The True Value of NFT Games: A Business Perspective
Under the influence of advances in the IT industry in general, several technologies are gaining momentum and being used in various scenarios. The same applies to NFT games. Harnessing the power of blockchain technology and cryptocurrencies like Ethereum, game development studios now often release entertainment products based on non-fungible tokens.
Also, the Game-Fi concept provides more financial value for players compared to the philosophy behind traditional gaming experiences. Today, players are happy to earn money while spending free time in virtual worlds, acquiring achievements, NFT resources and cryptocurrencies to sell valuable in-game items on marketplaces.
Every current NFT game development company is aware of the genuine benefits of this technology and how to take maximum advantage of it. By the end of this article, you will also gain insight into this phenomenon!
What are NFT games by nature?
Standing for non-fungible tokens, NFTs can be anything digital, a product of some kind, such as an image, song, video clip or game element, with virtual proof of ownership stored on a specific blockchain. Games such as Axie Infinity or CryptoKitties are good examples of how entertainment products are powered by cryptocurrencies, which players can buy or sell, thus making a profit.
Since the CryptoKitties craze, one of the first NFT games ever created, a large number of game development studios have chosen a blockchain-based business strategy as their priority. Why that, you might ask? Just because the respective software solutions are currently trendy, and the demand is increasing, which indicates a significant social interest in games that offer an opportunity not only to entertain yourself, but also to make money.
How businesses can use NFT games for growth
According to research, the size of the international play-to-earn NFT game market is estimated to be worth $231 billion by 2030. In particular, in 2021, sales of NFT games increased to more than $5 billion, which showed a colossal industry’s potential . . Still, what is the primary source of revenue for NFT game development studios, let alone other value aspects?
- Transaction Fees. The primary source of income for studios that have built an NFT game is composed of transaction fees, which players pay to perform crypto transfers.
- Audience expansion. Since the cryptocurrency market is subject to economic fluctuations and the activities of a supportive community, you significantly expand the audience of people who play your video games.
- Part of something bigger. Non-fungible tokens are not the only hyped phenomenon in the gaming industry. All the technologies under the auspices of Web 3.0 as the new Internet iteration, including IoT, metaverse, XR, etc., may one day be blended into a single virtual multiverse, thus opening up new possibilities for developers.
Therefore, companies continue to dedicate a lot of effort to turn NFT games from a trendy phenomenon into a source of reliable value for players and developers alike. In case you feel a lack of confidence in creating your own NFT game, you can always contact outsourcing agencies to help you.
Should you start making your own NFT game?
In light of everything mentioned above, as well as statistics showing the growth in the size of the NFT gaming market, it is undoubtedly beneficial to at least begin to investigate the potential of such an initiative. In any case, as long as the hype is there, you can undoubtedly squeeze the maximum out of the crypto gaming industry.
Even if NFTs become less popular and have less of an impact on the blockchain market, the technology behind these solutions will continue to influence how businesses deliver services and the way internet visitors use them. After all, it’s part of something bigger, the future metaverse craze, at least.
