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Understanding NFT Gaming

Understanding NFT Gaming

NFT gaming is the new meta in the blockchain industry. It combines the benefits of non-fungible tokens (NFTs) with the immersive and engaging experience of gaming.

NFTs are unique digital assets that can represent anything from art to collectibles to in-game items. They can be traded, sold, or used in various platforms and applications.

NFT gaming leverages the power of NFTs to create innovative and interactive games that reward players for their participation and contribution. NFT gaming also offers new opportunities for game developers, artists, and creators to monetize their work and reach a global audience. NFT gaming is the new meta because it creates a more dynamic and decentralized gaming ecosystem that empowers players and creators alike.

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Unlike traditional gaming assets, NFTs are owned by the players and can be traded, sold, or used across different games and platforms. NFT gaming offers many benefits for both developers and players.

For developers, NFT gaming can create new revenue streams, increase player engagement and retention, and foster a loyal community of fans. For players, NFT gaming can provide a sense of ownership, achievement, and empowerment, as well as an opportunity to earn money from their gaming activities.

NFT gaming also enables more creative and immersive experiences, as players can customize their avatars, explore user-generated worlds and interact with other players in novel ways. NFT gaming is expected to grow rapidly in the next few years, as more developers and gamers adopt this innovative model of gaming.

Some of the most popular and successful NFT games include Axie Infinity, a monster-breeding RPG that has generated over $1 billion in revenue; CryptoKitties, a collectible cat game that sparked the NFT craze in 2017; and Decentraland, a virtual world where players can create and explore their own NFT-based lands, experiences and lastly, the OthersideMeta by Yugalabs.

There’s an inherent volatility, and the environmental impact of NFTs, in their current use is hard to ignore. For gamers particularly the spectre of loot-boxes still prevails – these paid-for random boxes of items sucked cash from players.

But NFT gaming is one of 2022’s biggest new NFT trends, and it will be hard for developers and publishers to ignore. We explain more about what are NFTs? in our  in-depth feature, but to discover what it all means for games, keep reading (or jump straight to our NFT gaming. As more major publishers back or are exploring uses of NFTs – including Ubisoft, Konami, Epic, Capcom, and EA. In fact, Square Enix has announced its first NFT game, called Symbiogenesis.

The rise of Play-to-Earn games, such as Axie Infinity, (think of its Axies as Pokémon) are pointing the way ahead. Some players are even able to earn a living from these games. With 3 million daily users Play-to-Earn games like Axie Infinity aren’t going away.

While many Play-to-Earn games share similarities to non-NFT titles, such as Pokémon and Stardew Valley, there are accusations some are simply backdoor blockchains; the gameplay comes second to buying and trading cryptocurrency in the guise of collectible items.

NFT gaming is still in its early stages, but it has the potential to revolutionize the gaming industry and create new forms of entertainment and value for gamers around the world.

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