(This article has been translated with google translate.)
The concept of "Blockchain" was first created in 2008 by a developer behind the alias "Satoshi Nakamoto". In short, a blockchain is just a kind of distributed database with additional extensions. The first application of a blockchain was the creation of the Bitcoin cryptocurrency.
Almost 15 years later, blockchains have expanded beyond the cryptocurrency world. In particular, Ethereum is an extremely popular open-source blockchain called "Smart Contract". Leveraging the power of Smart Contracts, developers began to create different forms of digital assets.
Another digital asset that emerged in this process was the Immutable Token (NFT). The term NFT game has been rapidly gaining popularity in recent years.
Non-Fungible Tokens (NFTs) have taken a big hit in the digital world, allowing the trading of a digital asset that could be digital images, video clips or even NFT games. NFT games operate on a play-to-earn model that offers players opportunities to earn money as they play.
Additionally, players can monetize their game time by buying and selling in-game NFTs or completing objectives in exchange for cryptocurrency rewards. Trading is carried out using a digital currency, also known as a cryptocurrency, through a blockchain marketplace that can be viewed as an auction house. As a business, NFT games help developers monetize their designs while giving users the ability to earn cryptocurrency just by playing the game.
In the simplest terms, NFT games are games that contain NFTs. Unlike other forms of NFT, NFT games should not be viewed as just keeping cryptocurrencies in your wallet. Here you can purchase player interactions, avatars and weapons. You can also earn income in the game. These games allow players to earn income from NFT games through the play-to-win model.
The appeal of the NFT game is that it creates unique and limited tokens that can be exchanged with every immutable token contained in a decentralized digital ledger based on blockchain technology. This allows players to gain real ownership with options to modify, create and implement NFTs within a game. Developers create smart contracts that specify the rules of the NFTs used. Players spend time in games according to these rules and win.
Most NFT games run under the play-to-earn (P2E) style model, also commonly referred to as GameFi, made popular by the success of blockchain-based game providers like Axie Infinity. According to one data, game-related NFTs generated $4.8 billion in revenue in 2021. In January 2022 alone, blockchain games and infrastructures approached $1 billion in addition to the $4 billion raised in 2021.
In addition to role-playing games, trading card games such as the sci-fi card game received a huge development in October 2021. One project generated $50 million in revenue. Similarly, the FIFA ultimate team NFT game has emerged as an option for game developers to challenge traditional video games in the NFT game market. Businesses and gaming companies see a structure where they will generate continuous income from NFT games. NFT digital games can potentially provide new ways for creators to monetize their work among millions of players, often through social media, digital platforms, collectibles or in-game items.
In recent years, the video game industry has been growing constantly, and game developers are the biggest contributors. The more exciting and unique the gaming experience it offers to their players, the more willing they are to spend their money to access sub-assets and premium configurations.
The top three market subsets in which the video game industry generates hundreds of billions of dollars in revenue are mobile, PC, and game consoles. In terms of traditional games, gamers buy the latest video games and console genres. The benefit and value of in-game purchases in return for this investment is not enough. Players accumulate money and items by reaching a level in the game.
In contrast, blockchain-enabled games focus more on generating value. In these games, the revenue generated by the players through in-game purchases, regular play or promotional events is much higher. For example, when players purchase an item in a traditional video game, the only benefit is that it only enhances the character and game they are playing. However, in video games that use cross-platform non-exchangeable tokens (NFTs), the item purchased becomes transferable and can be exchanged for cash or other assets and benefits. NFT games allow players to transfer their winnings to another game or exchange them for another player with cryptocurrency.
NFT games benefit both investors and players. Compared to traditional games, NFT games offer publishers some advantages such as:
NFTs are bringing changes to the gaming industry and further increasing its growth potential. In the past, the idea of purchasing a high-volume non-consumable product seemed crazy. But people are doing this right now because they can repurchase with more money. These games are bought because of the value they earn as NFT as well as being loved. Blockchain technology has already played a breakthrough role in the video game industry and other markets. Those who have adopted this technology are already reaping the benefits of the results. NFT game seems to bring its share in the game industry to a very important place in the coming years.
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