NFTs and their Role in the Gaming Industry

Non-fungible tokens or NFTs have been the talk of the town in the past two or so years. It seems like wherever you go, the word NFT is being thrown around left and right. And one big industry where NFTs are definitely making a mark is Gaming.

But how are NFTs actually making an impact on the billion-dollar business of games and what role do they play in how gamers have slowly started to change the way they play games?

We here at have the answers for you! Be sure to visit the site to find more about NFT gaming, crypto gaming, and gaming in general.

Anyway, let’s begin!

What are NFTs exactly?

First and foremost we have to understand what non-fungible tokens or NFTs actually are. In simple terms, NFTs are unique digital assets on the blockchain that cannot be reproduced or replicated. In fact, NFTs can be almost anything, such as art, collectibles, paintings, images, etc. What makes NFTs unique is that they don’t necessarily refer to the thing itself but to the digital ownership that is tied to a particular item. And because they are on the blockchain, this ownership is easily recognizable and verifiable.

NFTs basically represents your ownership of an asset, which can be either digital or physical in nature.

With the technology stated above, one might wonder how exactly NFTs have and can change how games are normally played. What type of changes can we expect NFTs to bring to an industry bigger than the music and the movie industries combined?

Enter the Metaverse

The most apparent change that NFTs bring to gaming is how it serves as a portal toward the metaverse. The metaverse is a virtual world or a digital environment that mimics the physical world and is largely home to many NFTs found in the blockchain.

Through NFT gaming, a player is introduced to the digital world of the metaverse, opening up many possibilities for novel gameplay.

Expanding your game’s marketplace

Because NFTs open your game up to the metaverse, you will now be able to interact with items outside your game’s particular world. You will now be able to purchase items like weapons, clothes, and tools, among others, not just from the specific game that you’re playing but from anywhere in the metaverse as a whole. Sales outside your video game, provided that it is in the metaverse, will now be possible.

Ownership of characters, heroes, champions

NFTs will also allow you to purchase your favorite characters because you may now be able to purchase the digital ownership tied to him or her. This makes your character truly unique in that you will be the only one to have that particular champion in your roster of heroes!

Fighting the “pay-to-win” strategy

Another beneficial effect of NFTs in gaming is how the dreaded pay-to-win mechanic will largely be reduced. Back then, one could purchase all the best items or buffs or playtime in a game if a gamer had enough cash.

Now, because NFTs are unique items that are tied to a particular owner, these items won’t be so easy to just buy for more wealthy and willing gamers. Players will have to actually grind and play more in order to upgrade their items/characters rather than just depositing some money to jump the line in a particular game.

A collector’s dream

One last, but probably very popular positive of NFTs coming to gaming, is how it will encourage and enable more unique and valuable collectibles in games. Prized trophies or items that are NFTs will now be more fun and challenging to collect as they will definitely be rarer compared to when NFTs were not around.

And that’s just a glimpse of what type of role NFTs will play as it continues to transition in the gaming industry. In fact, these are some of the changes that they are already bringing today.