What is NFT in Gaming? The Blockchain Crypto Game Market
Over the years, the concept of gaming (or video games) has evolved dramatically, from a simple Pong game to complex software solutions on consoles, PCs, and mobile devices that offer a virtually unlimited range of genres and interaction mechanisms, transforming games from simple interactive forms of entertainment into complex universes that both engross and captivate.
Millions of individuals facing lockdowns around the world began playing more games as a result of the outbreak. According to a survey conducted in March 2020, US video gamers spend 45 percent more time playing video games during quarantine. Even though the PC and console industries have become less popular, compared to gaming on mobile phones, which in the first quarter of 2021 surpassed 50% of all internet traffic globally for the first time, a new style of gaming has been gaining traction.
Blockchain Gaming
In 2017, the CryptoKitties game was released on the Ethereum network, bringing the network to a halt. Money flooded in their wake as gamers flocked to try out the new sort of blockchain gaming. The most valuable collectible cat ever sold in the game was valued at $117,000, which speaks something about decentralized gaming’s future.
Since then, a slew of blockchain-based games has rolled off the assembly line, varied in complexity and success. NFT games, which have made the transition from Play to Earn games to collectible games based on the Pay to Earn principle, were introduced in the first quarter of 2021, and rare NFTs sometimes command stratospheric sums on the market. Perhaps, you can register and Bitcoin Prime to learn more and start trading.
According to statista.com, the global gaming market has grown dramatically over the last decade and is expected to surpass $200 billion in 2023. The NFT market’s overall capitalization surpassed $22 billion in 2021, up from $338 million in late 2020. The gaming industry, which has enormous potential for offering gamers new options for acquiring in-game stuff, is receiving a lot of attention. The esports market, which was valued at over $495 million in 2020 and is predicted to reach over $646 million in 2021, is a good example of such potential, thanks in part to the introduction of new technologies that make the interaction process more engaging for gamers and viewers.
Crypto Gaming vs NFT Gaming
Crypto gaming and NFT gaming are two distinct divisions, with the former focusing on using cryptocurrencies to earn and transact with other players, while the latter focuses on producing and collecting unique NFTs that can be used in-game for specific actions or held and sold afterward. Gamers looking for unique items can sell gaming NFTs on the upcoming NFT Marketplace, which will live on June 24.
Why Does Gaming Need Blockchain?
Video gaming is a rather closed market, with players confined to their dorm rooms, couches, consoles, and mobile devices, but especially to the in-game world, which offers few possibilities. This limits the engagement process to the game and the instruments it supplies, which are frequently collectible in-game goods that impact an in-game character’s powers or visuals. Modern gaming is truly isolated in the sense that players can only interact with their characters and things within the in-game environment, with no connection to the outside world.
The Bottom Line
The market decides the winners and is always fast to jump onto any chance that promises rewards and profits, therefore facts speak louder than any prophecy. Gamers seek variety, new experiences, and the opportunity to profit from their favorite games. What else can be said about the prospects of blockchain gaming when blockchain technology is still in its infancy and potential is only beginning to be realized?
As blockchain networks scale and allow consumers to access games that are more user-friendly, better suited for mobile, have better graphics, and have fascinating storylines, there will undoubtedly be an explosion of new titles hitting the market in the coming years.
This article has been published in accordance with Socialnomics’ disclosure policy.
