Because of its close connections to trends and tech innovations, the mobile gaming industry is one of the most dynamic. Publishers and developers alike look at what their peers in the industry are doing, and they are constantly looking for innovative solutions. In this guide, you will everything about Mobile Games and NFTs Continue to Merge.
Mobile Games and NFTs Continue to Merge
You may be one of these people. You may also have noticed that there is still much to be done when it comes to the fusion of blockchain technology and mobile games. Just like sportsbooks providing NBA odds have moved to the digital realm, so is the video game ecosystem.
The Foundation of NFTs
Non-fungible tokens (NFT) are a cultural phenomenon that has been around since 2014. They have also existed in a common form for the past five years. However, there was a significant increase in acceptance over the past two years.
The popularity of NFT collections like CryptoPunks or Bored Ape Yacht Club, combined with high-profile celebrity endorsements, increased attention to the space.
NFTs are not only for art but also have significant implications for gaming and virtually any entertainment sector. They allow creators to create new models of monetization, digital ownership and interoperability for digital items.
The largest category of investment in the industry targeted gaming NFTs and blockchain gaming. These two garnered nearly $4 billion in investments in less than two years.
Toward a Transparent Internet
Blockchains, which are basically online records of transactions, allow everyone to track the movement of goods, information, and services. Instead of being stored in centralized databases, data lives on distributed networks that are publicly accessible.
Blockchains are therefore permissionless, safer and more transparent than centralized databases and allow for new ways of managing data and digital assets.
NFTs are proof of ownership. NFTs, unlike fungible tokens like cryptocurrencies, which are identical and have similar attributes and values when exchanged for, are unique. They contain identifying information that makes them valuable and irreplaceable.
There are many uses for NFTs. They can be used as digital collectables, artwork and music or even items in video games.
They can be used to prove that you are the owner of a collectable in-game and that there are only five of them. NFTs can also be used to gain access to other utilities, such as exclusive access to online communities or real-life events.
NFTs Offer New Gaming Options
There are many ways NFTs can be used in games (avatars, cards and collectable objects). Because of their verifiable uniqueness and scarcity, NFTs open up new possibilities for gameplay, open economies, and a strong bounded community.
Publicly tradable assets in-game can now be owned by players. This allows them to receive financial rewards for their time and effort. Most blockchain-powered games offer rewards in the form of virtual currency or in-game assets.
These can be traded on an exchange or marketplace for real money. A game’s mechanics, such as the rarity and utility of a token or its market demand, will determine how much money a player can earn. The in-game assets are usually more valuable than the more popular NFT-based gaming solution.
There is already a difference between play-to earn games that focus on high revenue for players and play-and–earn games in which gameplay matters more than financial compensation. CryptoKitties is one example of a game that allows users to breed various types of cats and collect animals without embedding monetization.
What Lies Ahead
Many things have occurred in blockchain gaming since the CryptoKitties-based games launched. New actors are emerging.
So rare, one of the pioneers in blockchain gaming, is creating an engaging digital experience for football fans that is anchored in real-life experiences. In-game items’ value can be affected by real-life events.
One interesting aspect of blockchain-powered games is that indie game developers have the opportunity to create additional uses for NFT assets beyond the main game experience.
Many allow integration of its collectable cards into third-party games, allowing for an expansion of the game experience beyond its own platform. This allows game developers to take advantage of NFTs’ success and create new ones.