Blockchain and NFTs Bring Latest Trends The Future of Gaming

Blockchain and NFTs Bring Latest Trends The Future of Gaming

Blockchain
August 12, 2021 by Editor's Desk
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In late 2017, a blockchain-powered cat-centric collectibles game named Cryptokitties almost brought the entire Ethereum network to a standstill due to its sudden and surprising success. Cryptokitties was one of the very first examples of Non-Fungible Tokens (NFTs) used in the context of a collectible game. In the next four years, numerous other products have
Blockchain and NFT in Gaming

In late 2017, a blockchain-powered cat-centric collectibles game named Cryptokitties almost brought the entire Ethereum network to a standstill due to its sudden and surprising success. Cryptokitties was one of the very first examples of Non-Fungible Tokens (NFTs) used in the context of a collectible game. In the next four years, numerous other products have sprung up that go even farther. From virtual worlds, card games, MMORPGs, there isn’t any genre that is not being explored for the integration of decentralized assets.

Why NFTs are the future of video games

There are many reasons NFTs and video games are a match made in heaven. In almost all previous models of online games, items purchased were limited to use in that game via a single account. If a gamer’s account got disabled, stolen, or the user just moved on to another game, the money they spent would be lost. This is a reality many gamers have come to accept. This model has continued because there wasn’t any viable alternative – until NFTs came along.

By making in-game items NFTs, players can own and control what they buy, earn, or craft. It is more than just being able to prove your character’s new accessory is rare. It also means these items can be bought and sold on secondary markets and moved between multiple games. This also allows players to retain the value that they put into these items in the first place. 

“We need to look at the macrocosm of societal development over the back decade, and blockchain is a part of that. It recognizes that players, audiences and communities are becoming increasingly sophisticated in understanding how they’re valuable towards organizations’ and companies’ growth.”

  • Robbie Cochrane, Co-Founder of ChainGuardians

The recent surge in overall awareness and popularity of NFTs is also their demand. We have already seen the involvement of high-profile artists, celebrities and business leaders in the phenomenon. Moreover, due to the global effects of the coronavirus pandemic, the amount of new people and demographics turning to video games is on the rise. Thus, a growing base of users is showing an affinity to virtual gaming and decentralized assets. 

The only real problem right now is that the integration of this technology into video games has been slow. Although there have been many different games launched, so far, there just isn’t an app that proves the use case to the masses. However, this may be about to change as well.

Emerging Projects

Specific projects are coming up from several different companies. If you like Pokemon breeding and battling, games like Axie Infinity allow hundreds of thousands of players to earn above minimum wage. If you like card games, titles like God’s Unchained use NFTs to create digital versions of collectible cards, which can be earned and traded on an open marketplace. If you would rather explore a virtual world, you can opt for something like Decentraland or Sandbox. In these fully 3D environments, worlds and minigames can be built, NFT art can be displayed, and avatars can be fitted with a variety of accessories, all made tangible through blockchain. 

If role-playing is more your pace, the upcoming mobile RPG Guild of Guardians, lets you enter an epic fantasy world where you can battle monsters, craft unique items and also build powerful guilds with other players. Here again, the underlying tech means you are part of a ‘play and earn’ economy where players earn and trade in-game assets in an open economy. 

By this point, you are probably starting to see the bigger picture. The emergence of NFTs represents a new and powerful tool that can be used to make video game titles more versatile, personal, and potentially lucrative for the average gamer.