The gaming industry has been around for more than 50 years. The industry has been erratic from the start. Everyone is familiar with the infamous 1980s game industry crash. However, the sector has consistently been able to bounce back and achieve new heights.
Thanks to NFT games, it now appears that the sector is making an unexpected comeback.
The video game market has been booming recently. The industry is currently worth more than $195 billion globally. That surpasses the sum of the music and film industries.
There are numerous causes for this unexpected growth. The main justification is the increase in popularity of gaming. More people than ever before are exposed to gaming because to the growth of mobile gaming and live-streaming services like Twitch.
However, nothing is perfect. In-game purchases and freemium games have increased in popularity in recent years. This business strategy has generated debate despite being successful for some developers. Having to pay for DLC and microtransactions is making gamers more and more irate.
Publishers are starting to consider the NFT gaming business model as a way to address this.
The vice president of worldwide business development at Polygon, Urvit Goel, asserts that NFT-integrated games offer an advantage over conventional games.
According to the conventional game model, players must pay money in order to improve gameplay or simply to fully enjoy the game. The idea itself is not new, mind you. Players have to continuously feed coins into the arcade game machines in order to keep playing.
When NFTs are included in a game, players have the option to buy and sell in-game goods. This implies that consumers can profit financially from using the game.
The effectiveness of this model has already been established. CryptoKitties, Decentraland, and Axie Infinity are just a few of the blockchain-based games that have already made millions of dollars in sales.
Users will have more control over their in-game experience if they can buy, sell, and trade game assets. Additionally, it offers individuals the chance to earn money while playing the game.
Publishers of video games are beginning to take notice. The developer of the well-known MapleStory game, Nexon, recently disclosed that a blockchain version of its main title would be available this year.
Additionally, the previously mentioned Polygon is also breaking into the NFT gaming sector. To create and publish new games on the Blockchain, the firm has teamed up with Neowiz. The management of Polygon are quite confident in the technology and its practical use.
And other businesses will follow Nexon and Polygon in doing this. We anticipate that more conventional game producers will migrate to using NFTs as the NFT gaming business model gains traction.
These publishers are not being compelled to enter the NFT gaming business by anyone. They are doing it because they believe it has success potential. Compared to the conventional paradigm, the NFT gaming business model has already shown to be more profitable.
Additionally, it provides gamers more control over their virtual world. By purchasing, reselling, and exchanging game assets, players can build their own in-game economy.
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