NFT Gaming Marketplace: A New Beginning For Developing Markets
The news of the NFT marketplace hitting the floor is not uncommon for a blockchain enthusiast. However, this fall has not affected the NFT-based gaming marketplace. Many new players are joining the platform. These Blockchain games are recreating the roadmap of finance and gaming.
NFT-based games enable liquidity to users as they are rewarded for their investments. This has helped strengthen the transparency of the NFT games, making them more attractive to the public.
Finder’s recent report suggested that among the countries adopting NFT gaming, Asian countries, precisely India, have topped the list. Further stating that 34% of Indians have played the game, of which 11% are still interested in continuing in the future.
What are NFT-based P2E games?
Non-fungible token means the inability of a token to be exchanged. NFTs are unique tokens recorded in the blockchain and can be sold, bought, or traded in the NFT marketplace. NFT-based gaming platform supports P2E models and allows occasional NFT distribution.
NFT Play-to-earn (P2E) models are not new to the market. These games enable the players to earn while playing. Games such as Axie Infinity are good examples of P2E games. It is Ethereum-based and rewards you with cryptocurrencies after winning the battle. The players can compete against each other to earn Smooth Love Potion (SLP). Axie Infinity world has its own NFTs called Axies, cute animated pets that can be bought, sold, or traded in the marketplace.
NFT-based gaming marketplace in India
When plotting the Indian public in a pie graph, almost 38.1% of men are into P2E gaming, and women cover 29.2%. Further, we can see that 41.1% of those in the 18-34 age group and 29.1% aged between 35-54 are specifically involved in NFT-based P2E games.
Ramkumar Subramanian, CEO, and co-founder of GuardianLink stated that the integration of NFT, crypto-tokens, and gaming is the feature that gave birth to P2E games. These games enable the players to earn while in their leisure time, productively monetizing their time and money invested into it.
He further stated that individuals are more likely to indulge in a familiar game rather than something out of the ordinary. Therefore, the focus is on building a much more financially sustainable game without compromising the empathy element.
Abhay Agrawal, CEO, and Co-founder of Colexion, also had a positive outlook on the surge of NFT P2E games, stating that as the games had incentives and prizes attached to the levels, people were not hesitant to invest in them.
Hong Kong bagged the second position with 29% NFT gamers. UAE and the Philippines followed behind in third and fourth place with 27% and 26%, respectively. It was also observed that countries like Sweden, Germany, and Uk stood the lowest when compared to others, with just 4.3%, 7.4%, and 7.8%, respectively.
Features attracting the players
With the upgrade to Web3 gaming, several people were attracted, even those not in the gaming pool. These first-timers were drawn into the gaming sector because of the following features:
- Integration of Blockchain
The Web3 gaming featured integration of blockchain technology. These NFT-based P2E games had rewards attached to each level, and the players got rewarded for crossing and winning the tournaments. Players were able to earn returns for their effort and time. They were also allowed to participate in the occasional NFT distribution.
- 3D visuals
Web3 integration in the gaming sector helped the developers to start their journey with the Metaverse. There are many games available in the market with Metaverse technology. These games helped the players to have their personal virtual world that ran parallel to the real world. This was accessible through AR and VR gadgets like headsets and consoles.
- Interoperability
Interoperability means that the players can transfer their in-game assets via a marketplace. Although a concept that hasn’t been fully brought into the market, this feature will ensure greater engagement than the current times. Recent news mentioned that Ready Player Me, a cross-game avatar platform for the Metaverse, has released API for its Avatar interoperability. This is just the start of the interoperability of the game assets.
Best NFT Platform for Games
There are several games in the marketplace. However, games like Axie Infinity, Meta Cricket League, Decentraland, and Sandbox have bagged the most players.
- Axie Infinity
This game involved small pet NFTs that could be bought, sold, and traded in the marketplace. The game required you to acquire 3 NFTs before starting the game. In the early versions, we had to buy these NFTs. However, in the recent version, these NFTs are distributed for free.
- CryptoKitties
It is based on the breeding of kitties. Players can purchase or get a scholarship from fellow players, breed the cats, and trade those for profit. It is one of the early games built to highlight the benefits of integrating blockchain technology in the gaming sector.
- Decentraland
Decentraland is an Ethereum-based virtual world that allows players to buy and sell land. These lands can be sold or traded in the marketplace. Players can also explore the virtual world and participate in activities to earn rewards. It is basically a start in the Metaverse.
Final thoughts:
The traditional games allowed the players to take a brief break from real life. However, it did not give justice to the investments players made and their efforts. They focussed on repetitive gaming and increasing their levels. But the progress was not recorded, and they were not allowed to share it with their friends.
Even though the later generations had features to save their progress and multiplayer options, the players’ investments were in vain. The advent of Web3 resolved all these setbacks. Web3 gaming allowed players a decent living even in low-income countries. Countries like India, the Philippines, and even Africa greatly benefitted from NFT-based gaming platforms.
Gaming platforms like Electronic Arts, Ubisoft, and Spic Games have started taking their bets on the NFT platform. The NFT world is expanding vastly, and it is safe to believe that this development has majorly shifted the gaming and finance industry.