Gaming NFTs Are Going to Make People Rich: The Huge Potential of Gaming for the NFT Space
It is clear that non-fungible tokens (NFTs) are changing the world. And one of the most exciting industries to watch them disrupt is gaming. Gaming has always been a huge industry, and it is only going to get bigger with the advent of NFTs.
Gaming NFTs Are Going to Make People Rich
These NFTs tokens are going to make people rich, and there is a huge potential for profits in this space. This article will explore why gaming is such a strong fit for NFTs and discuss some of the most exciting projects in the space!
The Huge Potential of Gaming for the NFT Space
NFTs will have a significant role in the future of gaming. It could very well be the most significant and lucrative sector in the whole field of cryptocurrency. We’ve seen billions of dollars invested into the NFT sector in recent years.
There’s a lot of money flowing into gaming to begin developing these new blockchain games and infrastructure for the sector, in addition to that. We’ve also seen several of the world’s largest gaming firms announce their entrance into NFTs or start utilizing NFTs in their games.
Gaming and NFT
As you can see, significant players and enormous sums of money are beginning to enter the market. We’ll be covering everything related to gaming and NFTs, including why things are the way they are and where NFTs fit into it.
We’ll examine the benefits of an NFT within each game. We’ll also break down how to generate money and position oneself for success in this exploding market, as well as more.
With that in mind, welcome to the fantastic world. So let’s get this party started. And believe me when I tell you that it is truly enormous.
Gaming Business Revenue Growth
According to experts, the gaming business is expected to generate around $256.97 billion by 2025. That’s absolutely insane, to demonstrate how significant this is, we’ll compare it with three other big sectors. We begin with films and home entertainment, which reach about $100 billion in revenues. As of now, the global market for sports is $77 billion and the music business is worth $60 billion. As a result, as you can see, gaming is a unicorn industry that’s enormous.
In general, the gaming market is expected to expand. By 2025, it is anticipated to reach $268 billion in revenue up from 178 billion U.S. dollars in 2021. Despite growing in the Asian region, North America is projected to remain the world’s highest-grossing gaming market.
There are approximately 3.1 billion gamers in the world, which is 26 to 28 percent of the global population, and that’s really amazing to me. The amount of time spent viewing videos each week is a total of eight hours and 27 minutes per person.
The gaming business is continuously expanding, and it is now enormous. And while some people believe that when blockchain games enter the equation, and games are linked to crypto and blockchain, this will only spread.
We’re seeing a lot of activity in the metaverse push that everyone is talking about, and we’re starting to see a lot of big businesses from all over the world jump on board and build out towards the metaverse. When Facebook changed its name to meta, they began this conversation.
This was a major issue since Facebook is one of the most significant businesses in the world and has a significant impact on society today when it said it would change its name and pursue the metaverse as its future direction, signaling off many other firms that this was the next internet frontier.
The metaverse will eventually be a reality, and companies like Microsoft are going all-in on it by creating virtual avatars. They just finalized one of the most lucrative mergers in history when they bought an active vision blizzard for $69 billion.
Microsoft And Others Catching up To Lead
Microsoft owns several of the most well-known IP gaming IP in the world, such as call of duty World of Warcraft StarCraft two, and many more, yet they also have Minecraft, which is often referred to as a metaverse but without the blockchain. After the acquisition was made public, it was simply claimed that Microsoft would utilize this as a building block for the metaverse.
Microsoft is in a strong position to take advantage of the next version of the internet. We’ll also have Apple, another major corporation that’s making a play in this market. There have been a number of reports that they will be releasing some sort of AR glasses in the very near future. So that’s something to keep an eye out for.
There have been far too many other businesses that have announced their plans for the metaverse. There’s just been a lot of momentum for the metaverse in general.
We’re now seeing businesses mainstream news, a variety of people on the internet, and outside and outer circles discussing the metaverse, whether it’s forward or backward for the internet. Is this where we’re going?
Gaming in The Metaverse
Is this where enterprises should strive to go, so on and so forth, in the comp conversations? I believe gaming will play a significant role in the metaverse. Much of it will revolve around gaming; for example, just as web two, the internet we are presently on involves gaming.
