Chances are you’ve heard of NFTs. Think of them as digital assets backed by certificates of ownership that can’t be forged. Nothing on the internet is truly yours: All your digital assets are data points on company servers that can be erased. But with non-fungible tokens, or NFTs, users “mint” unique on-chain assets that they fully own. Since each record is encrypted, trust is decentralized and allows for ownership that can’t be destroyed.
This is huge for gaming. NFT trade volume grew from $135 million to $64 billion since December 2020. The blockchain gaming industry grew 2,000% in the past year and has attracted $2.5+ billion in investments. People are fascinated by the idea of putting durable in-game assets on a blockchain. For players, items they acquire will now be tradable for monetary value. For game companies, their assets become persistent platforms on top of which other developers can build experiences. However, while these concepts are exciting, the space is young and it comes with its own challenges.
Here are three things you should know about the world of blockchain gaming.
1. Gamers don't like NFTs.
Gamers care about one thing: having fun. The moment that fun comes with an ulterior motive, they riot. Subscriptions and microtransactions have been a tough sell to gamers. Diablo Immortal, a recent Blizzard title, received the lowest user score in Metacritic history after it was discovered that it could cost players up to $110,000 to fully upgrade a character.
When it comes to NFTs, where every win/loss might translate to earnings, the pushback can be immense. Prominent game studios such as EA and Ubisoft have faced intense backlash from gamers on their NFT rollouts. For Web3 business owners, game developers and investors, it is vital to be cognizant of this general sentiment and hedge against it.
Continue reading: https://www.forbes.com/sites/theyec/2022/08/02/3-things-you-need-to-know-about-blockchain-gaming/?sh=2b494c444a85
This is huge for gaming. NFT trade volume grew from $135 million to $64 billion since December 2020. The blockchain gaming industry grew 2,000% in the past year and has attracted $2.5+ billion in investments. People are fascinated by the idea of putting durable in-game assets on a blockchain. For players, items they acquire will now be tradable for monetary value. For game companies, their assets become persistent platforms on top of which other developers can build experiences. However, while these concepts are exciting, the space is young and it comes with its own challenges.
Here are three things you should know about the world of blockchain gaming.
1. Gamers don't like NFTs.
Gamers care about one thing: having fun. The moment that fun comes with an ulterior motive, they riot. Subscriptions and microtransactions have been a tough sell to gamers. Diablo Immortal, a recent Blizzard title, received the lowest user score in Metacritic history after it was discovered that it could cost players up to $110,000 to fully upgrade a character.
When it comes to NFTs, where every win/loss might translate to earnings, the pushback can be immense. Prominent game studios such as EA and Ubisoft have faced intense backlash from gamers on their NFT rollouts. For Web3 business owners, game developers and investors, it is vital to be cognizant of this general sentiment and hedge against it.
Continue reading: https://www.forbes.com/sites/theyec/2022/08/02/3-things-you-need-to-know-about-blockchain-gaming/?sh=2b494c444a85
