NFTs are something that has been in trend for over a year now. It is something in the blockchain that escaped the crypto market crash. Their uniqueness and useability are making them invade every sector possible. If someone says NFTs are everywhere, it is not an exaggeration. This is because today, NFTs are used in Birth certificates, flight tickets, and even Land registrations. Governments are taking up NFTs to avoid duplications and forgeries. Thus this might bring NFTs everywhere in the near future officially.
On the other hand, one such sector that is using up NFTs the most effective is the gaming Industry. Though it all started with art NFTs, the game developers brought new usability through Gamining NFTs. NFT gaming marketplace being the sole platform for the gamers to buy and sell NFTs, these platforms are getting the spotlight in recent times. How are NFTs benefiting the gamers? Are these platforms the new hangout spot for the gamers? Are you someone interested in the hot and upcoming trends in the gaming community? Google has landed you safely on the right page. Let’s dive in.
How do games with NFT work?
You know NFTs are something that depicts ownership of assets on the blockchain. This is ownership is tradeable, but the creator of the NFT stays the same, getting a royalty every time it undergoes a resale.
An NFT game is something where the in-game items you use in the game are made as an NFT instead of a simple digital file. That is, when you buy an NFT game item, you buy an asset and not just a digital gaming toy. So next time you buy a gun, or a gun skin, map, or anything related to the game, you buy an asset and spend or waste your money on something that is virtual and has no ownership.
These in-game items are tradeable. That is, you can sell them to fellow players who are interested in playing with them. You bought it because you like it, why would you sell it? Then you don’t need to. You can just rent them out for a while and make money as much as you can while it is not in use.
Are you a gamer who is also a gaming item collector? Here is your choice to make money on everything you buy on the game.
The ultimate destination- NFT gaming Marketplace
An NFT gaming Marketplace is the ultimate destination to buy and sell your gaming NFTs. Like any other NFT marketplaces, you can create a wallet and buy in-game NFTs to play the game.
In the gaming platform, you will have to integrate the wallet created and select the NFTs you want to play with to play in the game. Usually, you will have to own at least 2 to 3 NFTs for a game to start playing the game. You can upgrade the NFTs and sell them for a better price in the marketplace as well.
Gaming NFT marketplace is a platform where the players can get to meet like-minded gamers, interact with each other, and buy, sell and rent NFT items with them. NFT games have created a new creator economy, and it is bringing gamers together. Taking the interoperability of blockchains and the possibility of using in-game assets of one game in other games, NFT gaming marketplaces can become the hangout spot for gamers.
Game developers and their leap into NFTs
Many Gaming giants like Ubisoft and Gamestop are entering the world of blockchain with their own NFT platforms. For instance, the Game stop NFT marketplace, which got into the market recently, was a massive hit. The trading volume of the platform was humongous for a platform that was just entered the market. Even blockchain giants like Coinbase, which entered the market a month before Gamestop, haven’t achieved such sales.
To be specific, the GameStop NFT marketplace recorded a massive 3000 ETH worth of NFT trade within the first 48 hours of the launch. While Coinbase NFT marketplace recorded only 1704 ETH, which clearly states Gamestop is trailing NFT marketplace leaders like Opensea. The surprising fact is that Gamestop hasn’t even started to put out in-game NFTs or other gaming NFTs on the platform. The NFT collections that were launched on the platform were rare art, and they are in no way related to Games.
Gamestop officially announced that it recorded $4 million in the first 3 days of the launch. In the future, the platform will be open for all web 3.0 gaming NFTs and other creators and other Ethereum-related environments.
Where are we heading?
Many games are planning to introduce NFTs in their existing games. The gamers who purchase the gaming NFTs will be able to sell them when not in use. At the same time, the developers who are the creators of the item will be able to get a royalty every time it is sold again in the secondary NFT marketplace.
With new innovations coming around NFTs daily, the mass adoption is not so far. Gaming NFTs is something that is widely accepted today by the gaming community. It will indeed be the atom of the Metaverse that will soon become the future of the internet and social communication.
