Under the impact of advancements in the IT industry in general, more technologies gain momentum, being used in various scenarios. The same goes for NFT games. Leveraging the powers of blockchain technology and cryptocurrencies like Ethereum, game development studios now frequently release entertainment products based on non-fungible tokens.
Moreover, the Game-Fi concept provides more financial value for players compared to the philosophy behind traditional gaming experiences. Nowadays, gamers are fond of earning profit as they spend leisure time inside virtual worlds, acquiring achievements, NFT assets, and cryptocurrencies for selling valuable in-game items on marketplaces.
Each present-day 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’ll also gain insight into this phenomenon!
Standing for non-fungible tokens, NFTs can be anything digital, a product of any kind, like an image, song, video clip, or game item, with virtual proof of ownership stored on a particular blockchain. Games like Axie Infinity or CryptoKitties are good examples of how entertainment products are powered by cryptocurrencies, which players can buy or sell, thereby gaining profit.
Since the CryptoKitties craze, one of the first NFT games ever created, a high number of game development studios have chosen a blockchain-based business strategy as their priority. Why so, you may ask? Merely because the respective software solutions are currently trendy, and the demand is growing, indicating a considerable social interest in games that offer an opportunity not only to entertain oneself but also to make a profit.
According to research, the size of the international play-to-earn NFT games market is forecast to be worth $231bn by 2030. Notably, in 2021, the sales of NFT games surged to more than $5bn, which proved a colossal industry’s potential. Still, what is the primary source of income for NFT game development studios, let alone other aspects of value?
- Transaction fees. The primary source of revenue for studios who have built an NFT game is composed of transaction fees, which players pay to execute crypto transfers.
- Audience broadening. Since the cryptocurrency market is susceptible to economic fluctuations and a supportive community’s activities, you significantly expand the audience of people playing 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 aegis of Web 3.0 as the new internet iteration, including IoT, metaverse, XR, etc., can be one day blended in a single virtual multiverse, thereby opening new prospects for developers.
Therefore, companies like https://game-ace.com/ continue to dedicate a lot of effort to turning NFT games from a trendy phenomenon to a source of reliable value for both players and developers. In case you feel a lack of confidence in making your own NFT game, you can always address outsourcing agencies to help you out.
In light of everything mentioned above, as well as statistics proving the growth of the NFT game market size, it’s unquestionably beneficial to at least start researching the potential of such an initiative. At any rate, as long as the hype is there, you can undoubtedly squeeze the maximum out of the crypto games industry.
Even if NFTs become not so popular and have less impact on the blockchain market, the technology behind these solutions will continue to affect how businesses provide services and the way internet visitors use them. After all, it’s a part of something bigger, the future metaverse craze, at a minimum.