The gaming market value in 2021 is estimated at a humongous $201 billion, with around 3.21 billion gamers globally. It is also estimated that this value will reach around $435 billion in 2028. And it is also highlighted that the Blockchain and NFTs will play a major role in this massive increase in market value. It is also expected that Blockchain will bring in a huge crowd of new users to the gaming Industry. This is because the gamers get more than just entertainment from playing these NFT games. The gamers spend money on buying the in-game items of the games like skins, armors, guns, weapons, cars, etc. But there is no definite ownership of the assets, and also, there is no way of trading these assets. If the gamer no longer wants to play the game, all the money he invested in the game goes worthless. This is where the role of NFTs on the Blockchain and the NFT Game marketplace comes into play.
NFTs in games
By minting the in-game assets, such as a digital file as non-fungible tokens or NFT on the Blockchain, the users get a chance to sell these in-game assets. If all these assets can be brought back into the market for trading, they can evolve as a huge economy. Not only selling but the items can also be rented to other players for a particular time when the items are not in use. Here came the concept of Play to earn NFT games.
Benefits of NFTs
Gamers will purchase NFTs from a Gaming NFT marketplace and use these assets to play the game. The longer they play this game, the more likely it is that the in-game accessories will level up, increasing the worth of these NFTs. As a result, when the players have finished the game, they can resell the accessories to other players. As a result, gamers can get a return on their investment, and most alterations can benefit.
Wrap up
Bringing NFTs into games opens a new opportunity for gamers and a whole new creator economy as well. These games are now providing rewards in the form of crypto for the gamers for the time they spend on these NFT gaming platforms. They are also considered the future generation of Gaming.
