NFT Gaming is the most lucrative activity that enables individuals to refresh and earn rewards while playing.
Sounds interesting, Isn’t it?
NFT gaming is the fastest-growing industry. Have a look at some exciting statistics that may open your eyes wide. As per globe newswire, sales of NFT have increased from $100 million in 2020 to $3 billion in 2022, which will further rise to $13.6 billion by 2027.
With such a humongous growth in sales, digital artists should come into action and think of sandbox or decentraland-like platforms to gain a better position in the market and generate good income. However, many of you might be new to this NFT terminology or web3 or blockchain.
For them, the team of Suffescom has curated this blog with all the ins and outs of NFT gaming and how it will add value to video games.
Let’s start scrolling down!
NFT stands for “Non Fungible Token”. It plays a major role in the gaming ecosystem. The term non-fungible states that the tokens used in the games are non-replaceable and are unique. They represent certificates of ownership to the owners of the NFTs.
NFTs are digital collectibles that have an important place in video games. NFTs, when induced in games, allows users to purchase and sell them for more profits. The NFTs could be anything like pictures, memes, video clips, etc. A player holding any kind of NFT owns the certified token on the blockchain.
If the definition of the NFT is clear, it becomes easy to understand the role of NFTs in games. NFTs are largely seen as a mode of generating income in a large amount. Non-Fungible Tokens could be anything, and these give ownership to their creators.
The trend of blockchain games has shifted the interest of individuals from traditional gaming systems. The cherry on the cake is tokenizing the in-game assets of blockchain-based games to make the game completely tradable and profitable. As already discussed, NFTs could be anything included in the game like character, costume, furniture, short clips from games, etc.
Traditionally, when players buy anything in a game, the ownership does not go to the players; instead, they are owned by game developers. However, in the virtual world, players can purchase anything in the form of NFTs, become the owners of the in-game assets, and exchange or resell on the marketplace for more profits.
Let’s take an example of a rare Fortnite skin available in NFT. The very first player who unlocks this in-game asset becomes the owner and takes the ownership. Further, the same NFT can be resold to another buyer, which does not make him the owner of the NFT as the ownership would remain in the hands of the first player. The owner can bid huge money by selling the in-game asset. Similarly, when the same NFT goes to its next buyers, the previous gets the full amount, and the owner would continue receiving the royalty amount. Thus, NFTs offer advantageous trading.
Read More: How to Create a Blockchain Game?
Until now, we buy some in-game assets when we play online games. Since the games are not blockchain-based, all our purchases in the game become useless once we stop playing the game due to any reason. Considering this, a modern blockchain-based gaming system comes with a solution of NFTs. When players buy in-game assets in the form of NFTs, they become accessible to all those assets even if the game breaks down or the player stops playing. The tokens earned by the gamers still belong to them, and they can trade them whenever they want.
Non-Fungible Tokens give the ownership of assets to the game players. When a player buys gaming assets, he gets the right of ownership and becomes eligible to make any decision related to the NFTs. A player can hold them for more future profits or sell them for immediate income.
NFT-based games enable players to customize their unique gaming characters and give them the right to own them. Players are free to build the character of their choice, and there is no objection to it. This enables gamers to play the role of their loving character. Moreover, they can exchange these characters or sell them on marketplaces for profits. The NFT gaming character is stored on the blockchain; therefore, the game developer is not its owner.
Building and customizing a preferred in-game character or hero would definitely add some powerful characters to your game, but at the same time, it could be a little expensive. Thus, experts suggest finding alternative ways so that it does not appear inaccessible to new players. Training and upgrading the existing characters can cut costs and prove valuable market assets. Providing training to NFTs adds value, and owners can sell them at a higher price.
The in-game characters can be accessorized with numerous NFTs like guns, armors, clothes, jewelry, and many more. Adding these minute details can make the character more interesting and attractive to watch and play. In addition, the more the character will be accessorized, the more it will enhance its value in the marketplace. To give a boost to your characters, add creative NFTs to your characters.
Metaverse is a virtual world where individuals can interact with each other, play games, attend meetings, chitchat, etc. This raises the question of how NFT gaming is making use of Metaverse. The simple answer is that metaverse, NFTs, and blockchain games are correlated with one another. NFTs improve the standards of digital assets, provide transparency, and offer easy access to the marketplace.
