How are NFTs influencing the Gaming world?

Posted by osamudazai on July 23rd, 2022

Non-Fungible Tokens are getting overwhelming attention today. Though there are mixed reviews about people investing in NFTs, NFTs are making their way into every sector without compromising. Some say it is just a bubble that will blow and burst, just like cryptocurrencies. Even famous personalities comment on it, saying it is a fool’s theory. But yet, the demand for the NFTs, especially in the gaming industry, is up and making people come towards blockchain. How are these NFTs taking up the gaming space, and what are the response from the global gaming community and the game developers?

Bursting the Bubble

Using NFTs to give ownership to in-game items gave an opportunity for the gamers to own them as an asset. In the last GDC- game developers conference, voting regarding the inclusion of cryptocurrencies and NFTs in the gaming industry took place. It is recorded that many developers voted against the use of NFTs in the gaming industry. While few supported the same, it is an admitting fact that the use of crypto for in-game payments might be risky due to the fluctuating market value. On the other hand, NFTs are something that came out to give people the taste of owning digital assets.

Creating, owning, and selling in-game items as NFTs is beneficial for gamers as they can sell them any time they want. They can even rent it if they don’t want to sell but are in need of an income for their investment. At the same time, the developer or the creator of the NFT can take up a royalty every time an NFT is sold again in the marketplace. So, in the big picture, the introduction of NFTs is, of course, a boon to the gaming industry.

What is the future?

In a broad view, what NFT’s have for the gaming industry is nascent. The future it has for the gamers and the developers is huge. NFTs are creating a revolution and it will continue to do so in the future too.