The advent and growth of NFT’s has been astronomical (and a big media story) in and of itself. However, a secondary affect that has also had a huge impact on actual Metaverse gamers, is not be underestimated: Specifically, the impact of the play-to-earn model, and recently the create-to-earn model, has added the ability to earn real money in 2022 to the usual gaming experience. This has increased rewards for users, interaction and interest in the Metaverse and gamecoins as a whole.
Moreover, the ability to use the create-to-earn model to create and mint your own NFT’s, combined with the play-to-model to earn additional in-game NFT’s and tokens, means gamers finally have the options and ability to earn real assets (NFTs) while gaming; and the ability to move those assets to external platforms to trade for cash value. Read the full article below from cryptonewz for more details on the create-to-earn and create-to-own model:
2021 was the year of NFTs as the burgeoning industry exploded in terms of sales, number of users, and adoption rate. In the art world, NFT-based items fetch incredibly high prices at auction houses.
There has also been a considerable uptake of NFT in the gaming industry, with the topic becoming the center of heated debates between pundits and critics. NFTs appeal to gamers because of their exciting value, regardless of the conflicting online views.
NFTs are already being applied to games in some exciting ways, and this trend is only going to grow. Some players earn a living by purchasing and playing NFTs of cute monsters and creatures in various digital spaces through play-to-earn models.
Here are some of the most important ways NFTs are revolutionizing the gaming industry.
Ownership of Digital Property Rights
As we inch closer to the metaverse, full ownership of digital assets is sure to become essential across all gaming platforms and beyond. Players can control and own in-game items with NFTs, free from the control of game publishers. An NFT (non-fungible token) is designed similarly to a cryptocurrency.
The owner of the NFT’s private and public keys has essentially complete control over it. NFTs are different from cryptocurrencies because while cryptocurrencies are fungible, NFTs are unique assets that cannot be compared to others of their kind. Consequently, an in-game NFT can be earned, bought, and sold similarly to any other digital asset on the Blockchain.
NFTs Enabling a Create-To-Earn Economy
Established game publishers have held a monopoly over online gaming since its inception. In spite of the fact that some game publishers produce free-to-play games, they still generate millions in revenue from in-game purchases made by players. NFTs, on the other hand, provide game developers with a way to market directly to players while launching their games.
Basically, through NFTs, a game developer can create a game, integrate NFTs, and make money from the sale of NFTs in that game. Platforms such as Mytheria are going a step further by incorporating a create-to-earn aspect wherein platform users can still contribute to the game’s platform without the necessity of having the skills of a developer.
Mytheria users, for instance, can create artworks that will be able to be traded on the external NFT marketplace and earn revenue directly. That artwork or in-game asset could even get incorporated into the game’s ecosystem through a popular vote by the platform’s community.
NFTs and Play-To-Earn Gaming
On most conventional gaming platforms, players spend tons of hours and money achieving success in the game’s environment, collecting rewards and other in-game assets, only to realize that all the in-game assets collected have zero value in the real world.
Apart from the select few gamers who can monetize their gaming skills and build a career through sponsorship deals, the rest of the gamers never make anything substantial through their gaming.
Interoperability and Composability
At the moment, most games only allow players to carry out a limited, predefined set of activities. Most of these activities oblige the player to operate within the game’s ecosystem. Players can only trade and transact solely within the game’s environment while only using the game’s in-built assets.
NFTs are changing the narrative as they are designed with interoperability and composability. With NFTs, players will move bits of content within the game to other games and third-party platforms and trade those items or use them in other capabilities.
As the world edges closer to a Web3.0 internet, game developers will have to create composable platforms such that a player can own the maps and skins of one game and possibly use them on another game.
NFTs are disrupting nearly every aspect of the gaming industry. While traditional games give game publishers full control over the game, even while the developers and players create the most value, a tide of change is on its way, as seen with the widespread adoption of NFTs.
Already, major game publishing studios are dipping their toes into NFTs, with the likes of Electronic Arts, UbiSoft, and Take-Two Interactive expressing interest in taking steps to try out NFT collectibles on their gaming platforms.