Gaming NFTs are the Gateway to Blockchain’s Mainstream Adoption
NFTs are a hot topic right now, as a multitude of celebrities and established companies race to launch their own crypto-backed projects. The first-ever purely digital artwork offered on Christie’s (a world-renowned auction house) was an NFT that sold for more than $69 million dollars, establishing Mike Winklemann (AKA Beeple) as one of the world’s most profitable living artists. Meanwhile, pioneering blockchain-based virtual world Decentraland saw one of its virtual plots sell for slightly under $1 million dollars last week.
While these valuations might seem absurd to most, they represent just a few examples of the explosive growth in NFT sales in the first quarter of 2021. To the uninitiated, an NFT is a non-fungible token with a unique value. These tokens are built with the help of blockchain technology similar to how cryptocurrencies like Bitcoin are created. However, instead of having an interchangeable token such as Bitcoin with a defined value that can be fragmented into equal parts, NFTs encapsulate items which are verifiably unique.
The emergence of NFTs has caused quite a frenzy on the internet, and with good reason. But this current craze is just the tip of the iceberg. NFTs have a wide array of uses beyond digital artwork, promising to revolutionize a number of different industries… one industry in particular which could very well become the tipping point in the mass adoption of blockchain technology.
NFTs in Games
With one out of every three people today playing video games, NFTs in games could represent one of the largest use cases for blockchain technology. Creating immutable ownership of in-game items, being able to verify their scarcity and therefore unleashing their monetary value are just some of the radical changes that NFTs will bring about to the gaming industry.
NFTs introduce liquidity in the form of items that can be purchased with real money within and outside of the gaming environment. By making the items transferable by design, players will be free to take them outside of the game and do as they please with them. NFTs grant the player true ownership as the player can choose to trade their in-game items, gift them to friends, rent them out, or even use them as collateral to obtain a loan.
This opens up a whole new avenue for blockchain technology beyond its current use in cryptocurrency. In an industry currently valued in excess of $159.3 billion (with most of that amount due to the sale of in-game items), a spike in adoption will follow as the gaming industry is incentivized to participate in blockchain development through NFTs, helping push the games industry beyond an estimated valuation of $200 billion by 2023.
Big Time is poised to spearhead this development with our flagship title — an action RPG in which players travel across space and time. Our patented NFT technology will allow users to collect and trade unique in-game items in a safe, secure, and seamless environment. And yet, even this is only the beginning.
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