NFTs have revolutionized cryptoassets because their potential has gone beyond the creation of digital works of art and collectibles. One aspect of non-fungible tokens is changing the landscape of the gaming industry.
A few obvious NFT features provide online game creators and their customers with entirely new opportunities.
Interoperability of game tokens
NFTs offer a simple solution to the long-standing problem of interoperability in video games. Traditionally, in-game assets have been tied to a specific game or platform, limiting their transferability. However, NFTs provide a standardized framework for creating and sharing digital assets across games within a community of gamers. That is, by utilizing smart contract capabilities, users can truly own their virtual loot.
Cross-platform interoperability is enabled by tokenizing game assets. NFTs can be bought, sold and transferred across platforms, regardless of which game they were created in. This cross-platform compatibility allows players to trade their virtual game items on open markets (exchanges).
For example, did you know that one of the most expensive skins in Counter-Strike is the AWP Dragon Lore sniper rifle? Its value within the platform reaches $1300. According to experienced gamers, this virtual weapon can be sold twice as expensive outside the Steam platform. And the price of the spaceship Revenant from the game EVE Online on some of its servers reached $ 9000. Pumped up characters of World of Warcraft are also expensive. Some players are willing to pay up to $10,000 for an account with high-level characters. Blizzard prohibits such trade and blocks accounts. What if this option were possible?
Utilizing blockchain technology
NFTs rely on blockchain technology to provide transparency, security, and immutability. Decentralized networks ensure that ownership records and transaction histories are protected from unauthorized alteration and can always be verified. This greatly minimizes the risk of gaming asset fraud.
Although it doesn’t eliminate it completely, because backdoors in smart contracts are possible. But so far it is hard to imagine that the average gamer will be concerned about checking the code of a smart contract before buying a cherished skin or a rare game pet.
Possible interoperability issues
While NFT’s role in video game interoperability is promising, several challenges must be addressed for widespread adoption. One of the key challenges is to ensure seamless interoperability between different game engines and platforms, and to establish common standards for creating game NFTs. With fierce competition between game projects, developing these standards can take years. In addition, concerns about the scalability of blockchain need to be addressed.
Did you know that during peak evening hours, there are over 5 million accounts active on Fortnite servers that support cross-platform multiplayer? And if you imagine that time spent playing the game could reward some tangible capital, how much would that number increase by? Recall that the daily number of unique transactions on the Ethereum network is now just over the 1 million bar.
The expansion of the gaming economy of traditional video games through NFTs could create a fundamentally new dimension in the economics of gamer projects. The concept of true ownership of game assets will expand the possibilities of monetizing one’s own achievements. Gamers will have the right to sell or lend their items as they see fit.
A separate secondary market sector will be added to the ecosystem of shooters and role-playing games, where users will be able to earn real returns for their in-game investments. This will encourage their further participation in the ecosystem of Web3 projects, which will gradually turn from entertainment to business.
