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The non-consumable token space (NFT) has grown exponentially over the past year or two, shifting to public awareness, which has led to widespread adoption. Assets that were at best considered marginal tokens have apparently become a cornerstone of the digital economy, selling in large quantities and gaining the support of major celebrities around the world.
The revolution we’ve seen with the NFTs has really been a marvel. NFTs have been adopted even faster than cryptocurrencies, positioning themselves behind cryptocurrency technology to become what they are today. Now that these tokens are a global phenomenon, everyone is looking to create them to share a passion or as an incentive to monetize.
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As we have seen now, NFTs have also infiltrated the gaming space. Following the success of Axie Infinity, Decentraland and other platforms, game developers can see that NFTs offer a fantastic way to make money and monetize the exaggeration surrounding their games. And as expected, many of them have gotten on the train and now use NFT on their gaming platforms.
The results have been mixed, with some developers having been impressively successful, while others have been relatively failures. In all the lessons learned, one thing remains the same: before you create NFT features, you need to have a reliable and engaging platform that attracts people. We talk about how NFTs have revolutionized the gaming industry and
whether building a native NFT gaming market is necessarily the right step.
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How NFTS has revolutionized gaming
NFT games are one of the fastest growing subsections of the entire NFT space. Sales of these assets have increased significantly and are expected to be in the $ 1 billion region by 2025.
The appeal of NFTs to games is pretty obvious: the winning game model has completely wiped out the landscape, rewarding players with financial and gaming incentives. The winning game model has made games essentially more appealing to players. It is now possible to make money by playing your favorite games.
With NFTs, players can easily own assets in these games and exchange them for fiat money. The model is much better than traditional games, which had assets not more on platforms, where players could exchange them for digital currencies that had no fiduciary value.
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Take, for example, Axie Infinity. Players fight Axies, or rather, digital pets, which grow and breed. The rules are simple: when you beat another person’s Axie, it belongs to you. Each Axie is an NFT and you can sell it for fiat currency in the Axie market.
The latter marks a change in the way most NFT creators traditionally sell their tokens: in the usual NFT markets. Of course, this does not mean that the usual markets have become less attractive. With the advent of cross-chain support in markets such as myNFT, the NFT market landscape is also growing.
But despite the growth in revenue opportunities, NFTs also offer additional benefits for gaming enthusiasts. Some of them include:
- Character development: Games now allow players to create and customize their game characters. You can create your hero based on your vision and even export that design and sell it in a market.
- Accessories: In games, it is also important to use accessories. Several games allow their players to customize their armor and weapons, but now the games are developing these accessories as NFT that players can buy and use directly.
- Possible access to the metavers: With games looking to create expanded universes, NFTs are expected to play a more important role in this future. The metavers space is incipient at the moment, but there is a lot of growth potential.
Related: How NFTs drive brand engagement and opportunity
Game Developers: Build a Market or Not?
Right now, there is no denying that NFTs will be an important part of the future of gaming. And, if you’re a promising developer, being able to connect to that will help you a lot to achieve optimal growth.
However, there is one key question to keep in mind: are you creating an NFT market or not?
Having a custom NFT marketplace allows you to own all of your game assets, making it even more compelling for your players to stay within the game. One of the main reasons Axie Infinity became so popular was that it managed to build an economy with its NFTs. With the Axie market, players sell their Axies and other digital collectibles directly, all without having to leave the game.
As a game developer, you also have the option to create a market directly, which allows players to buy and sell their NFTs within the game. That said, you should also consider the risks. Unless your platform has reached a turning point where it attracts users, it may not be a wise decision.
Related: How to Become a Successful Gaming Entrepreneur
The pros and cons
Today, we have an incredible number of NFT markets available. With the industry still fragmented, many of these markets rely on specific blockchains, essentially limiting their access to NFTs from other chains. However, forward-looking developers can also build on myNFT, an all-inclusive multi-chain NFT market that supports tabs in multiple blockchains and introduces an interesting new auction mechanism to the industry known as GBM.
As a game developer, relying on these existing markets offers many advantages. On the one hand, they offer low cost alternatives to have your market directly. You don’t have to pay that much to maintain a market, and the only costs you’ll have to consider will be keeping your listings on the list.
At the same time, you should remember that having an internal NFT market only puts more pressure on you to ensure liquidity. People want to come to your market, sell your tokens and receive payment as soon as possible. As an early stage gaming platform, this may not be possible for you at the moment. However, leveraging the liquidity of these established markets helps you achieve better financial viability, further increasing the appeal of your game.
Therefore, you may want to wait until your platform reaches full speed and has created a sizable user base before entering a native NFT market.