The Importance of Ownership in Gaming
In gaming, asset ownership has traditionally been almost entirely controlled by game developers and publishers.
Players have been limited to purchasing games, and any in-game resources, skins, or other digital items have remained the property of the developers. However, in recent years, the GameFi space has emerged as a new way to play and invest in games while also granting ownership of digital assets to players.
This has had a significant impact on the industry, with gamers and developers alike responding positively to this new approach.
GameFi And In-Game Ownership
GameFi or “Game Finance” is a new term that refers to the intersection between gaming and decentralized finance (DeFi).
Essentially, it involves games that use blockchain technology, cryptocurrency, and non-fungible tokens (NFTs) to give players a greater sense of ownership over in-game resources, skins, and other digital items.
In other words, players can actually own these items, rather than renting them from the game developer — as it happens in the traditional gaming industry.
But Why Is Ownership So Important?
The key reason why players should be able to own their digital items is that it creates a more engaging and immersive gaming experience. It also gives the players more rights such as transferring those assets elsewhere and keeping them safe should the developer shut down a game.
When players own in-game resources, they are more invested in the game and are more likely to spend more time playing it. This can create a virtuous cycle where players are more engaged, which leads to more revenue for the developer, which in turn allows them to create even better games and features for the players.
Examples of Positive Implementations
There are many examples of successful cases where gamers have responded positively to greater ownership in the GameFi space.
Axie Infinity
One of the most notable is Axie Infinity, a blockchain-based game that has become incredibly popular during the last cryptocurrency cycle and has managed to stay relevant even during the bear market.
In Axie Infinity, players own NFTs that represent their in-game creatures — monsters that they can train, equip, and use to battle other players and earn rewards. These NFTs have real-world value, and can be traded on cryptocurrency exchanges for significant amounts of money.
As a result, Axie Infinity players have a real sense of ownership over their in-game assets, and are highly engaged with the game.
Decentraland
Another relevant case study is Decentraland — a virtual world that allows players to own and build on virtual land.
In Decentraland, players can buy and sell land using MANA, Decentraland’s native cryptocurrency, and build on that land using a variety of tools and resources. This creates a sense of property over the virtual world, and has led to a vibrant community of players who are actively engaged in creating and trading virtual assets.
The Future of In-Game Ownership
The game industry as a whole is starting to recognize the importance of ownership in gaming.
In recent years, many game developers have started to experiment with blockchain technology and NFTs in order to give players a greater sense of ownership over in-game resources.
This trend is likely to continue as more players discover a greater sense of ownership and engagement in their gaming experiences, and start demanding it for upcoming titles.
Ultimately, ownership is a key concept in the GameFi space that has the potential to transform the gaming industry.
Developers who can leverage this new approach to create more engaging and immersive games will likely gain a competitive advantage by granting their players one of the most important and long-ignored rights.
At Digital Insight Games, we’re focused on empowering players by giving them more control over their experiences. Therefore, we’re integrating this — as well as other advanced technologies — to deliver next-generation games.
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