A lot of us are on these games. A lot of us spend time on the internet by playing individual games, buying avatars, communicating with different people, and doing all sorts of things. And I don’t think web three and the metaverse are gonna be different in that sense.
But I do think a lot more of us will be integrated within this new version of the quote-unquote metaverse that is being built right now. And that is because we have blockchain technology and NFTs that will be building blocks for this and this narrative about the metaverse is really being emphasized by the games that are being built right now, or that already exist.
We have games like Roblox and Minecraft that essentially act as meta versus right now, just without blockchain technology. As I was saying, we also have new games that are coming out like the sandbox, the central land, and a few others that are gonna involve blockchain technology and NFTs.
That is why I specifically wanted to address the issue of gaming because it’s always been a passion of mine. And that leads us right into the next topic, which is around gaming. NFTs are involved in all of this because of this. Why do I think NFTs will be useful to gamers?
There are a few things I’d like to discuss. NFTs give real ownership over digital assets, and they create digital assets that I believe are amazing in games with NFTs: skins, attachments, resources, items, and anything else the game may choose to make as an NFT.
That’s a fantastic notion since you’ll be able to sell the item whenever you choose, buy it or any other goods from another player whenever you want. This gives you the ability to get money back for the item you just bought, or even make money by selling it because of its increased value.
That’s all I’m going to say about that for now. And it leads us straight into the subject of gaming, which I’d like to speak about next. Why do I think NFTs will be extremely useful to gamers?
I have a few things to get off my chest over here. I think NFTs provide genuine ownership of digital assets and thus allow for the creation of game items that you truly own, such as skins, attachments, resources, goods, and more.
And that’s just another reason why I’m excited about it. You’ll be able to sell the thing whenever you want or buy goods from any other player. This will give you the ability to recoup your previous purchase or even make money because the item has appreciated in value.
Fortnite Skins and Dances
The greatest example we can give here is Fortnite skins and dances. So, as you may know, Fortnite provides these skins and dance for a price, right? To obtain one of these dances or these skins, you must spend a specific amount of money on your account. The second downside is (besides the money you spent) that this model does not allow you to own your skin or dance. There is no true ownership of the digital asset in this case. That skin is owned by the business. You don’t have ownership of that skin. That skin is in the account, but you technically do not own it.
You can’t sell the skin because it’s not yours to sell. It’s difficult to determine how many of them exist in the world of Fortnite and other games.
You have no control over your skin and no way of getting it back, even if Fortnite decides to remove it or prohibit access to your account.
Giving Power Back to The Consumer
Even if these were NFTs, you would have actual ownership over the token, which would be backed by that dance or outfit. But some of the more interesting aspects are how many of those dances and skins actually exist in the world of Fortnite, right?
This is information that I believe is critical to determine the value or price of that digital asset. You now have the choice to sell your skin or dance later if you want to, because it’s an NFT. I feel like I’m giving power back to the consumer by allowing them to choose their own destiny and dictate how much money and skins they want to invest in the game.
I believe NFTs will be utilized in a variety of games, including resources, items like attachments, perks like powerups, and so on. Think about all the possibilities: new economies inside those games that are gonna be incredibly beneficial to players.
I Want Wood
Because now, people will be able to sell different NFTs and other goods to one another. Let’s say I want wood.
To construct a home, I require wood. Wood is required. Do you have any wood that I can buy for the money? Like in reality, right? Instead, we’re doing it inside a game, and because that wood has value for me to construct the house, I can repay him or her back value by paying a certain amount of Ethereum or other cryptocurrencies that exist outside the game.
The disadvantage is that no one can take it away from you, but the plus side is that it isn’t controlled by anybody. I know this may be confusing since it’s on a decentralized blockchain, but if everyone understands what I’m saying, then this shouldn’t be an issue.
The reason I’m so enthusiastic about NFTs and the space, in general, is because I recognized the link early on between NFTs and how they might play a key role in video games, as well as their potential to provide value to those games.
