NFT Gaming Policy – A new challenge

NFT games took the world by storm last year. In addition, large companies began to consider joining the trend. But it meant a number of new issues and considerations. NFT’s gaming policy is an example of the mentioned problems.

Brookings draws a compelling article on the issue. It opens by mentioning the hack that was inflicted by Axie Infinity. As a result, countless players lost millions in total on the attack.

There are many benefits to this The NFT model. There’s a reason DC Comics delved into the matter. Play to earn the approach has also attracted a lot of attention. There is another way to make a living from gaming.

Still, it’s a new technology. Prominent questions arise about the future of gaming. But it is difficult without proper guidelines to monitor the market.

It is as attractive as it is confusing for new players. And that means it’s a risky endeavor. So what can we do about it?

Gaming as work: A blurred line

Gaming has become a working industry in itself. There are gaming markets, like Eve Online. It allows players to make money through the game’s existing resources. Then they can sell said resources for real money.

Many games have an “abrasive” feel. There is a lot to do to get ahead in some titles. And in many cases, it is a prerequisite for accessing the most entertaining part of the games. This phenomenon leads to “black markets” of sorts.

World of Warcraft and Runescape are two good examples. Players all over the world make real money by offering their services. Often the mentioned services to relieve are tired. Nevertheless, this type of compensation is contrary to the games’ guidelines.

NFT games promise “legalization” of games as official labor. And a NFT’s gaming policy must consider this reality.

An NFT game policy reflects the changing game model

The article mentions Axie Infinity as the best example of the industry’s change. Games measure their success with player engagement. So more time spent in the game means that the game has been successful.

NFT games create a financial incentive for the said engagement. Gambling work is compensated labor. Thus, players have several reasons to continue playing.

This is why many companies referred to NFTs as “the future of gaming”. But it leads to new risks for users.

As such, we need to identify technology aspects that could harm consumers. A customer-centric approach is necessary for the industry. The same applies to ensure that they comply with relevant laws. Yes, it will include labor laws.

Regulators have now classified NFTs as securities. But it ignores technology’s appeal to the gaming industry. And that includes a growing gaming economy. This development must be taken seriously.

Transparency, privacy and security are crucial for users. An effective policy must consider them. In addition, it is time to look seriously at gaming economies and marketplaces.

The need for scrutiny in NFT games

Finally, the article focuses on NFT’s risk. NFT marketplaces lack regulation, such as know-your-customer laws. Therefore, it creates a new set of dangers for players.

Losses are irreparable due to the way the blockchain works. So players and developers must treat in-game items as financial instruments.

Many NFT game developers turned out to be there for a “quick buck”. It exposes players to dangers from both developers and third parties. Thus, stronger scrutiny is a worthy consideration for the industry.

In addition, the volatility of the crypto industry is another challenge. Last year, players could make a living from NFT games. Today, prices are at rock bottom. And it wiped out many people’s income.

Therefore, laws specializing in NFT games can be of great help. Players are usually not financial experts. Until then, we can not say that NFTs are “the future of gaming.”