NFT games are emerging as one of the most exciting trends to watch out for in the entire gaming industry. If you consider launching your own NFT gaming development platform, take a sneak peek into the below guide, where we have summarized all aspects related to NFT gaming. Read the expert insight on NFT game development.
NFTs — also known as non-fungible tokens — are literally breaking the internet and capturing the interest of artists, investors, and entrepreneurs across the world. The ripples of the NFT revolution are strongly felt in the art world with some of the artworks fetching staggering prices at art auctions even though they are not physical art pieces but only serve as the digital representations of artworks. In a similar fashion, gamers and developers can retain ownership of their unique and rare gaming digital assets with the help of NFTs even if these digital gaming collectibles are not present in any form of a physical component that owners could access, play physically or get a feel for.
What was just an idea a few years back of earning huge monetary benefits from unlocking the in-game rare NFTs and digital items is slowly becoming a mainstream reality. Thanks to blockchain technology, gamers and developers could really get a huge return on their NFT gaming investments. Popular gaming genres and also game assets are undergoing real transformation due to the revolutionary blockchain technology. In this blog piece, we would attempt to study how blockchain technology has redefined the way one thinks about in-game assets and also how the in-game NFT purchases tokenize the digital world and authorize players to emerge as the real winner- just not in the game but also outside it in the actual, monetary sense.
Overview of Gaming NFTs
Non-Fungible Tokens or NFTs in the gaming world are one-of-a-kind tokens that serve as digital representation or certificates of ownership of digital gaming assets in limited numbers. Players can have ownership of in-game items, collectibles, and their favorite gaming characters or avatars. The popularity of the blockchain-based, valuable digital game assets are surging with millions of gamers and game developers exploring the NFT gaming space for the series of their strengthening factors.
Undoubtedly, NFT gaming has created ripples, redefining the idea of ownership of in-game assets. Although the revolutionary blockchain technology has made the thought of NFT gaming a mainstream reality, digital tokenization of in-game purchases has really got gamers and developers excited, and investors are staking a lot of their money behind a series of new NFT games.
Focus on NFT gamification for its Strengthening Factors
Going by the recent craze that NFT gaming has generated, it is pretty inevitable that it will continue to gain traction in the years to come. NFTs, or non-fungible tokens, are a digital certificate of ownership of in-game assets recorded on a blockchain framework that can monitor the proprietorship of an asset whenever there is a change of hand and can help past owners to get a certain percentage when it is resold.
It is not just the hype that will drive more gamers to reach out for rare, digital collectibles and unlock the NFT gaming assets. In fact, there are multiple benefits in acquiring digital certificates of favorite in-game avatars or characters for which more and more investors are turning their attention towards the NFT gaming realm. Below are some more reasons for which the NFTs is turning out to be a great option for the future of the gaming business:
Rarity:
NFTs are rare and also popular despite being in short supply and thus it is a no-brainer that more businesses and gamers wish to seek souvenirs, in-game assets for their distinguishability in the global network.
Transparency:
The introduction of NFTs to tokenize digital gaming assets on an online gaming platform provides users with a higher degree of transparency as every transaction is recorded in the distributed ledger, which is secure and immutable.
Verifiability:
The use of NFTs in the gaming world facilitates gamers and developers to access verified transactions in real time. Both the game development company and the NFT gaming traders are aware of the process.
Smart Contracts:
The decentralized applications and networks are governed by smart contracts, thereby making NFT- gaming and NFT game trading an extremely safe and secure activity. Smart contracts providing for digital NFT gaming agreements also eliminate the need for costly intermediaries and avert the risks of cyber fraud.
Pros & Cons of NFT Gaming Marketplace:
NFTs provide an abundance of capabilities in the gaming space and also contribute significantly towards the decentralized gaming ecosystem. Here is a look at some of the advantages that hugely endows the NFT gaming platform development sector:
Pros of NFT Gaming Marketplace:
Ø NFTs in gaming can enhance the players’ experience, even for those who have already played the game.
