NFTs are the next wave in games
On the evolution of video games, from coin operated machines to crypto-powered online worlds
Video games have been around for over 50 years. But compared to books and even movies, it makes video games a relatively young medium. With each passing decade, new technologies have changed the way we create and consume interactive entertainment. In the 1980s, coin-operated arcades gave way to home consoles. Then the rise of the internet ushered in a new era of cooperative, online experiences. But this was only the beginning…
The late 1990s saw a shift to online gaming which brought in a whole new wave of new players, and with them, a host of new expectations. Many were no longer content with a single player experience where you’d play once then move on. Players sought to inhabit living, breathing worlds — with continual updates bringing new challenges, new worlds, and new ways to have fun with your friends. For some, spending time in virtual worlds became just as essential as the real thing. And it had a massive impact on the industry’s business model as well.
Ultima Online was the pioneer in online, massively multiplayer games. It ushered in a subscription model that delivered continual updates and new content to explore. The game paved the way for market leaders like EverQuest, World of Warcraft, and Lineage, which greatly expanded the market. These Games-As-A-Service changed the way games were made and played. This moved the industry from a packaged goods business — focused on one-time sales — to one centered on long term player engagement.
In the late 2000s, a social network technology greatly expanded the number of people who played video games, from the hardcore to the casual and everything in between. Microtransactions replaced subscription fees and opened the way for free-to-play gaming, which allowed for an even greater variety of experiences. Now online RPGs with hundreds of hours of content could sit comfortably alongside bite-sized experiences meant to be consumed a few minutes at a time. Games like Mafia Wars, YoVille and Pet Society pioneered the way for today’s market leaders such as Roblox, Fortnite and Honor Kings in the microtransaction wave.
Which brings us to the present. In the past few years, a host of new inventions have burst onto the scene, promising to once again disrupt the industry. Blockchains, smart contracts, and non-fungible-tokens (NFTs) — crypto technologies which open a whole new world of possibilities. Products like Decentraland, CryptoKitties and Axie Infinity pioneered many of the key mechanics in crypto gaming like land sales, immutable attributes, and staking. While the business models are still emerging, they will revolve around verifiable scarcity, market making, and in-game utility of NFTs.
Big Time Studios is poised to become the leader in this new generation of blockchain gaming companies. Over the coming months, we’ll be laying out our community roadmap for the release of our first game and its unique crypto-powered features. We welcome you to join us and surf this next wave of gaming evolution together!
