How “Play To Earn” Games Are Driving The NFT Industry Forward
The wondrous world of NFTs’ recent surge in participation numbers and the incentivization benefits because of it is applaudable. They have had a great year in 2021 and are proving to be one to beat in their own domain. The current trajectory of the digital asset trading platform is set to break the records and expectations of what we thought was possible in it.
NFTs trajectory in the past year
NFTs have made it work for themselves in the global trading economy, with $41 billion and more in the last year alone. With the promise of breaking their own records by the end of this year’s survey. In that, the gaming industry – a multi-billion dollar industry on its own – found another revenue stream in the NFTs. The gaming division alone contributed more than $10 billion in trading volume, and within that round-up, $2 billion was to be credited to the in-game commodities.
What is an NFT?
NFTs stand for non-fungible tokens. These tokens are individual identifiable assets backed up on the blockchain. These assets exist in the digital space, but their utilities and applications can be applied to physical usage. The digital asset trading platform resides on the blockchain, as much as it is using it to function. Niches in the NFT realm started with digital art and then transcended to music, games, film & television industry, hospitality, merchandising ticketing, and much more. The interoperability and adaptability in the sector help in overlapping the existing industries to create more niche ones. This aspect helps bring new audiences together, resulting in more revenue-generating streams. All this is possible because of the all-enticing technology that is the blockchain.
Blockchain-based applications
It is a cross-platform online ledger – in regards to the NFTs. But their use cases house a variety of advanced tech, which are also evidently interoperable. Tech like Web3, decentralization, DeFi, NFTs, etc. It is appealing to the participants of the digital realm as its interface is tamper-proof and exhibits signs of trusted permanence. Many sectors, despite existing on the social web, are trying to shift to the applications of blockchain. The decentralized platform is now focusing its energy on building gaming applications as it is very lucrative. Let’s look at how blockchain-based games are performing and how the gaming industry operates in this sphere.
Games on the blockchain
Gaming has always kept up with the relevant and timely trends and advancements in its domain. They have never shied away from implementing and deploying new and bold ideas. Blockchain-based games are specially designed to help incentivize and uplift gamers as well as indie developers. These games are deployed in free-to-play and pay-to-play interfaces. There is a new wave of releasing these new games built to support the blockchain participants by releasing them in a “play to earn” module. The games on the blockchain may vary depending on the marketplace. The niches within the gaming division in the NFTs are fictional, strategic/tactical, adventure, first-person – POV, trump cards, sports-based, etc.
Play to earn games in the NFTs
The concept is possible due to the monetary attachments and trading aspects that are attributed to the NFTs. These assets minted on the blockchain can be effectively monetized. The developers and companies that develop the games can draw up smart contracts. These self-executing contracts can help incentivize them each time the assets end up traded on subsequent platforms. Players/gamers can buy the NFTs in the game and end up trading those as well as getting to play and interact with the platform. Gamers are now sussing out the platform to make it work for them. A viable career path is gaming and influencing – the gaming influencers and social media artists have another outlet through this.
Metaverse ecosystems in the games
These interfaces are more often loaded with metaverse ecosystems and subsequent marketplace to buy and sell. Relevant blockchain standards play a role in how the NFTs are presented and sold. Overlapping intersectionalities in the NFTs also facilitate the different industries residing within the NFTs to come together. Art, music, and entertainment enterprises can help themselves to integrate any aspects of the P2E gaming ecosystem into their marketplaces.
Gaming assets and how they are developed
The gaming assets include the metaverse ecosystems, avatars, skins, in-game commodities, rewards, tickets, etc. All these digitally residing concepts can be developed and minted for commerce. Developers can pick and choose what aspects of the game they want to monetize. They can also assign how many creative liberties the players can experience on the platform. It depends on the kind of marketplace too. With the advancements in the platform, one of the biggest boons for the developers came in the form of no-code launchpads. The instant launchpads helped creators to curate and customize their marketplaces to exactly what they wanted them to be.
Ticketing and reward system
The concept of ticketing and rewards is an added bonus to the digital asset trading platform. It helps drive a large number of participants to engage with the marketplaces. This achieves both – marketing through engagement and exposure. And also build trust. Ticketing and merchandising are one of the physical applications of the NFT sector that is becoming more popular. Airdrops, giveaways, and generative punks come under the reward NFTs. This encourages individuals to care about the interface on a personal level and start paying attention.
Wrapping up with tips on how to sign up for the P2E gaming platforms
The biggest hurdle is to stay connected to the projects that catch your eye. Research on the marketplaces and relevant projects is mandatory to filter out the best platforms. New and upcoming markets are also another place – amateur investors and players can invest in. NFT projects can blow up at any given point.
The participant needs to sign up to the relevant marketplace and connect the wallet to fund it. They also need to subscribe to socials, email drives, newsletters, and discord to be on top of the latest updates. The investors and players who want to invest in the platform can follow the same platforms and build communities with fellow owners.
