It is no news that the global gaming industry is witnessing a massive blockchain adoption. From indie developers to industry giants, the revolutionary blockchain technology has continued to witness mainstream adoption – and this is not about to end.
You may want to ask what this portends to gamers and game enthusiasts. From all indications, the blockchain has opened a goldmine to be effortlessly tapped through trading NFTs and other in-game contents through dedicated marketplaces. This special goldmine presents a revenue opportunity estimated to be worth around $800 billion in 2024, Per data from Statista and Bloomberg.
To tap from this goldmine, you must learn the ropes and understand its intricacies. Here is how to get started with metaverse NFT gaming platforms.
Understand the Metaverse
Even if you are averse to gaming, understanding the metaverse will shape your internet interaction in a not so distant future. According to a Gartner insight, 25% of the global population will spend at least one hour in the metaverse by 2026. Let’s cut the chase and discuss this tech buzzword in detail.
The metaverse is a highly immersive and interactive virtual world. It is accessible through a computer, smartphone and a virtual reality (VR) headset. Tech giants, including Microsoft, Meta, Nvidia, Qualcomm, and Google, are massively investing in this growing tech niche. Meta, previously known as Facebook, has completed plans for its sophisticated virtual reality (VR) headset manufacturing line.
While human interaction is avatar-based, this highly immersive virtual world supports a wide range of human activities, including trading NFTs, gaming and adventure on a grand scale. Other “metactivities” include shopping and working.
The metaverse is like living in a video game – imagine slaying monsters directly without a computer screen to protect you from their attack. Imagine relieving the experience of a Robinson Crusoe stranded on a dangerous, isolated island or sharing a virtual apartment with your favorite celebrity without leaving your home.
While this futuristic, game-changing “verse” is yet to unfold fully, we are certain of some of its features, including virtual 3D environments and augmented and virtual reality. We are also certain that it is the advanced version of the internet. It will comprise an amalgamation of advanced tech capabilities, including the 5G, Internet of Things (IoT), cloud storage, spatial technologies and artificial intelligence. It is worth noting that most of these tech capabilities are still in development.
Have a basic understanding of the blockchain, cryptocurrency, tokens and NFTs
A basic understanding of the blockchain, NFTs and cryptocurrencies is a prerequisite to getting started with a metaverse gaming platform. Here is a beginner guide to understanding these amazing concepts.
Blockchain
The blockchain is a cryptographically secured, decentralized, immutable public ledger. Like all ledgers, it records transactions. Unlike other ledgers, it records more than transactions – it tracks assets, and transactions, including payment history and what have you. Every entry on this decentralized public ledger stays forever, making it a viable trust-building tool. From business, tech, fashion, eCommerce, gaming, politics and governance, blockchain’s capabilities and adaptability are unlimited.
The blockchain is the soul of metaverse NFT gaming platforms. It will address data breach concerns, secure metaverse transactions, its local virtual economy, and massively boost interoperability of metaverse, DeFi and GameFi platforms.
The blockchain is also central to the success story that cryptocurrencies and NFTs have become. Every major cryptocurrency, including Bitcoin, and Ethereum, has its blockchain.
Cryptocurrency
Cryptocurrencies are like the digital equivalent of your fiat (paper) currency. Unlike the fiat currencies issued and regulated by government agencies, cryptocurrencies are decentralized, blockchain secured and can be used as a medium of exchange without third party’s authorization. Cryptocurrencies can hedge against inflation since supply is limited. Bitcoin’s total supply, for instance, cannot exceed 21,000,000 units.
While there are strong indications that cryptocurrencies will be the currency of the metaverse, Ethereum native cryptocurrency (ether) is expected to dominate the “metaconomy”.
Tokens
Tokens and cryptocurrencies are identical twins with key differences and similarities. While every cryptocurrency has its independent blockchain, tokens are built on other blockchains. Companies create tokens for different reasons depending on their type. Utility tokens allow holders to access a company’s pre-released products or services. Security tokens function like shares. They grant a unit of ownership to holders. A governance token allows holders to participate in a company’s decision-making through voting.
Like cryptocurrencies, tokens can be freely traded. Their transaction records can also be accessed on the blockchain.
NFTs
Non-fungible tokens are unique digital assets that cannot be exchanged or traded at equivalency. They can represent tangible assets, property rights, individuals etc. Tokenization is the process of transforming a digital item into an NFT.
NFT gaming platforms feature the Play-To-Earn business model, allowing players to earn NFTs as they progress. Players can earn by trading these NFTs in freely accessible dedicated marketplaces.
Powered by the blockchain, every NFT transaction is verifiable, and every chain of ownership is traceable to the issuing company. NFT gaming is the next big thing to happen to the industry. Gaming companies are falling head over heels to adapt the Play-To-Earn business model to their operations.
Select the best metaverse NFT gaming platform
Like there are several internet and gaming companies, there will be several metaverse NFT platforms. Some will offer education, finance, social media and gaming services.
There is no hard and fast rule about selecting the best metaverse NFT gaming platform. Selecting one will depend on your gaming and earning needs. Factors to consider include:
Hardware requirement
Some metaverse gaming platforms will require sophisticated hardware, including high-end computers and virtual reality headsets, to enjoy. In contrast, some will require a smartphone and a mediocre headset to enjoy. The platform’s hardware requirement will determine the best NFT gaming platform to select.
Earnings
The Play-To-Earn model allows gamers to earn by trading in-game NFTs and other digital assets. It is best to prioritize platforms that support massive earnings opportunities over others. Does the platform of your choice allow the creation of in-game NFTs? Does it feature an in-game marketplace to trade your NFT assets? Does it offer a multiplayer gaming experience?
Gameplay
Every successful game offers more than earning opportunities. Highly immersive gameplay and sophisticated graphics are thrown into the mix. Selecting a metaverse gaming platform with highly immersive and entertaining gameplay is best.
Conclusion
Before delving into any emerging trend, it is best to have a basic understanding of its key concepts. The metaverse presents a web of opportunities for diverse interests and passions that can only be unlocked with the right information.