There’s absolutely no denying the fact that the crypto market has grown immensely over the last couple of years, something that is made evident by the fact that during November of last year the total capitalization of this yet evolving space reached a whopping $3T, albeit briefly. In this regard, two niches within the crypto sphere that have gained a lot of traction recently are non fungible tokens (NFTs) and blockchain gaming.
For context sake, even though the digital asset sector has been gripped by bearish momentum for nearly six months running, the NFT market has continued to thrive, with conservative estimates suggesting that its valuation will scale up to $13.6B by 2027, up more than 400% from its current capitalization of $3B. Similarly, the crypto gaming market too has expanded at an extremely rapid rate, with the sector having recorded a growth ratio of 2000+% during 2021 alone. In fact, last year, the industry witnessed a capital inflow of $4B, with this amount set to increase greatly over the coming decade, especially with the rise of the ‘metaverse’.
As NFTs continue to revolutionize the global tech landscape, a growing number of crypto enthusiasts and investors alike have started to see the immense potential of these offerings — especially within the realm of video games. Owing to the fact that these tokens (NFTs) are built atop a blockchain-based framework, they can be utilized as in-game characters, commodities, tradable objects, etc. Not only that, they also allow their owners to generate peripheral income streams for themselves in a highly seamless fashion.
To this point, the concept of ‘gamification’ is one that has gained a lot of notoriety recently, since it offers several avenues for revenue accrual for its users/players. NFT gamification basically entails the conversion of everyday gaming activities into monetization opportunities. Not only that, it can also serve as a means of encouraging consumer engagement in relation to a certain gaming title. This merging of these two worlds has led to the emergence of ‘GameFi’, where users can trade and swap game assets for financial rewards.
From a purely financial perspective, NFTs used within various games not only have value amongst players and collectors but can also be sold directly via NFT marketplaces. There are many marketplaces these days that enable users to facilitate such transitions while also supporting other GameFi related activities, allowing for a wide range of monetary benefits.
Using NFT marketplaces in the context of video games affords users several benefits. For example, players can collect all of their tokens in one place so as to eventually sell them or simply trade them as part of a barter-style exchange. Additionally, all of these assets are under the control of their rightful owners since such a system is completely decentralized. Lastly, when compared to traditional finance offerings, NFTs are way more secure as every marketplace maintains a detailed record of each transaction on a decentralized ledger that is open to all network participants to see.
While the crypto market is full of unique gaming titles these days, one of the most intriguing, fastest growing GameFi options worth checking is Attack Wagon, an offering that presents its players with a host of passive income opportunities. For example, users can purchase plots of land (of varying price ranges) as well as various other items within the game in the form of NFTs.
These NFTs can then be sold across various marketplaces, especially once they gain value over time. Not only that, the aforementioned digital land plots can also act as automated ‘fee generation devices’ for investors, allowing them to earn a portion of the system’s internal fee pool in a highly seamless manner. The game also features a limited collection of NFTs called the ‘ATKcollection’ with each token ranging from anywhere between 0.0069 – 100 ETH.
Another blockchain gaming option worth considering in this regard is the highly popular offering called ‘The Sandbox’. It is an Ethereum-based title that brings together the world of NFTs with that of decentralized autonomous organizations (DAOs). As a result, it helps in the development of a digital ecosystem (akin to Minecraft) where users cannot only come up with their very own in-game assets but also dabble in their day to day trade.
The game currently has a total of two tokens for investors to utilize, i.e., SAND and LAND, with the former being a utility token and the latter being a collection of NFTs with a total supply pool of 166,464 tokens.
As the crypto landscape continues to mature and grow, it stands to reason that a growing number of crypto enthusiasts and investors will gravitate towards the use of blockchain gaming titles as well as NFT marketplaces since they present them with a unique opportunity to accrue real value without the need for any financial intermediaries. Thus, it will be interesting to see how the future of these niche spaces pans out from here on end.
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