Gaming is fun and earning from it is a fantasy fulfilled. Non-fungible token (NFT) is an element to attain the latter aspect. Nevertheless, there’s no guarantee the fun will remain. Add finance to a notion and people go bananas about it. That is what happened during the NFT boom between August 2021 and April 2022. Now, the sector’s busted.
NFT Market Boom is Over It Appears
The NFT sector registered nearly $395 Million in monthly sales at the time of writing. That is not even close to the volume some blue-chip collections like Bored Ape Yacht Club (BAYC), CryptoPunks, Otherdeeds, and more were making solely. OpenSea, the biggest NFT marketplace, is struggling. With only $106 Million in sales, the platform appears to have lost its might.
Non-fungible tokens are often seen close to blockchain gaming, and art. Beeple, an artist, sold an art after curating his daily art pieces for 5,000 days, for nearly $69 Million. Furthermore, Axie Infinity, The Sandbox, Decentraland and more are some instances of blockchain games where one can sell in-game owned items for real-world value.
Axie Infinity even helped some underdeveloped countries to start revenue streams during the pandemic. Everyrealm (formerly Republic Realm), a media company, bought a land parcel in The Sandbox game for over $4 Million. Yuga Labs, BAYC creators, is on the verge of launching Otherside, a metaverse game full of diverse land parcels.
Passion and Emotions Keep Gaming Alive
For starters, the gaming community is known for its passion and emotion. A campaign from God of War, Metal Gear Solid, or Call of Duty isn’t just a pastime. It gives a sense of the gamers being a part of something greater than themselves. Many gamers claim NFT integration will take away this nuance.
Digital assets may render games a source of earnings. However, adding finance could also attract new entrants in the market delivering a barrage of content, potentially compromising quality. The skilled arena may turn into a giant business hub. The active user base might become volatile. A game can keep players until there’s a financial element.
The environmental impact of blockchain games is another reason why gamers oppose NFT. It takes large data centers to maintain the data. Without a shadow of a doubt, there will be a lot of NFT games if they manage to enter the mainstream. The world is already seeing unbearable loads of greenhouse gasses (GHGs).
The yin and yang of NFT integration in the industry should be considered appropriately. Mainstream gaming companies like Ubisoft and Sega have seen a fallout from their communities in the past. Organizations should at least take a community vote to understand the potential outcomes of their actions.
The views and opinions expressed in this article are those of the writer and do not necessarily reflect the views or positions of any entities they represent.