NFTs Can Lure Gamblers To Crypto, Study Reveals
The prospect of earning non-fungible tokens (NFTs) may draw more players into cryptocurrencies, as they are largely driven by earned rewards, a recent study has revealed.
Although players were largely skeptical of NFTs, the tune changed markedly when NFTs were incorporated into the gaming experience, according to research from Coda Labs.
The blockchain gaming company conducted a survey of nearly 7,000 participants in five countries, in an attempt to gauge the perception of Web3 integration in games.
They divided the respondents into three categories, players, crypto-players and crypto-non-players, based on their levels of involvement in each.
Naturally, crypto gamers were found to feel positively towards cryptocurrencies, with an average rating of 8/10, while gamers were less enthusiastic, with just 4.5/10.
Meanwhile, participants from Brazil and South Africa rated crypto quite highly, both with 7/10, while those from the more industrialized US, UK and Japan did not, with a rating of 4.8/10 for the former two and 3 ,7/ 10 for the latter.
Attitudes towards NFT motivated by earnings
Unsurprisingly, players’ attitudes towards NFTs were rated similarly, at just 4.3/10, with crypto players rating 7.5/10. However, when asked about NFTs for gaming, the number for gamers jumped to 7.3/10, and crypto players to 8.3/10.
Another part that examined the playing style of the two respondent groups showed that both are largely motivated to play video games to earn rewards.
Non-crypto players’ favorable response to NFT games and their motivation to play to earn suggests that they would tacitly accept the further integration of Web3 into video games.
This will also be facilitated by in-app purchases, which the majority of both groups made regularly.
Players who play for different reasons
The results also indicated a difference in how users in different countries approach Web3 games. Although earning crypto was perceived as the main motivator for playing Web3 games, US respondents were more likely to engage with NFTs as consumers through in-app purchases.
However, residents of the more developing countries, such as Brazil and South Africa, probably see Web3 gaming as a more viable economic opportunity, given the more limited funds at their disposal.
This has proven to be the case in Vietnam, where players have been able to make a living through the popular crypto game Axie Infinity.
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