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An Interpret study observed that gamers are embracing NFTs. The study was conducted among 1,500 Xbox, PlayStation, and PC gamers which showed that 56% are interested in earning NFTs through gaming.
Among NFT’s many mystifying use cases, one that is attracting the gaming industry is its capacity to be useful in boosting user-generated content in games. Even big names like GameStop are planning to create virtual marketplaces where players can buy, sell, and trade NFTs.
Despite the controversy surrounding NFTs, it’s hard to ignore the buzz that NFTs are creating since the end user, the gamers, have shown a lot of interest in them. The Achilles heel of the gaming industry has always been the high turnover rate of gamers. NFTs are attractive to publishers since it cuts down on it and increases retention.
The good thing is that gamers do not view NFTs as how crypto traders view cryptocurrency, that is to earn money. Right now it is more about engagement and as more gamers collect and trade NFTs, the industry will have to streamline the process toward NFT ownership and participation.
As gamers continue to migrate toward the “play-to-earn” model, the industry is going to have to integrate NFts into its strategy. The gaming industry sees continuous evolution in how things are monetized and NFTs are the talk of the town.
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Although both NFTs and cryptocurrency stem from the same blockchain technology, they are poles apart. The major difference between them both is that, unlike cryptocurrency, each NFT is unique in nature. The non-fungible tokens thus act as a certificate of ownership for digital items.
Shockingly though some NFTs linked to different digital assets such as images or even tweets are selling for millions of dollars. This begs the question, are NFTs a scam? A major fact that holds up this opinion is that while the NFTs themselves are unique, the digital items they assert ownership over can be easily copied or downloaded.
This would ultimately lead to the NFTs not having any inherent value. However, when it comes to the gaming industry, they might actually be useful! How? Gaming developers can attach NFTs to unique in-game items that cannot be copied, such as outfits or weapons. This also gives gamers true ownership of these items and makes it feasible to trade them.
Games such as Axie Infinity are completely NFT-based. In this game, for example, players can buy NFTs of monsters and then battle them to earn cryptocurrency. They can even create new NFT monsters to sell or rent out to other players.
A use case of NFTs in gaming that has players excited is the possibility of transferring in-game items between different games. But, this has yet to see any success since the technical and legal challenges of making one in-game item work in another game are nearly impossible.
However, some gaming experts believe that while NFTs could potentially enhance already entertaining games, they could end up becoming a source of distraction that causes developers and investors to lose sight of what matters to customers. So, we are yet to see if NFTs are here to stay or are just brushing us as they pass by like so many other internet trends.
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