How NFTs Will Change The Future of The Gaming Industry

EPIK Prime Team
Jul 19 · 5 min read

There are countless possibilities for how NFTs can be used in the gaming world, allowing for the ownership and transferability of digital assets. Like art, music, weapons, books and land, NFTs can also be applied to in-game assets in different games.

Even if blockchain gaming has already become a trend today, gaming is still mostly a centralized activity with all data, assets, and characters stored in the game from which it originated, and all ownership of such items are retained by gaming companies and developers. If you want to purchase an item to use within the game you’re playing, you need to pay money to get the asset, but you don’t actually own it. When the time comes you quit playing the game, your purchase is gone. All those sleepless nights battling clans or mastering different race tracks are gone as you start looking for the next game adventure to immerse yourself into. But with NFT, that’s never the case!

Decentralization of games

The addition of blockchain technology and NFTs mean a decentralized gaming environment, shifting the control of the game into the hands of the players. Items won in a battle or purchased in in-game marketplaces in one game can be transferable and used in another, putting real-world value on digital assets. Imagine owning a rare sword that was once owned by your favorite gamer or influencer. With its rarity and the blockchain technology showing the origin of the item, the resell price for that item can skyrocket!

To know why NFTs are suited well for the gaming formats and the difference between traditional gaming and blockchain gaming, let’s first understand what Blockchain gaming is….

Traditional gaming to Blockchain gaming and NFTs

With its boom-and-bust pattern, it is no surprise that cryptocurrencies always spark the question about the technology’s longevity. But for investors who want some good signs for the future, established and recognized gaming brands with generations of fans have already begun making moves into the blockchain and NFT space.

  • Taito

The storied Japanese video game company, known for its classics like Space Invaders and Bubble Bobble, recently partnered with Next Gaming and Celer Network to bring its old-school arcade puzzler Bust-A-Move to the blockchain, where eSports competitors can face off in competitions with real money at stake.

  • Atari

The pioneers of home consoles just announced its entry in the NFT space with the creation of a new department dedicated only to blockchain and is simply called Atari Blockchain. The department intends “to focus on the immense possibilities of crypto and blockchain-enabled games.” The company also launched its very own Atari Token, which is used for purchasing digital goods within the Atari VCS console, within Atari games on the blockchain, and within third-party games or applications like opeansea.io, Sandbox, or Decentraland.

  • Sony

The company is set to release later this year The Six Dragons on PlayStation 5 — an RPG game that features over a billion randomly generated dungeons and over 300 in-game items that players can trade, sell, or keep to strengthen their characters. The game’s item trading and crafting takes place on the Ethereum blockchain, making it one of the first releases by a mainstreaming games platform to incorporate NFTs.

“What makes this experience unique is that almost all items in the game are decentralized, using the power of innovative blockchain technology. That means players truly own their game assets as they can freely trade them with other players, sell them for real-world value, and use them across different game universes,” according toThe Six Dragons website.

  • Animoca Brands

As the chairman of the parent company of gaming studios The Sandbox, Nway, and Quidd, Yat Siu said, “The gaming industry’s move into NFTs and blockchain represents a seismic shift in the concept of digital ownership, and that gamers no longer want to miss out on potentially lucrative opportunities the technology offers.”

“If you can play for something that is valuable to you, then why would you choose to play in a game where there is no value,” he said. “We are not saying traditional games will go away. But we do believe in this thesis that it’s better for the player to play in an environment when you have some ownership,” he added.

Epik Is Paving The Way For Game Companies to Take Advantage Of This New Wave In Gaming Technology

More and more game developers are now starting to build massive projects on the Ethereum blockchain, making gamers hyped up and excited about where their gaming experience will bring them in the coming years. As one of the pioneers in the NFT space, Epik has worked with top brands in the field of gaming. The most recent accomplishment of Epik this 2021 is its collaboration with Gameloft and Avakin Life.

Epik’s core mission is to improve the experience of gamers, making them feel the nostalgia of collecting in-game items that are accessible across different games, allowing them to interact with their assets outside of the game, and be able to trade them anytime. The opportunities we see in NFTs are not only limited to arts and music. Most of our NFT collections are based on collaborations with the leading gaming companies, and these unique digital assets will give the players distinctive benefits when playing the game (special offers, skins, accessories, playable characters, etc) giving real-world value in real life.

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EPIKPrime

The most Epik crossovers in NFT & blockchain with artists, brands and celebrities