Since its inception and inward foray into tech, fashion, eCommerce, digital tech and gaming space, NFT has continued to gain momentum, interest and adoption. Analysts predict its market could be worth a staggering $231 billion by 2030, and the NFT gaming niche will majorly contribute to its success.
In a bold attempt at enjoying the first-mover advantage amongst AAA game studios, the popular gaming studio Ubisoft announced its NFT adoption in 2021. While this announcement generated mixed criticisms, reviews and reactions from the gaming community, analysts and industry experts, it is one of many developments signaling an increase in NFT gaming, adoption and integration.
Here are the top 10 things you might have missed from NFTs’ inward foray into the gaming territory:
Gamers can now own their in-game assets
One of the key advantages of NFT gaming is its likelihood to replace the exploitative centralized business model with the symbiotic, decentralized Play-T0-Earn model. For starters, the centralized models allow gaming studios to monopolize in-game assets and collectibles that players must purchase. The decentralized Play-To-Earn model allows players to trade in-game assets, which primarily exist as NFTs – thus stripping studios of the monopoly to trade in-game assets and collectibles.
Interestingly, a strategic collaboration between ImmutableX and GameStop has seen the development of an NFT marketplace for gamers. Unlike OpenSea, the GameStop marketplace caters exclusively to gamers. It supports the ownership and trade of in-game assets, including NFTs and collectibles. Thanks to the GameStop marketplace, Gamers can now fully utilize the Play-To-Earn model.
Konami to launch an NFT trading platform
From the Metal Gear, and Silent Hills, to the Contra series, the popular Japanese gaming studio is one of the most resilient and popular brands in the gaming industry. While it has largely abandoned its triple a franchises, Konami seems to have blockchain, NFT, web3 and Metaverse gaming on lock.
Leveraging blockchain, Konami has announced the development and plans to launch an NFT trading platform where players can trade in-game assets and collectibles. There are also indications that the Japanese gaming giant is planning to onboard gamers into the web3 metaverse space. Insiders’ insight suggests a massive investment and recruitment drive further its blockchain and NFT gaming commitment.
However, it remains to be seen whether Konami will revert to making triple A games for console, PC and cloud computing or continue to focus on smaller, cost-effective mobile games.
Axie Infinity recently lost about 22% of its value.
Axie Infinity is the poster child of successful NFT games. Since its launch in March 2018, the NFT game has enjoyed a consistent bull run, with an exponential increase in value until very recently, when it lost about 22% of its market value per Coingecko data. Analysts attribute the loss to the fear of investors disposing of their recently distributed Axie Infinity native token, AXS. This is exacerbated by decreasing player count, which is noted to have dwindled from 2.78 million by January 2022 to 701,447 by October 2022. Sky Mavis, the studio behind the Axie Infinity, may need to get back to the drawing board and devise innovative strategies to keep this NFT game alive.
Ubisoft and Take-Two Interactive to invest $40 million in Horizon
The publishers of the Assasin creed, Watch Dogs, Far Cry and Tom Clancy’s franchise seem to be leaving no stone unturned in their support for NFT, web3 and metaverse gaming. In addition to some of its other investments into this growing space, Ubisoft and Take-Two Interactive have recently announced a Series A funding of $40 million for NFT, web3 gaming startup, Horizon.
According to Horizon, the Series A funding is geared towards developing various blockchain capabilities, including developing next-generation, high-end video games. The web3 metaverse startup is also set to launch a decentralized marketplace called Niftyswap for semi-fungible tokens. Horizon is widely credited for developing the best NFT centric and highly competitive card game, the skyweaver.
Alien world launches a Decentralized Autonomous Organization (DAO)
Launched in 2020 by Switzerland-based studio Dacoco, Alien worlds allow players to trade unique in-game, NFT items and collectibles minted on the WAX blockchain. The game recently announced DAO integration into the blockchain game to spur competition amongst players who battle to earn in-game NFTs.
Typically, Decentralized Autonomous Organizations (DAO) allow token holders to contribute and participate in an entity’s decision-making. Supported by the self-executing smart contract, token holders automatically belong to a DAO. Integrating DAO into Alien World means holders of the game’s tokens, Trillium (TLM), can compete as autonomous units to win the game’s tokens and other in-game assets.
Conclusion
Innovation is expected to drive further NFT gaming integration and subsequent mainstream adoption on a never imagined scale. This is certain to lead to increase in growth and development in the NFT game space. Owing to the emerging Play-To-Earn business model, players and game studios will emerge victorious.