How Will NFTs Be Used In The Gaming Industry In The Future?
There are infinite possibilities of how NFTs could be used in the game world, to enable the ownership and transferability of digital assets. In the future, NFTs can be used in the gaming world to allow players to own and transfer digital assets. Additionally, NFTs may also help to bring new players into games, since they might be more interested in playing a game that allows them to own digital assets. As NFTs continue to evolve, we are likely to see more and more games using NFTs to represent items within the game.
NFTs will be and is used for purchasing in-game items and upgrades. In-game items will soon be sold in NFT form, and unlike micro transactions in the past, these items can be traded with other digital goods, or sold for cash to other players. Making in-game items unique through utilizing NFTs will cause their value to increase, hence many games following a “play-to-earn” model. NFTs provide a fairer means for players to exchange in-game items in the secondary markets, lend them out, make them part ownership, etc.
TRUE VALUE OF NFTS
Many wanted greater liquidity in game items such as weapons or skins, other than selling them, since NFTs already allowed that. Games that use NFTs as an in-game resource are becoming increasingly popular due to the ability of giving the player themselves ownership of the specific resource. Games NFTs provide the asset with value outside the gaming ecosystem, and give the player ownership. Where once the games publishers owned and controlled the game ecosystem, players now have a chance to provide value through their interactions with the game, and gain NFTs.
FUNCTIONS OF NFTS
Players can sell items that they have earned in NFTs to a special market, and convert earnings in-game currency to real-life rewards. NFTs, in this case, are used to power up Spells of Genesis itself, by allowing players to purchase items using their NFT cards inside of the game (rather than using fiat currency). The games NFTs are transferable and exchangeable to other players and buyers, since they are connected with the core blockchain on which it is built. There is also the argument that if you hold a digital object as an NFT, then you could resell, exchange, or gift it to others, a viewpoint that we will return to as we discuss gaming NFTs.
BUY, SELL, TRADE AND COLLECT
NFTs would provide players with a way to sell, trade, and purchase digital items decentralized — something games never really did before NFTs. First, there is the soft integration, in which players could own digital goods, such as costumes or weapons, like NFTs, rather than renting them to vendors such as Epic Games, as is the current practice.
As more players grow wary about investing their time and money into games that provide no long-term ownership, people are flocking toward the new form of assets, in the form of NFTs. Some crypto enthusiasts think turning game items such as guns or character skins into NFTs is the future of in-game economies; that NFTs will build real-world ownership, with the ability to sell unwanted game items.
Originally published at https://ssjxmars.space on August 17, 2022.