The emerging gaming model is based on play and earn, i.e., NFT players earn while playing games. This dynamic gaming concept takes a front seat from now onwards. Many NFT games like Axie Infinity enable players to compete in the battle and trade NFTs for cryptocurrency or fiat currency. Upon completing levels, players get tokens by which they breed axies and trade them in the future. This play-to-earn model is quite interesting, and more and more players are attracted to it. The money earned through the play-to-earn model is directly proportional to the number of game players.
NFT games bring different games on different blockchains. Let’s take the example of blockchain cuties here. This game enables players to play the game on various blockchains with a unique concept and customized user experience. Since game playing is possible on different blockchains; therefore, trading can also be done on different marketplaces, including EOS, NEO, ETH, and TRON. NFT gamers can buy or sell tokens on multiple blockchains.
Read More:Things to Consider While Building a NFT Gaming Platform
Smart Contracts are the backbone of the gaming NFTs. All the terms and conditions related to transactions and trading are stored in smart contracts developed by developers. To shed light on this, you all know about the royalty the owner receives in perpetuity every time the assets are sold to the next buyer. This is also one of the conditions coded in smart contracts, enabling owners of the NFTs to make money by selling their in-game assets.
Now, let’s have a look at some of the top NFT Game Development projects and how they are transforming the gaming world.
The team of Suffescom has worked on many similar projects and successfully delivered them to clients. We are just a call away if you are also interested in investing in NFT gaming projects!
Axie Infinity is the most popular battling and trading game, inspired by Pokemon. In this game, gamers own at least 3 Axies to play the game. These little creatures are in the form of NFTs, which can be used to breed axis. Upon winning battles, players get exciting rewards like NFTs, SLP, cryptocurrency, or fiat currency. Players collect axies, raise them, fight battles, and trade them for future profits.
Decentraland is a popular game where players can buy land, establish buildings, create other items, etc. The properties in the virtual world can be auctioned at a fair price. Do you know? Decentraland is truly a digital twinning platform where the items existing in the physical world are twinned in the virtual world. All the items seen in the game are in the form of NFTs (Non-Fungible tokens). The platform has its own cryptocurrency- “MANA.” In order to buy in-game assets or governance tokens, users can use the native currency of decentraland.
Sandbox is an interesting concept where individuals can interact with each other while mining lands in the virtual world. NFTs are the heart of the “The Sandbox'' platform. In this platform, users create NFTs to play the game and upload them on the marketplace to do NFT trading. Creating NFTs gives the ownership to the creators as NFTs are non-replaceable and provide digital scarcity, easy monetization options, and interoperability. If you check its NFT statistics, user statics, and other details, you wil find that its a fastest growing platform.
Cometh is a platform that allows players to create or purchase spaceships in the form of NFT. It reminds us of old games that we played as a child. Players build spaceships, go on adventurous journeys in space, and find comets for mining. Through mining, players become eligible to trade NFTs, upgrade their spacecraft, and enhance the value of their ships. Selling ships (NFTs) could bring enormous profits to owners.
Gods Unchained is based on the play-to-earn model where players collect cards, build decks, and participate in battles to win exciting rewards. These cards are called NFTs in the game, which can be collected, exchanged, or traded further. Players can earn cards for free and resell them for a handsome amount. In this way, Gods Unchained do not cost them much; instead, it brings more profits.
Strawberry.wtf is similar to CryptoPunks and Bored Ape Yacht Club, which are renowned NFT avatar projects. All strawberry NFTs are unique ERC 721 tokens stored on the Ethereum blockchain. The strawberries range from ripe fruit flesh to tasty snozberries. Players own strawberries, collect them, exchange them, and trade them in the marketplace.
All the above listed are some of the top NFT gaming projects that are gaining popularity with each passing day. If you are awestruck by its growing fame and want to build a similar project, contact Suffescom Solutions now!
Suffescom is the leading blockchain game development company with 5.5+ years of experience in NFT, Blockchain, and Metaverse. Our expert developers have a thorough knowledge of NFT gaming platform and the pre-requisite skills required for developing any NFT project. We served numerous clients with big projects and delivered them successfully on time. Our top-notch services and on-time delivery bagged us some prestigious awards by various organizations.
Our 24/7 support team will never leave you mid-way and stay beside you through pre-and-post deployment services. Talk to our experts to discuss your project details and get an estimated development cost.
On the last note, NFTs and video games are a perfect combination if you are thinking of establishing a business in the Blockchain development Platform. The rising graph of NFT projects proves how it will transform the gaming world in the coming days.
So, don’t waste your time. Act now!
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