I’ve always been a gamer at heart, and I used to play games like Minecraft, Everquest, as well as many other titles. It was when I started learning about NFTs and really began hearing about this field that it clicked for me. I immediately understood the potential value of NFTs in video games.
It might have developed a completely digital economy, similar to the one we know in real life, just in digital form. I was sure that this would be a major problem when I initially got into NFTs.
This is going to be implemented in a lot of different games, correct? These online worlds will have full-fledged ecosystems and economies that are the result of these NFTs. Again, I’m quite enthusiastic about it. But I’d want to clarify some worries that gamers may have when they see NFTs being utilized in video games.
I want to approach this from a position of neutrality. There are many gamers who are concerned that NFTs will invade video games. And we’ve seen the backlash against announcements, particularly by Ubisoft, and stocker two, which made their voices heard. At the time of writing, there are still many players who dislike NFTs.
NFT Kickback to the Business
However, I do believe that there is a lot of misunderstanding and just basic knowledge about NFTs. Now, gamers appear to be the first concerned with this because these businesses are only pulling money grabs, right?
It’s true that there’s a lot of money to be made by selling these assets. However, the NFTs are only intended for distribution to players of these games, simply for financial gain. There is no extra value added to the player in any way. It is simply for the sake of money. Players are also likely to make more money by adding NFTs into their game ecosystem, but that does not necessarily imply it’s a money grab.
By doing that, they’ll make more money by adding royalties to NFTs, who will get a certain percentage of profits back each time an NFT is sold, such as 10% or less. That’s the norm in the business. I don’t anticipate it to be greater than right now.
Only a tiny fraction of the overall resale value will return to the firm, raising company revenue even more because companies were unable to do so in the past. On top of that, everything in a survival game, for example, would be tokenized.
There’s an entire economy that develops inside the overall ecosystem as an NFT, and that begins with the initial sale of NFTs. The royalties paid out by the gaming firm are continuously adding up.
But it’s not all one-sided. Players will be unable to sell their digital assets unless they choose to do so, which means they’ll lose money spent on them early or make more money reselling them later.
Increasingly Complex Ecosystems
It’s giving you the freedom to do what you want with something that you bought with your hard-earned money. NFTs will allow these games to grow into increasingly complex ecosystems, generating employment and a variety of revenue-generating possibilities.
In terms of dollars and cents, yes, the gaming business will earn more money by entry if NFTs are not allowed inside their game, but it will also allow players to make more money.
People are already buying these digital assets without any true ownership or the flexibility to sell them later on, correct. They spent money on it. The result of this is that the player will be able to do things that no one has done before, which is something that has not happened previously.
I believe it’s a good thing for both. And now, I’d like to move on to the next topic: that NFTs are bad for the environment and that gaming companies should avoid getting involved with them since they’re polluting the ecosystem. Bitcoin and Ethereum, for example, use an enormous amount of power to conduct transactions on their networks and do various things like minting new types of assets.
There has been a lot of negative press for certain people and enterprises using extremely energy-consuming protocols like Bitcoin, Ethereum, and others. They’ve chosen to implement layer two blockchains like Polygon or other chains entirely like Teslar flow rather than just Bitcoin as the basis for their blockchain because they have seen the amount of anger that some individuals.
There are a number of different coins that have been popping up left right and center. Some use far less energy than Bitcoin or Ethereum, among others. And, ironically enough, you’ll be as soft as they come when you’re wearing it. They still got a lot of criticism for it nonetheless.
I think it’s due to a lack of knowledge about the web3, and because there are other alternatives beyond Bitcoin and Ethereum, two environmentally friendly mint NFTs.
Some more thoughts on the subject, in no particular order.
- I’m aware that these are just a few things I wanted to put out there. And, as time goes on, I believe that crypto and web three will be better equipped to solve this problem.
- Not all games should have NFTs
I don’t believe all video games should integrate NFTs. I believe that certain games are perfect as they are right now, and they don’t require NFTs to improve them.
I believe that NFTs have the potential to be extremely important in certain game genres. Other games that may benefit from them, to be specific.
