Over the past few years, the gaming industry has changed drastically in terms of both participation and revenue. The covid-19 pandemic has a major role to play in catering to the rise in the number of gamers. According to a Statista analysis, India had 390 million (approximately) online gamers by 2021, up 8% from the previous year. By 2023, that number is predicted to reach or surpass 450 million.
When compared to modern gaming, traditional gaming only offered a small amount of player engagement. However, as a result of technological advancements that have ushered in a new era in the gaming industry, a variety of new gaming genres have emerged, ranging from cloud gaming and VR to NFT gaming, AI, and virtual world Interaction.
With NFT gaming coming into play, the entire face of the gaming industry has changed. It has given players greater control and open and free decision-making authority.
For instance, the assets you purchase while playing NFT games, be it a unique character or a weapon, will be your own possession and you can choose whatever you want to do with them. You can either trade them with other players, sell them or transfer them to another game. According to industry experts, 56% of the 1,500 console and PC gamers surveyed are interested in using gaming to generate non-fungible tokens.
Role of NFT in the gaming industry
NFTs can be seen as a great source of investment. When playing NFT games, you can either sell your assets for more money, carry them over to another game, or swap them with other players. In essence, this offers gamers a strong sensation of control and decision-making power. The ability to create in-game products, which are equivalent to NFTs, gives players the chance to own and control the things they build, acquire, or buy.
NFT gaming, in contrast to traditional gaming, is interoperable by nature, allowing it to be used on several platforms. This further enables the participants to manage their digital assets in any way they see fit. Additionally, it offers all players a safer and more equitable gaming experience.
It would be impossible to engage in unfair gaming because game goods are stored in a blockchain. This, in turn, attracts more new players since it allows a fair gaming experience.
Given the pace of technological advancements taking place, the gaming industry is expected to transform completely in the coming years. From little player involvement to a more interactive, real-world gaming experience, it has come a long way. In fact, the advent of NFT gaming is a pathway to new gaming genres coming into being. Moreover, NFT has totally opened up a new aspect of gaming, giving players the opportunity to acquire and own digital assets within the game and control their trading and selling as per se. The interoperable nature of this sort of gaming draws more players and it is expected that NFT involvement and adoption in more games will increase, leading to additional opportunities for gamers to buy, sell, and trade in-game things.
The pandemic had an adverse effect on most industries, while the gaming sector experienced the reverse. As the popularity of gaming unexpectedly grew at that time, new gaming genres, including cloud gaming, virtual reality, NFT gaming, artificial intelligence, and virtual world interactions were also discovered.
Especially if we talk about NFT gaming, it has brought into being the in-game digital assets that act as a great source of investment for the players and enable them to trade, sell or carry them into another game. The players now have access to new gaming opportunities as a result of this. In fact, it’s anticipated that NFT involvement in gaming will increase in the following years, bringing with it great possibilities for the players.