NFTs and the digital asset sector have been relatively inconsistent over the past several years. However, one thing is undeniable: their pervasiveness in several major sectors of technology and beyond, including the gaming ecosystem.
The gaming industry has been evolving for decades as innovations in technology continue to facilitate processes and enrich the user experience.
The advent of crypto, especially blockchain applications and assets like NFTs, has taken the experience to another level for all users.
In this article, we will cover the following topics:
- Web3 Revolution in Gaming
- The Present and Future of NFT Gaming: Real-World Tokenization
- Potential Issues Presented by NFT Gamification
- Describe any challenges that NFT gamification could present, especially for the developers and users of these Web3 gaming ecosystems.
Web3 Revolution in Gaming
The Web3 revolution comes as no surprise: non-fungible tokens introduce the concept of true ownership of in-game assets. As online gaming and console sales have soared in recent years, it’s unsurprising that avid gamers (and not) are experiencing an evolution of their playing experience.
- NFTs can do just that. Players and gamers can now buy and trade unique assets, such as skins and more, amongst each other with the full understanding that their asset is one of a kind.
- The first game developer to address this was Sony in early 2023, when it applied “to make NFTs transferrable between games and consoles. This application means that Sony is not only looking for people to take ownership of their assets and be able to transfer them from one Playstation console to another but also with consoles not developed or sold by Sony. This is why Sony’s approach should be addressed as a “revolution.”
- The possibility of inter-console trading confirms that NFTs have introduced true ownership of in-game assets. Digital assets could also be used in the future to reward users for achieving certain goals within games, such as passing a level or beating a top-tier boss. Crypto rewards could also be used to incentivize players to be loyal members or participants of a community, therefore expanding the reach or loyalty of players to a certain game. The fact that these rewards could potentially exist in a cross-platform ecosystem incentivizes gamers even more.
At CoinGames, our NFT collection will drop in Magic Eden on June 5th. This is an NFT collection from a decentralized ecosystem, which means, that it already holds all the above-mentioned exciting potential.
In the meantime, we offer significant benefits for NFT traders, gamers, and investors. Such as:
- 10% Revenue Share
- 1% $CGT Token Airdrop Allocation
- Staking
- Special VIP Systems
- Extra Benefits
Check the full pack of utilities offered by Rising Legends on CoinGames’ NFT whitepaper below:
Present and Future of NFT Gaming: Real-World Tokenization
It is now possible for game developers and operators to reward players with NFTs thanks to blockchain applications. Cryptocurrencies are essentially “tokenized” assets that are found in-game as rewards or can be purchased by users. Such items can include skins, as in many online games like Fortnite, or player cards, as in FIFA, or other items that either help the user reach more levels or diversify the gaming experience entirely.
- The tokenization of virtual or in-game assets is a game changer not just for players and developers, but also for entities and brands from other sectors that are also taking advantage of this technology. This is because “NFTs offer brands a new way to engage with consumers and provide additional real-world benefits, rewards, and experiences.”
- NFTs are rediscovering the virtual experience as their gamification and introduction to in-game assets provide a sense of ownership and worth. Big corporations like Nike, ASICS, and Starbucks (until recently), are leveraging digital asset technology to bring in a new wave of consumers that are attracted by the offered perks. ASICS — one of the world’s major sports shoe brands, recently introduced a brand loyalty program on the Solana blockchain.
- An example of real-world tokenization that does not necessarily involve NFTs is fan tokens in football circles. Most major clubs have now launched their fan tokens, giving the collector special decision-making powers over their club. Perks can range from which kit the team will play in, to more low-key things like what song will play when the team comes out for a matchday in their stadium.
Potential Issues Presented by NFT Gamification
While NFT applications will indeed revolutionize gaming for the better, there are also some issues that this innovative implementation could potentially face. Some difficulties that could present themselves include platform incompatibility, as opposed to the interoperability we just spoke about. Scalability issues are also one of the primary concerns in all crypto-related applications.
- Traditional gaming applications are incompatible with innovative NFT applications, meaning games need to be upgraded and consoles most likely changed for these decentralized systems to be integrated extensively. In addition, while NFTs and the sector are becoming increasingly popular, with the market expected to reach almost $500 billion by the end of the year, many people have not yet tried out blockchain applications or are unaware of them. Bringing this revolution to their attention is of the utmost priority.
- Simplifying the way NFTs are applied to gaming will end up being beneficial for all sides. Having game developers and console distributors focus more on the informative side of the application, explaining the benefits of on-chain assets as opposed to in-game ones.
Lastly, as in many crypto-related projects, NFT gaming platforms will inevitably face scalability issues, which layer-2 protocols may help to solve, at least partially. Otherwise, the speed and performance of these platforms may struggle and drive gamers away as a result.
To sum up, while technological advancements have enhanced the structure and in-game experiences for fans of every console—be it the addition of online gaming, or just improved graphics — the development and addition of blockchain-related assets within games will inevitably take gaming to the next level.
NFTs have taken the gaming experience to another level for players, introducing the tokenization of in-game assets and rewards that are now possible to move between platforms. Major brands have taken notice and carried out their own tokenized digital rewards system. For example, at CoinGames, besides launching an NFT collection, we have our own token in our crypto casino. Now it is called DEGA, and it’s a Bitcoin-based token. We’re planning to launch another one called the $CGT token very soon. This will bring our casino to the next level and show that the tokenized digital rewards system is real.
This evolution will inevitably lead to even newer decentralized applications within gaming: Are you ready to take on the future?
To read more about our NFT collection and its gamified perks, check out the CoinGames NFT page.
