How NFT games are reshaping the gaming industry

By June 19, 2022NFT
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The gaming world has constantly been evolving. With the advent of the internet, many types of games have become available online, even casino games. Games that were exclusively available on consoles or in-house can now be played on supported devices with an internet connection.

This evolution came with its problems. In recent times, it is becoming increasingly difficult to discern which online gaming site is genuine. However, websites like Uudetnettikasinot365.com have made things easier by weeding out the chaff through well-researched reviews.

Incorporating Non-fungible tokens (NFTs) into games is changing gaming as we know it. For the first time, gamers can convert their in-game rewards into cash. This development has led to more awareness and growth of the NFT industry. For those who do not know what NFT gaming is, we’ll take a moment to explain.

What is NFT Gaming?

NFT games, also known as play-to-earn games, are games that reward players with tokens or NFTs for time spent playing. Tokens are usually the main rewards, while NFTs are gained by chance. Players can also buy NFTs in high demand from other players and hold till the value increases before reselling.

A perfect example of a play-to-earn NFT game is Axie Infinity. The game rewards players with Smooth Love Potion (SLP) tokens and NFTs known as Axies. The SLP token is listed on major exchanges like Binance so that players can trade them for real money.

Benefits of NFT Games

There are several reasons why many believe NFT games are the future of gaming. NFT games offer benefits that can’t be found in traditional games. Some include:

  • Offers a Source of Income

In many underdeveloped and developing countries with poor economies, the unemployment rates are very high. NFT games offer people in those areas an opportunity to earn money from doing what they love— gaming. In countries like the Philippines, Axie Infinity is very popular, and players in the country reportedly earn between $200-$1000 per month.

  • Ownership of In-game Assets

When players purchase items in traditional games, the items are locked to the game, and assets can’t be traded between players. With NFT games, the story is different. Players can trade their NFTs across supported platforms or sell them to other players if they wish.

  • Security

Every NFT is unique and cannot be replicated since they are built on blockchain. This means players can be assured that their hard-earned NFTs can’t be duplicated or stolen. Except in cases of a scam or when a player grants malicious smart contract access to their wallet, it’s impossible to lose an NFT.

  • Provable Scarcity

The worth of an NFT is usually determined by how rare it is. The blockchain technology on which NFTs are built help maintain transparency. This makes it easy to verify the owner of an NFT and its scarcity.

  • Transaction Fee Commission

The benefits of NFT games are not limited to players only; developers are also included. When an NFT changes ownership, the game publisher can charge a percentage of the total amount of the transaction. This way, the publisher earns money every time an NFT is sold. Several NFTs have been sold for thousands and millions of dollars, so this is a great way for game publishers to earn money.

  • Ability To Attract Venture Capital

Good investors, especially those with a good understanding of cryptocurrency and NFTs, are always looking for promising projects to invest in. Game publishers can leverage this advantage to attract venture capital for themselves.

Conclusion

NFTs may seem like a new concept in gaming, but the truth is that NFT games have been around for quite some time now. The first NFT game, Cryptokitties, was released in 2017. Axie Infinity was released a year later and wasn’t popular at the time of release until much later.

There’s absolutely no doubt that NFT games are causing a massive change in the gaming industry and handing power to the players. They offer advantages that were previously deemed impossible to get from games. Gone are the days when spending hours playing video games were seen as a waste of time. Now, it’s equivalent to a full-time job.

This article was written in cooperation with Casino Gringos

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