NFTs introduced in video games can create a new revenue stream for gamers

Cryptocurrency has become such a big deal in the world that the gaming industry has decided they want a piece of the action too.

Of course, many may know that it is possible to play games in a BTC casino because virtual currency has become possible to use for betting. Indeed, this particular industry has managed to flourish across the globe as a number of benefits have been created, each providing users with the ability to enhance their own gaming experiences immensely.

Therefore, it is perhaps not really surprising to learn that the video game niche of the global gaming industry has decided to implement its own use of cryptocurrency, with developers finding ways to incorporate it into the titles they create.

Skyweaver is just one of the few emerging titles to allow players to use crypto to purchase certain in-game items which is initially free. Indeed, players who wish to obtain rare cards can use virtual currency to acquire them. It uses blockchain technology in the form of non-fungible tokens (NFTs), which can then be used to give players the rights to a variety of different things in the game: characters, cards, digital outfits, and more.

Lots of interest in blockchain gaming

Using an NFT system means that players will not only own these items, but can profit from them in the future if they decide to resell them to other players in the game. lots of interest, other developers looking to get into the game.

For example, we’ve already seen Vancouver’s Dapper Labs, which created the NBA title Top Shot, raise over $250 million with over a million players, while Parallel Studios managed to raise $50 million from funding. The studio’s Parallel Life title has cards that double as NFTs and can be traded on a parallel hosted marketplace and has proven to be a hit as rare cards have been sold for up to $350,000.

Kohji Nagata, Head of Games at Parallel Studios, revealed his goal of introducing blockchain-based games: “Our goal is to empower people to own the assets they have in-game and do with them what they want. ‘they want”. Nagata said. “On a larger scale, we want to create an on-chain game ecosystem that other games can fit into, without having to build all the infrastructure themselves.”

Coming back to Skyweaver, co-founder Michael Sanders revealed that he believes the blockchain revolution is part of the shift to Web3; a term used for the next phase of the Internet, compatible with cryptography. He said, “In Web 2.0, you have sites like Facebook or YouTube, where people can interact with each other. In Web3 you get the Internet of Value, a fully-fledged digital economy with more community ownership and control. »

Some skepticism remains

Some have remained rather skeptical about blockchain gaming and its future within the industry, including the editor of GamesIndustry.biz.

Brendan Sinclair revealed, “Developers promise to revolutionize the video game space. But most of the many companies that are suing him are very fuzzy on the details and what they think blockchain technology can bring to games that can’t already be made.

In doing so, he also points out the potential problems that can arise when transferring items from one game to another, mentioning that companies continue to release software, thus making it possible that the implementation of an item of one game can spoil what has been achieved in another.

Final Thoughts

Despite the skepticism that clearly exists, it might be wise to realize that the use of NFTs in video games is likely to endure and will only become more widespread in the future, especially as gamers are able to potentially generate new income. for themselves through the possession and sale of in-game items that they are able to collect.

John C. Dent