The collision and overlap between the world of cryptocurrency and video games are undeniable. Moreover, when we refer to the system involving NFT games as play-to-earn, we mean the broad decentralized storage and processing network approach that blockchain technology is known for. Moreover, in the gaming experience of the newbies, there is a whole new generation that is excited about adding profitable adventure to their entertainment through games.
As it is, not many of the traditional gatekeepers of the gaming industry are open to new innovation. But it is expected at first for new technologies. Meanwhile, the fastest-growing blockchain technology involves crypto gaming through NFT. It is not showing a sign of stopping any time soon.
What do traditional games look like?
At the beginning of video games, quarter slots and some arcades come to mind. Afterward, games came through innovation and experimentation of various sorts, and we have different models. We had free-to-play games that were monetized through an in-game economy of digital goods.
The age has come for the play-to-earn, which belongs to another level of game management of a new paradigm. These NFT games are based on creating a real-world value out of a virtual space, including digital goods with non-fungible tokens, cryptocurrency, and the entire blockchain technology. The new development also catches up on the foundation of the metaverse through social media and gaming firms from creation. learn more about big fish NFT games at https://beteogames.com/the-big-fish-is-nft-gaming/
Crypto is overtaking the gaming industry
The new play-to-earn system started as one of the latest buzzy innovations, but crypto enthusiasts jumped at it. Other stakeholders such as new startups and investors saw an opportunity to apply their conceptual reality to relatable digital products and services. Some of the reasons why all these changes happened at first were because
- The idea was simple. A simple idea that only requires you to play a free game title and pays you to play it is exciting news. Moreover, it is n contrast to the other gaming system that involves buying a game console outright and funneling money into playing the pay-to-win systems. Although this new system is more profitable, it is not always entirely free. Because the company that makes them may require a small financial stake before you begin.
- Game players on the new platform can also get handsome awards unique to them and their abilities. In addition, their ownership of such items can also be verifiable through the same blockchain system. Afterward, the item can be traded, sold, or bought where the request can now be transferred. The tech system has a unique identifier that it ascribes to each variable value for the quality.
- The exchange is based on the operated cryptocurrency inside the game, just like the Pokemon-like game, Axie Infinity. By now, the parent company’s valuation is up to $3 billion.
- NFT games are not also too different from the initial description of digital art pieces. But it can also contain trading cards and other online collectibles that are not easy to be swept under the carpet or ignored. Moreover, the NFT games interfere hugely with the world’s actual world trades and gaming economies, which is another factor of its skepticism.
Valve is now involved in the battle
After the entry of Valve, a company that operates on the dominant PC gaming technique, things got a little bit messy. There was first a quiet ban on all the application that runs on blockchain technology, especially since it allows or issues an exchange for NFTs and cryptocurrencies.
When probed further, the company was not ready to divulge any more information, but the following facts were gathered
- Steam’s ban on blockchain technology cannot ensure that play-to-earn games will not break into the mainstream of things anytime soon.
- Presently, no company has yet broken through any of these NFT games into the Google or Apple stores for acceptance and the provision of a few alternative avenues through which it can reach new players outside of the traditional methods of distributing content on Android or desktop apps
- There is hope that Apple and Google may eventually allow such NFT games on their application and stores in the long run. The reason is that none of these two platforms has been explicitly open about the ban of cryptocurrency-related personal affairs.
NFT Boom is not avoidable
The NFT boom is coming, one way or the other. But the better way is o admit that it will go and place oneself on the right side of it. There will be many factors responsible for how these questions may be asked and answered by then. But vital will be the support from media giants like Valve, Google, and Apple. In the beginning, it may not look like anything is happening. But in the end, the world will react to you positively.
- Axie Infinity is a perfect example of what will eventually happen to some of the reservations that some companies may have. The game has a complex economy while representing two currencies in breeding the Axies. One can also earn the battling axis and sells the available ones.
- Axie Infinity also runs an all-new cryptocurrency through a unique system. Meanwhile, it has grown its plyaers immensely from a few thousands to millions of dollars in value in the past few months.
- As more investors are interested in this innovation, we will be seeing more creative projects with more opportunities for game players to earn money. In addition, the new companies that emergy will be adding new values to their investments.
On a final note, the way among the components that make up the new NFT games model is accurate. But so is the potential that the new game technology has. The skepticism will gradually fade off as more people gain apt knowledge about how it works and how much profit it could give.