How will games benefit from NFT tokens?
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Answer How will games benefit from NFT tokens?
The gaming industry is expected to be worth nearly $200 billion in revenue in 2021.
Blockchain technologies and non-fungible tokens (NFTs) are a natural partner for games, and can help them to launch and progress further.
Currently, electronic games make little use of non-fungible NFT tokens, where the tokens are directly integrated into the games.
But things are slowly changing on this front, as some huge money is being raised for NFT platforms.
Crypto games are getting better.
On July 21, OpenSea raised $100 million, making it an estimated $1.5 billion, and that might just be the beginning.
According to the platformDeFiPrimeWhich ranks and lists the biggest names in crypto and NFT-based games, the list includes:
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“Axie Infinity”, “Gods Unchained”, “Zed Run” and “Battle Racer”.
The platform concluded that NFT gaming may have the potential to become a benchmark for the crypto gaming market if it continues to gain sufficient interest and popularity.
Shirinash Singh, Head of Games and NFTs at Project Polygon, believes the industry is about to explode.
In mid-July, Polygon announced the launch of Polygon Studios.
The new foundation will focus on helping develop crypto games and NFTs to enable the platform to bridge the gap between Web2 and Web3 games.
– polygon (@0xPolygon) July 15 2021
Singh said everyone looks at this space, including celebrities, brands and sports leagues.
However, many of the early blockchain-based games were not created by game developers.
That’s changing according to Singh, who said new generation games like “Axie Infinity” and “Zed Run” are being developed by gamers.
Main adoption of NFT games:
In mid-June, Los Angeles-based developer Mythical Games announced $75 million in Series B funding.
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It plans to use the fund to popularize ownership in games through the playable NFT.
Singh commented:
So maybe we’re on the cusp of big adoption, maybe at some point we’ll see a big wave of high-end games coming into this space.
In a couple of years, I envision a big studio like Electronic Arts or Activision releasing games with winnable NFT components.
He added:
If we get there, there will be no going back.
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