Ø NFT gaming can help gamers to tap significant income-generating opportunities. In fact several players are attracted to the NFT gaming platforms for the incredible earning possibilities it offers
Ø The token value of the in-game assets would push up with the hike in its demand
Ø NFT gaming allows gamers to buy and sell or transfer their digital gaming assets in a free market
Ø NFT in gaming sector assures that players are digital owners of scarce and rare virtual in-game purchases
Ø It is because of tokenization of virtual gaming assets by NFTs that players can now engage in a play-to-earn model and earn great returns
Ø Use the NFT gaming fad to drive up your business marketing campaigns
Cons of NFT gaming
NFT gaming is undoubtedly emerging as the hottest trends sweeping in the world of crypto and tokenizing virtual gaming assets. Nevertheless, while it holds immense potential for developers and gamers alike, there are also major drawbacks of NFT in the gaming space that one needs to be aware of before they launch their own NFT gaming development platform. Here is a list of some of the significant disadvantages of NFT gaming:
NFT Hype
Many participants believe that there are significant investment benefits that these NFT-minted digital gaming assets would yield but there is also a section of people who doubt its capability to sustain in the long run. The current hype around the purchase and sale of NFTs in the gaming sector has led many experts to believe this more as a bubble which is waiting to be popped sooner than expected. Even though some of the NFTs in artworks and even so in the gaming domain have shown their worth, the experts in the gaming world are brimming with speculations and fear that the heavy NFT gaming investments would eventually collapse.
Environmental Concerns
It is for the underlying blockchain technology on which the NFTs are based for which experts’ casts a significant concern over the environmental sustainability it has. Research reports predict that the underlying blockchain technology consumes enormous amounts of energy. Hence, trading in NFT gaming assets and other blockchain-based assets is an environmentally unsustainable and non-eco-friendly process.
Piracy
Even though the blockchain-based NFT gaming platform and exchanges assure complete transparency and security, concerns of piracy and cyber thefts loom large over it. Even though you may have NFt game assets as a token of authenticity, these can be manipulated and pirated by cyber thieves. In the past, many incidents of cyber breaches and stolen NFTs have been reported, thus raising an alarm for all those who wish to engage in the NFT gaming platforms.
How will NFTs change the gaming industry landscape in the future?
The gaming industry is one such industry that clearly demonstrates that the industry is fuelled by the gamer’s passion and audience interest and it is for these factors that there is enough room for innovations. Gamers get engrossed in the alternative world of NFTs when they launch digital versions of their favorite games. A quick glance at some of the popular games of the decade gone by is proof enough to conclude that modern gamers value their in-game purchases such as digital avatars, characters and other in-game virtual items a lot. Often these virtual assets are acquired to serve as an extension of their creative selves. And what’s more is that they are even willing to shell out a lot of money to acquire these NFTs.
The desire to build a collection of rare in-game assets is accelerating the NFT market in the gaming realm. Entry of NFTs has proven how far these tokenized digital assets could go beyond the real phenomenon. The advent of NFTs in the gaming industry is certain to change the future of gaming. There are several ways in which one can achieve gamification of NFT. Let’s take a sneak peek into some of the major prevalent ways in which the virtual gaming assets have been winning over the traditional gaming ways and are also most likely to change the gaming landscape in the future:
1. Play-to-earn gaming model for income-generation
Online gaming is usually pursued by players with a win-it-all attitude where they buy products and choose upgrades that work in their favor but are not of much financial significance. However, the play-to-earn model generates good revenue for players’ participation in the game.
In the play-to-earn games, players could trade their NFTs, earn good revenues in the form of cryptocurrencies and also make handsome incentives. Players in the virtual games cann buy NFT characters, which in turn, can be sold to another market participant on the popular NFT marketplaces. Moreover, these NFTs can also be used for yield farming cryptos and investments in new NFTs, thus contributing to the game’s economy.
2. Arrival of guilds to help players earn money
The emergence of Play-to-Earn Guilds has been quite helpful for new entrants in the NFT gaming space. Members of the guild can also opt to take the in-game assets on rent rather than shell out high prices for possessing them. Renting the gaming assets helps in lowering the barrier for new players to enter the NFT gaming domain. Lenders of the in-game assets are paid a certain percentage of the earnings made by participants from it and this pay model is continued till the player owns the appropriate gaming tool completely.
This new phenomenon of play-to-earn guilds depends heavily upon the attractiveness and demand of the NFT gaming arena. It is a win-win situation for those involved in it. Earnings for the guild are higher with the entry of new players and fresh entrants can also start earning well by being a member of a guild.
