Whether you’re an online gamer, a virtual reality (VR) gamer or an augmented reality (AR) gamer, non-fungible tokens (NFTs) are taking the gaming experience to a whole new level by revolutionising the way that gamers and developers think towards the boundless potential of in-game assets using blockchain technology.
When looking at the gaming industry on a global scale, there doesn’t seem to be many issues with the current system as the market is still growing and is still lucrative. However, when you begin to look at its infrastructure, you realise that it has been built in a way that primarily benefits game developers. Traditional gaming platforms were built to have a one-directional flow of value where players spend money to unlock new levels and in-game assets.
In contrast to this, the role of NFTs in gaming enables players to get more value out of the experience and that’s where BlockBet’s concept of a private player’s club comes in.
Blockchain-built games are driven by NFTs that represent in-game content and have the ability to define the utilities and configurations of each game. These blockchain networks essentially facilitate NFTs to carry out their function which is to provide players with ownership, interoperability and immutable gaming journeys. This encourages and meets the demand for more personalisation in the industry which in turn, generates more revenue for game developers. Together, all of these advantages have the potential of pushing NFTs further into mainstream adoption by applying the idea of a more equitable gaming model.
Some of the world’s top selling NFTs come from Play-To-Earn (P2E) platforms such as The Sandbox, Decentraland, NFT Worlds and more. These virtual games are great use cases for NFTs and the impact they have already had on the gaming industry as they continue to boost gaming potential.
Much of the desirability of these platforms is also based on how profitable NFTs can be. Because they are rare and scarce, you can sell your tokens for more than its original value or trade them in for another which may be more beneficial at that time. Developers also benefit from this as they are able to create their NFTs in a way that generates royalties with every resell.
Generally, most in-game assets and items tend to outlive themselves or become redundant once used but when assets become tokenised like NFTs, their usage is no longer capped. With BlockBet launching its very own NFT collection for members of its private player’s club, gamers will be able to enjoy a competitive whitelist of metaverse incentives that also transcends the digital world and can be used in the physical world. For the gaming industry, this is revolutionary and will likely be one of the main reasons why this industry can have a fighting chance at standing the tests of time through the developments to come from within the technology space.