NFTs Enable True Ownership in the Gaming Industry

NFTs Enable True Ownership In the Gaming Industry

Mytheria are going a step further by incorporating a create-to-earn aspect wherein platform users can still contribute to the game’s platform without the necessity of having the skills of a developer. 

Mytheria users, for instance, can create artworks that will be able to be traded on the external NFT marketplace and earn revenue directly. That artwork or in-game asset could even get incorporated into the game’s ecosystem through a popular vote by the platform’s community. 

NFTs and Play-To-Earn Gaming

On most conventional gaming platforms, players spend tons of hours and money achieving success in the game’s environment, collecting rewards and other in-game assets, only to realize that all the in-game assets collected have zero value in the real world. 

Apart from the select few gamers who can monetize their gaming skills and build a career through sponsorship deals, the rest of the gamers never make anything substantial through their gaming. 

A play-to-earn economy can be established by giving players full control over in-game assets, as seen with Axie Infinity, Decentraland, Alien Worlds, and God’s Unchained.

Interoperability and Composability

At the moment, most games only allow players to carry out a limited, predefined set of activities. Most of these activities oblige the player to operate within the game’s ecosystem. Players can only trade and transact solely within the game’s environment while only using the game’s in-built assets. 

NFTs are changing the narrative as they are designed with interoperability and composability. With NFTs, players will move bits of content within the game to other games and third-party platforms and trade those items or use them in other capabilities. 

As the world edges closer to a Web3.0 internet, game developers will have to create composable platforms such that a player can own the maps and skins of one game and possibly use them on another game. 

Conclusion

NFTs are disrupting nearly every aspect of the gaming industry. While traditional games give game publishers full control over the game, even while the developers and players create the most value, a tide of change is on its way, as seen with the widespread adoption of NFTs.

Already, major game publishing studios are dipping their toes into NFTs, with the likes of Electronic Arts, UbiSoft, and Take-Two Interactive expressing interest in taking steps to try out NFT collectibles on their gaming platforms.

Photo of Trevor Holman

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

Back to top button

Source