How NFT Games Took The World By Storm
Initially, when we were introduced to the world of crypto and the blockchain, many were skeptical and concerned about its reliability and whether it was nothing but a mere gimmick. They couldn't have been far from the truth, given that Crypto exploded and took the world by surprise, and following that, we had the NFTs come in. While slow to the market. They quickly rose to become something that would cost anywhere from a few dollars to nearly a million.
However, that's all the past. Now, NFTs have been made accessible in games for the first time! Yes, these tokens have taken over a new genre called NFT gaming. These games have NFTs sold on various NFT gaming marketplaces, ranging from $10 to $1000. The insanity is that while initially games were considered a distraction and hindrance, they have become a medium through which financial gains can be made.
While this is but the beginning, it surely isn't the end, as there is much more to this than just that. The characters used to play the games are NFTs, and the more expensive they are, the rarer they get.
Understanding the breakdown
So NFTs are nonfungible tokens or any form of art connected to the blockchain. So creating an avatar or a character through the blockchain isn't impossible. On the other hand, while these NFTs are all tradeable, the very factor that requires them to be purchased might raise some skepticism; the reason is that despite the game being free to play, the characters are valuable. This is not the same case in your regular games. In the usual fun, Skins, characters, and weapons are all a single purchase item. They collect virtual dust in the inventory once you stop using it.
Investing in normal games is risky because there's only so much to buy, and none can sell. The in-game items cannot be sold separately; selling them would be handing over an account you spent too long to build and develop. NFTs can be stored in a digital wallet along with cryptocurrency, which is one of the few reasons why NFT games are worth investing in.
The benefits of NFT gaming:
- NFT gaming helps convert unproductive time into a substantial investment by enabling the game to present itself as serious quests and challenges to increase the value of the particular character or avatar which happens to be an NFT. This will become an asset that can later be traded or sold in the NFT gaming marketplace at 1.5x or even 2x.
- NFT games help raise the economy, given that almost anyone can play them, so it would allow countless people with a record of investing in adding this to their portfolio. This would, in turn, not only increase the overall economy but could also be a potential stimulus to enable countless others to invest in NFTs and digital assets.
- When we come to regular gaming, it is quite rare that you see tradable characters but above that, what's even more interesting is that even if a character's skin were bought, it would not be exclusive. N people could have purchased the same skin in NFT gaming; that is impossible because each NFT is completely different. Neither of them looks like the other. The best part is that I have absolute right and ownership over this as I purchased this NFT, and unlike the false impression of privilege that other games show, this is yours.
But wait, there’s more!
NFT gaming, apart from being a venture that can only be done if the character has been purchased from the NFT gaming marketplace, is also one with no extra fee. Several games charge absurd amounts of money for simple and ordinary skins and guns; while they may seem good, they are next to useless. Granted that the NFT games are not as high quality as familiar games, it won't be long before that obstacle is breached.
NFT gaming also implements several bundles that contain NFTs, similar to those bundles you open when you play a game and gain an achievement. These loot boxes often contain an NFT within them, and while it is an entire matter of luck, there still is a good chance that it may happen. Though there aren't many NFT games available, a few have significantly impacted, like the MCL (Meta Cricket League).
To summarize the following content above, this is a kind of introduction to NFT gaming or P2E gaming. The difference between this and the other kinds of games is these characters, skins, and items are all NFTs, which means they are connected to the blockchain and can only be bought and traded via cryptocurrency and stored in a digital wallet.
These P2E games are highly investable given that, unlike regular games, these do not end up collecting dust, and the items being purchased rise in value, making them collectible. Even though there are different P2E games, they have different approaches and are not NFT-oriented, which is one major point that has to be noted. Those games depend on luck and chance, unlike the NFT marketplace, where prices differ based on rarity and demand.
Now with the wind of change brought through with Web3, NFT gaming is bound to be the future, and while there might not be many now, there will soon be countless others. Several companies have made certain ventures in this domain, and there is a good chance that there will be another storm that will firmly establish the existence of NFT gaming.