Posted by NFT Games are all over the headlines these days, making up a billion-dollar market with seamless utilities. The common belief is that NFT games could spearhead the Metaverse integration in the Blockchain space.
Since their inception, non-fungible tokens (NFTs) have proven time and time again that they have the potential to transform the gaming industry. The emergence of NFTs heralds a new and exciting era in which players take on even more important roles in the gaming economy and are rewarded accordingly. Today, as people increasingly adopt NFT Gaming development to make their games even more immersive, this gaming paradigm is beginning to take shape.
Traditional Games engender NFT Games
The blockchain-based gaming industry is still in its early stages, relying on many traditional gaming concepts. For example, NBA Top Shot builds on the decades-old “collect and trade model” that has dominated baseball cards and other collectibles.
The recruit-and-compete model in Sorare lets the players buy and trade soccer cards and build competitive soccer teams. Virtual worlds like Decentraland and Somnium Space, like Second Life and The Sims before them, immerse people in alternate realities.
It’s worth noting how blockchain technology has made digital assets like non-fungible tokens interoperable and instantly viewable across dozens of wallet providers, tradable on other gaming platforms, and required in various Metaverse virtual worlds. And thanks to blockchain technology, interoperability has increased the negotiability of digital assets by allowing them to trade on other gaming platforms freely. Users gain direct ownership of their in-game items. As a result, giving them complete and irreversible control over their use.
Embedding ‘value’ in NFTs
NFTs are frequently purchased for high prices and then valued even higher, as we’ve seen. However, the value of an NFT does not have to be this way, as it is difficult to make NFTs that are both affordable and valuable. The term “value” comes into play because an NFT may be beneficial only to the player.
People can buy in-game assets as NFTs, which will be one-of-a-kind. If the game has a built-in marketplace, they can list and monetize them. If not, they can list them on gaming NFT marketplaces. Entrepreneurs prefer NFT gaming platform development that incorporates a secondary marketplace (as well). For them, it means putting the NFT enthusiasts in a unified place where they can list, buy, and sell tokens.
In the gaming industry, Non-Fungible Tokens (NFTs) are digital games that have been converted into NFTs and are ready to be sold on the market. NFT gaming, on the other hand, will exhibit many of the same characteristics as NFTs in general. It includes gaming characters, avatars, and so on. Furthermore, each NFT game will differ depending on the genre or category.
Interoperability at the Forefront
It was arcade games that embedded collectibles in the traditional gaming space. I guess it’s safe to say that collectible-included arcade games set a precedent for NFT gaming solutions to follow. However, arcade collectibles were platform-specific, with usage limited to only one game. NFT Gaming collectibles, on the other hand, come with cross-platform capabilities – with use across gaming platforms.
Take Animoca Brands, a Hong Kong-based NFT Game developer, for example. They develop an NFT game and offer utility-driven NFTs. What if they couldn’t continue the game, like they recently did with F1 Delta Time? They can let their NFT owners smoothly transfer their NFTs to a different gaming platform or let them list on a marketplace to monetize.
As of now, interoperability is seen as a good thing in the gaming NFT space. But one can’t control the naysayers murmuring: couldn’t these NFT transfers hamper the existing token owners in a gaming platform? How far can this interoperability feature go?
Only further industry developments have answers to such questions. But then, if you could address these issues in your NFT gaming platform, you can have a scintillating run in the NFT space.
3 Profit-deciding Factors
Gamepreneurs (like You) could benefit from a lucrative $41 billion NFT market, which allows you to manipulate your return on investment (ROI).
Apart from that, here are the factors that determine the profit margin from your NFT Gaming platform:
#1 Retention
Retention rates decide the fate of most of the gaming platforms. You can persuade the first timers to access the platform, but making them stay on the platform isn’t an easy task.
NFT game developers incorporate a play-to-earn concept for this reason. They believe that they could retain the gamers’ time space within the platform, and many games have succeeded in doing so.
While developing your NFT Gaming platform, it becomes obvious that you retain your users (at any cost). Also, try to offer the games more options and keep your design simple to persist users.
#2 Governance
NFT Games provide an opportunity for gamers to access in-game items and monetize them. While talking about governance, Idle Mystic is one gaming platform that offers real-time governance to its community. The users can have their say in decision making and have the voting rights with the governance token.
Gaming isn’t just about the thrill and excitement. NFT gaming development brings the governing power to the users’ hands. When you do this with your NFT game, more players would want to partake in it.
#3 Budget
You would want your gaming platform to be well-equipped to compete, wouldn’t you? More the budget, more the futuristic functionalities in your game. With many entrepreneurs starting to ply their trade in NFT gaming, the competition will skyrocket in 2022 & beyond.
Lacking enough funds? You needn’t worry about that. You can leverage off-the-shelf platform solutions to build your game. Take the Axie Infinity clone (for instance), which is a pre-built platform solution with like-for-like features and functionalities like the original – Axie Infinity.
Conclusion
The NFT gaming business model relies on how players interact with the game. Developing a Metaverse-inspired NFT gaming platform might draw attention of gamers from across the globe. What makes such a platform enticing is that players can experience their in-game NFTs from their couches. This plays well for both the NFT enthusiasts and the gaming community.