In the traditional sense of gaming, developers maintain a continuous stream of in-game assets to monetize their products. However, the problem is that it’s all one-way traffic when it comes to profits, with most of it heading back to the developers’ pockets. Players on the other hand gain nothing more than the gratification of fulfilling a beloved pastime. However, play-to-earn economies such as the Caesium NFT gaming ecosystem will soon change this state of affairs giving real-world value to the players as well. It is primarily for this reason that the future of the gaming industry will turn to non-fungible tokens as the cornerstone to build this new age. Here’s a closer look at how that will happen.
NFTs will give players a stake in the game in terms of tangible ownership
Call of Duty and PUBG mobile are a few examples of contemporary blockbuster games that are making a killing with their revenue. These companies are reeling in hundreds of millions of dollars, perennially selling in-game assets such as weapon skins, avatars, and attires to their player base. However, these assets have little value outside the game itself as players can’t even resale assets they “own” from the developer.
This state of affairs reverses with an NFT Crypto game such as Alpha Returns by Caesium Labs. A first-person shooter with many similarities to the ones above in terms of basic gameplay concepts, crypto games such as these provide tangible benefits that exceed the boundaries of the virtual economy. In the Caesium TIME blockchain gaming ecosystem, players are rewarded according to the following consensus algorithms:
- Proof of Work
- Proof of Stake
- Proof of Time
Now NFTs that players obtain from the game exist within the blockchain independently or autonomously. In other words, if you’d like, you can trade these NFTs on the marketplaces outside of the game, or just build your own portfolio.
Play-to-earn NFT games afford interoperability
Contemporary games exist in centralized servers and nowhere else. Players spend lots of their money, time, and resources at large to build or collect in-game assets. However, since this application exists on a single network, there can’t be transference to a secondary online app.
Let’s put this further into perspective. You’ve spent weeks on end playing your favorite game, finding rare treasures, and amassing various prizes. When you eventually go on to another game after calling it quits, you lose all your hard-earned assets as they only have value in the first game.
However, that all changes with play to earn NFT games. These can share value within the same blockchain, as two separate games within the chain can share rewards such as tokens or NFTs. Overall, this would mean a bump in:
All of which are vital metrics that mold the trajectory of the gaming industry.
Play-to-earn blockchain gaming ecosystems breed transparency
Who determines the scarcity and rarity of digital assets within a game? For games that exist outside of a blockchain, then this is the reserve of a centralized authority. A status quo that often raises eyebrows among players.
However, with play-to-earn game NFTs in the mix, any issues about transparency instantly fly out the window due to P2P network reviews from users themselves. In fact, in many modern NFT games, players can better assess the scarcity of the NFT by obtaining data about:
- Average hold time
- Number of successors
- Date of creation and more.
With brands today striving to ensure transparency between themselves and customers, the NFT crypto game formula will continue to look more appealing to players and developers alike. Hence, the continual inclination of the gaming industry toward blockchain technology.
NFT games will pave the way into the metaverse and the future
The metaverse concept encompasses a 3D virtual reality that overlaps our own, offering an immersive experience that ties into life as we know it. With the future of gaming also hurtling toward the metaverse, NFT or blockchain gaming will serve to only further accelerate the journey toward this reality.
NFT crypto games may be the life of the party in the metaverse, and brands are already making huge moves that further reinstate this eventuality. For example, one global shoe brand has already begun investing in virtual real estate, while top-line fashion brands are partnering with titles like Fortnite to sell in-game attire to players via virtual stores. As the metaverse continues to blur the boundaries between virtual economies and the real world, NFT games will gain an important seat on that table.
Play-to-earn games tap into the passions of a third of the world
Roughly 7.8 billion people are living on earth. Of that number, approximately 3 billion of them are gamers. That makes up a little over a 3rd of the world’s population. Video games are continually becoming more popular, no doubt given a huge helping hand by the coronavirus pandemic which pushed people toward indoor hobbies. That aside, a lot more people are finding an outlet in video games.
Play-to-earn communities will only further provide more incentives for users. The ability to earn tokens that players can take to a crypto exchange will no doubt further increase the appeal of gaming, which is why many developers are now gravitating toward this new concept of gameplay.
While there have been concerns that fun could be sacrificed as games focus more on creating play-to-earn economies and cryptos, the potential for two often separate passions (gaming and earning) to collide certainly outweighs such concerns. If anything, modern crypto titles like the Caesium NFT gaming platform, Alpha Returns, only prove that these two aspects are not mutually inclusive and can be combined to great effect.
The future of gaming is here! Here’s how to be a part of it
Non-fungible tokens and cryptos once seemed like a pipe dream or a wild fantasy reserved for the imagination. Now though, everyone’s scrambling to get a piece. Play to earn NFT Game concepts are fast proving themselves superior to traditional titles. They afford players real-world value, ensure better transparency, and are way more robust and secure. Due to this superiority, the NFT market is accelerating at a tremendous CAGR of 20.41% as this model continues to rise in the pecking order