Do NFT games have any advantages over traditional games?
The gaming industry is over 50 years old at this point. There has been instability in this industry since its inception. We all remember the famous gaming industry crash in the 1980s. However, the industry has always managed to recover and reach new heights.
And now, it seems the industry is making an unexpected comeback – all thanks to NFT games.
The state of the gaming industry
In recent years, the gaming industry has flourished. Today, the industry is worth more than $195 billion worldwide. Which is more than film and music industry combined.
There are many reasons for this sudden increase. The most important reason is that gaming has become more mainstream. With the rise of mobile gaming and live-streaming platforms like Twitch, more people are being exposed to gaming than ever before.
But things are not perfect. Recent years have seen the rise of in-game purchases and freemium games While this business model has been successful for some developers, it has caused controversy. Gamers are increasingly frustrated with paying for DLC and microtransactions.
To combat this, publishers are beginning to look to the NFT gaming business model.
NFT games have surpassed traditional games
According to Polygon’s vice president of global business development, Urvit Goel, games that integrate NFTs are ahead of traditional games.
The traditional game model requires players to spend their money so that they can improve the gameplay or even enjoy the game altogether. Now, the concept is nothing new. Arcade game players need to feed the machine coins so that they can continue playing.
If a game integrates NFTs, it allows players to buy and sell assets within the game. That means users can earn money by playing games.
This model has already proven successful. Blockchain-based games like CryptoKitties, Decentraland, and Axie Infinity have already generated millions of dollars in revenue.
Switching traditional game publishers
Buying, selling and trading game assets will give users more control over their in-game experience. It also gives them the possibility to earn money by playing the game.
Gaming publishers are starting to notice this. Nexon, the owner of the popular MapleStory game, recently announced that it will release a blockchain version of its flagship game this year.
What’s more, the aforementioned Polygon is also entering the NFT gaming market. The company has partnered with Neowiz to develop existing and new titles on the blockchain. Polygon officials have a lot of confidence in the technology and will be able to use it effectively.
And Nexon and Polygon won’t be the last companies to do so. As the NFT gaming business model proves itself, we expect more traditional game publishers to switch to using NFTs.
In conclusion
No one is forcing these publishers to enter the NFT gaming market. They are doing it because they see the potential for success. The NFT gaming business model has already proven to be more profitable than traditional models.
What’s more, it gives players more control over their in-game experience. Players can build their in-game economy by buying, selling and trading game assets.
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