NFT and MMO RPG
I believe that MMO RPGs, as well as other survival games, would see a significant boost in value if NFTs were introduced. I don’t think all games should have NFTs, do you? Isn’t it true that some games should be simple for the sake of enjoyment?
Don’t forget, however, that there is a limit of 1 million top-tier tokens for each platform. To encourage people to participate in the network and maintain its stability, some other games might include NFT options to play, earn, or use.
NFTs and gaming have been discussed previously. NFTs are now a large part of game development, and this session will go through the benefits and drawbacks for both gamers and developers as more games incorporate them into their products.
Let’s go through how to make money and set ourselves up so that we can take advantage of this developing sector in the future, which I believe will develop here soon.
Ethereum Blockchain and NFT
People who buy or invest in NFT will then sell it later. We can utilize the sandbox land where people are buying land parcels, NFTs, and Metaverse this game right now to potentially sell or produce experiences or host events in the future.
So I’m actually kind of enjoying seeing a sidechain sprout from the Ethereum blockchain. And, as you may have already heard, there is this thing called “NFTs,” which stands for non-fungible tokens. It’s like an ERC721 token on its own chain that’s connected to your main ETH (or any
Furthermore, because of the NFTs’ functionality, we can also have people playing it to make money, which will allow individuals to play certain games and earn while doing so by defeating monsters, completing adventures, accomplishing quests, participating in the digital economy and other activities.
In the game, they’re racing with each other in a vehicle called Axie Infinity NFT game. And the winner is rewarded with Smooth Love Potion (SLP) as a prize for moving on. People also invest in cryptocurrencies and stocks that will be used to help build the infrastructure of these games and fund their development.
Is it any wonder that the world’s first blockchain-based game has taken off like a rocket in recent months? What an excellent future awaits for gamers who are able to learn from and contribute to projects developed by other people.
We’ve seen a lot of buy and sell orders on these assets because they’re getting more popular. We also have stocks like meta. Microsoft, among other companies, is interested in integrating NFTs into the gaming and metaverse industries in the future.
It’s a great deal more complicated than simply being able to throw down some code and have a game up and running. You can’t just turn on your computer and expect it to work, because there are going to be certain companies as well as blockchains that will aid in the creation of these games.
I’d like to discuss content production. I believe that this will create a lot of new content producers in the play area. There’s a lot right now, but it’ll be even more because the number of games with NFTs and blockchain will be huge.
We’ll have a lot of different content creators who will be covering it, which I think is really exciting. That’s something to consider as well. These are just a few of the ways I believe individuals are positioning themselves to take advantage of the incoming game NFT boom, which I think will happen in the future.
In my opinion, NFTs are in a position to become very successful. I’m not the only one who feels we have a lot of individuals in the web3 space, as well as other gaming businesses and people outside of the NFT and web3 ecosystems.
I think that a number of the NFTs inside certain games will have significant value because they will provide so much value to the player; there’ll be a lot of incredible incentive to keep that NFT sense of the benefits and per you get for holding it inside the game. That is precisely what utility is. It’s not just a profile photograph or an avatar NFT, like a monkey or a penguin, that you see all over the internet.
There may be a lot of value and use for many of these gaming NFTs. In my opinion, I’m spending far too much time looking into this industry and trying to figure out where NFTs will fit in specific games. And the Axie Infinity sandbox land will be another one of my favorite blockchain games.
We have games like Minecraft and Fortnite, which I believe will be major players in the gaming and metaverse space for a long time to come. They have a massive player base.
All they have to do now is connect their systems with blockchain technology. I’m ecstatic about it. And I think there’s a lot of potential in this area, as well as I believe NFT gaming is still quite new. With that being said, there is still a lot of room for expansion and improvement in the gaming industry. As a result, there’ll be many more blockchain-based games to start using.
It’ll be fascinating to watch how many games use NFTs in the next three to five years, or even ten years, and how many of these new blockchain games that are already integrated with NFTs will ultimately succeed. I’m sure NFTs in games are the future. And I believe now is the moment to start learning.