3. Asset interoperability in games
One of the most lucrative features of the NFT gaming platform development is interoperability. In traditional gaming consoles, players’ gaming tools and characters cannot be used beyond a single game and developers exercise full authority over them. However, the element of interoperability allows players to use NFT gaming assets in other blockchain-based games on approval basis. When engaging in NFT game development, think about similar or compatible ecosystems with virtual gaming assets that can be traded on crypto exchanges. Players with digital tokens such as an ERC-721 or BEP-721 can use them in any other game that accepts those token types. However, this is completely dependent on the NFT game developer’s choice.
NFT gaming platform development step by step
Going by the wide range of benefits offered by NFTs in the gaming industry, many are planning to launch NFT game development platforms that can feature exciting games and also deliver fabulous game-play experience on the decentralized ecosystem. If you too are thinking of setting up an incredible NFT gaming platform that can be of great significance for your development company as well as for gamers. Here are a few essential knowledge required on the key NFT development steps needed before you dive deep into NFT gaming platform creation.
Design: Decide on the type of game you are interested in and the gaming genre. Besides, you would also have to think about the content that would go in your gaming genre. These would make up for the first steps of your NFT gaming development platform.
Focus on creativity: It goes without saying that design is the key component of the NFT industry and the same holds true for the NFT gaming platform too. Choose amazing infographics to back your platform to appeal to NFT-gamers.
Development support: When deciding to launch a NFT gaming platform development, decide if you would build it on a mobile or a web app. Having NFT gaming platforms that can be supported on multiple devices – be it mobile, desktop or web is a great thing for a platform.
Set up the perfect game environment: The next step to consider would be the blockchain that would best fit your NFT gaming platform requirement. Choose a blockchain framework that best connects with your NFT game. The Ethereum Blockchain is the most popular among the game developers, you can also check out others such as Polkadot and Solana Blockchain, which offers favorable possibilities for NFT game development.
Wallet integration feature: Ensure that your NFT gaming platform is connected with one of the most popular NFT wallets to let participants deposit their digital tokens safely. Although Metamask is quite a popular NFT wallet for game developers, you could also explore Coinbase, Enjin or Truth wallet.
Choose the right back end as well as front end features for the proper development of the NFT gaming platform solutions.
Most successful NFT games
Studying some of the biggest and most exciting NFT games will help aspiring NFT game developers and new entrants in the domain to have a better understanding of the concept of tokenizing the digital game assets. Here are a few popular examples to showcase the significant ways in which the NFTs can work in a gaming environment.
- Axie Infinity- With over 100,000 weekly users, it was considered to be the number one Ethereum-based gaming DApp as reported till August 2021’s on chain volume. This popular Play-to-Earn game model is inspired by the hugely successful Pokemon game series and featured in the list of top three most recognized NFT games.
- Splinterlands: This collectible trading multiplayer card game is built on the Steem Blockchain with designs that are the cross between pokemon card games and World of Warcraft characters. As of Jan 31st, 2022, it registered more than 350.4K users. It offers gamers a unique game-play experience, providing them the choice of either solving quests or conquering the world. It is also renowned for its low-carbon cryptocurrency Wax.
- Tom Clancy’s Ghost Recon: Ubisoft Strategic Innovation Lab’s new initiative Breakpoint uses Ubisoft’s own Quartz blockchain. Built on the low-carbon Tezos blockchain, this NFT game has more than 2.4 million estimated players.
Other popular NFT games are Alien Worlds, Farmer’s World, Upland and Crazy Defence Horses among others. NFT game enthusiasts should also look for investment opportunities in highly promising NFT games such as Battle of Guardian, Idle Cyber, Gods Unchained, Crypto Kitties, Illuvium, and the Sandbox.
Hiring Prolitus for NFT Game Development Company
Experienced and expert blockchain-based gaming development experts from Prolitus can help the entertainment companies to set up a superior marketplace. Our experts come with good knowledge in the field of NFT token development to let your gaming platform entice more players and users to put at stake huge loads of money in the digital gaming world. A unique signature or a code can be developed or listed by developers to provide in the games, which thereby activates the game developers to earn passive income or revenues with NFTs
NFT gaming platform development services, Prolitus is following the core part of asset tokenization. Right from pre-NFT Gaming platform development services to asset creations, we render our clients all-encompassing NFT game development services along with round-the-clock support.
Get in touch with Prolitus for the best NFT game development support services and cut down the costs for it. Give your gamers the most exciting game-play experience across multiple platforms alongside providing complete transparency and security in minting, and launching NFT tokens.
