The Role Of NFTs In The Gaming Industry

From mobile games to online streaming, the gaming industry is never short of miracles and periodic revolutions. Now it is non-fungible tokens (NFTs) turn to revolutionize the way Video gamers look at online gaming and in-game purchases. The global market across countries is structured in a way to benefit Video game developers, wherein the players spend their money to unlock in-game assets. But when it comes to decentralized applications (dApps) and other blockchain-built games developed with the help of Video game outsourcing companies like RUBIXQ, the players are enabled to effectively evaluate and utilize their in-game purchases.

NFTs are non-replicable cryptographic tokens that are developed as digital assets inside of the game. Like any other physical property, these tokens can be bought, sold, and owned as they are unique and indivisible. Blockchain networks ensure that the video game players have ownership, NFT scarcity, immutability and interoperability. Several assets including tweets, art, music files, etc, can be converted into NFTs and they shall hold the exact same value as the physical files. 

NFTs can also improve the game structure and the gamers’ experience. Gamers can be the sole proprietors of the assets that they have purchased and they also can choose to sell them when they don’t want those assets. This whole concept of earning money from games isn’t new but now, with the advent of safe blockchain technologies, they are more secure and flexible than ever. Some of the most popular games like FIFA and Fortnite are already offering limited-time skins, kits, caps, and custom weapons that the gamers can buy from other players.

Now let’s discuss different ways in which non-fungible tokens (NFTs) can benefit the gaming industry and give gamers and developers a better experience overall. 

  1. Better tracking:

NFTs are highly organized and can be used to track the game’s history. There will be a historical record of all the items that are bought and sold through the blockchain.

  1. Attract players with rare NFTs:

NFTs like the most sought-after weapon in the game or a unique skin can attract more players to play the game and spend time on it. They will increase the game’s revenue by being incentives that players desire. 

  1. Programmable ownership:
    Like any other regulated asset, NFTs are also programmed with specific rules on utilizing and exchanging them. This creates a more secure gaming environment and allows developers to create better game mechanics with different use cases.
  2. Easier to manage:
    Unlike physical assets, there is no physical object here to transfer. So, the transaction time and process are faster. They are also highly secure and are almost impossible to be hacked or stolen.

Though NFTs are still at a nascent stage in the gaming industry, they have a promising future with revolutionary progress being made by companies like RUBIXQ, in terms of upgrading existing games and designing new games using blockchain technology. Different companies like Etheroll, Metaverse Blockchain, Cryptokitties, Decentraland, etc, are already rolling out their NFTs successfully on a huge scale. The big players are also racing to enter the metaverse, Adidas with their own land in The Sandbox, Gucci selling items along with Roblox, ensuring that NFTs are a long-term phenomenon.