Guide

NFTs being introduced into video games can create a new revenue stream for gamers

Cryptocurrency has become such a big deal in the world, that the video game industry has decided that it wants a piece of the action, too.

Of course, many will perhaps know that it is possible to play games at a BTC casino as virtual currency has become possible to use to wager. Indeed, this particular industry has managed to boom across the world as there have been a number of benefits that have been created, each providing users with the ability to enhance their own gaming experiences in an immense way.

Therefore, it is perhaps no real surprise to learn that the video game niche of the overall gaming industry has decided to implement its own use of cryptocurrency, with developers finding ways of incorporating it into the titles that they create.

Skyweaver is just one of the few emerging titles to allow players to use crypto to purchase certain items within the game which is initially free to play. Indeed, players who wish to obtain rare cards can use virtual currency in order to acquire them. It uses blockchain technology in the form of non-fungible tokens (NFTs), which can then be used to give players the rights to a variety of different things within the game: characters, cards, digital outfits, etc.

Plenty of interest in blockchain gaming

The use of an NFT system means players will not only own these items, however they will be able to profit from them in the future if they decide to sell them on to other players within the game. This has seen a lot of interest being generated, with other developers looking to get in on the game.

For instance, we have already seen Vancouver’s Dapper Labs, who created the NBA Top Shot title raise over $250 million with over one million players, whilst Parallel Studios managed to raise $50 million in funding. The studio’s Parallel Life title has cards that double as NFTs and can be traded on a Parallel-hosted marketplace and has proven to be a success as rare cards have been sold for up to $350,000.

Kohji Nagata, the head of games at Parallel Studios, revealed their aims of introducing blockchain-based games: “Our aim is to allow people to own the assets they have in-game, and just do whatever they’d like with them,” Nagata says. “On a grander scale, we want to create a blockchain-gaming ecosystem that other games can fit into, without having to build all the infrastructure themselves.”

Going back to Skyweaver, co-founder Michael Sanders has revealed that he believes the blockchain revolution a part of the shift to Web3; a term that is used for the internet’s next, crypto-enabled phase. He stated: “In Web 2.0, you have sites like Facebook or YouTube, where people can interact with one another. In Web3, you get the internet of value—a full-blown digital economy with more ownership and community control.”

Some skepticism remains

Some have continued to remain rather skeptical of blockchain gaming and the future that it has within the industry, including the managing editor of GamesIndustry.biz.

Brendan Sinclair revealed: “Proponents are promising to revolutionize the video game space. But most of the many companies that are pursuing it are very fuzzy on the details, and on what they think blockchain technology can bring to games that can’t already be done.”

In doing so, he also points out the potential problems that can arise from transferring items from one game to another, mentioning that companies continue to edit software, thus making it possible that the implementation of an item from one game could mess up what has been achieved in another.

Final Thoughts

Despite the skepticism that clearly exists, it would perhaps be wise to realize that the use of NFTs within video games is likely to remain and is only going to become more prevalent in the future, especially as players are able to potentially generate a new income revenue for themselves via the ownership and sale of in-game items that they are able to collect.