensures the security of storage, access, and distribution of data. Integrated into the game with an ever-evolving community, blockchain technology can turn the experience into a more satisfying whole that can make money for both players and developers.
Being a solid part of the blockchain ecosystem, NFTs are digital assets that players can exchange or sell. For example, in classic games, you earn coins or items when you reach a certain level. However, you don’t own these prizes outside of the game.
In this case, NFTs for gamers are different. Using them, players can transfer their “earnings” to other games or exchange them with other players for cryptocurrency. Thus, the ownership of the value of in-game purchases belongs not only to the developers but also to the gamers.
How can NFTs change the gaming economy?
The surge in popularity of NFTs is driving demand for them. You’ve probably already seen famous artists and business owners who make good money with NFT technologies. It is also worth considering that due to the consequences of the coronavirus, the gaming market attracted many more new users. The number of people who adore video games is increasing every day, which shows a deep interest in virtual games and decentralized assets.
Blockchain technologies are now more diverse and scalable than they were just a few years ago. If you add all the factors together, you have a valuable tool for the massive adoption of NFT games. In addition, many companies are now striving to create their projects based on this.
The DIEP token is no exception. The company believes the world is moving from a “value-capture” economy to a “value-creation” economy and needs a new set of rules that democratize resource access for creators and make value creation as beneficial as it should be in the 21st century.
Ownership of a blockchain-based game allows players to obtain licenses and control over their gaming assets. Assets are represented by non-fungible tokens (NFTs). This will enable you to create an entire gaming metaverse. The blockchain also supports all types of payments: P2P between players and between players and developers.
“We believe that shortly, most resources, except for intellectual and human capital, will become commodities. As a producer of knowledge-based assets, creative industries will become the main drivers of economic growth in the world.”
Gaming NFTs and their main benefits for players
Your classic in-game purchases are usually a one-time investment that remain available in only one game. By using the NFTs, you gain ownership of all your in-game assets. Thus, by implementing blockchain for gamers, each of them gets the opportunity to store purchases, sell them to other players, and even move them to other games.
Quality and rarity
As we know, collectors worldwide value rarity very much, and the lack of in-game NFT purchases is confirmed by reliable records embedded in the NFT blockchain network. In this way, a distributed public ledger can verify the quantity and uniqueness of each NFT and its ownership history.
Habitual online games are developed on centralized servers, and game assets cannot interact with others. Decentralized games, in turn, run on independent blockchains that act as an internal structure for other interconnected games. In this case, the assets represented by the NFT can be designed to be interoperable in different gaming environments.
We are used to the fact that we lose all our in-game items when a traditional online game is over. But using the NFT, players can buy in-game goods and sell them no matter what happens to the game.
NFTs and gaming create a new reality
COVID-19 has significantly impacted our perception of the world and the way we live. This has affected almost all areas of our life and made adjustments to the way people communicate, travel, and do business. However, this has had a positive impact on the gaming industry as players continue to practice social distancing and this trend continues to be popular.
Most likely, in the near future, people will be able to see a large number of well-known gaming brands implementing NFT and blockchain technology. And this will undoubtedly be an important step in ensuring widespread adoption of NFTs in gaming!
Stay tuned for updates and learn how to get involved by following DEIP