Posted in: Forex

Spotting the Potential of NFTs in the Blockchain Gaming Industry

Craig Russo, director of Polyient Games has seen a huge opportunity in Non-Fungible Tokens (NFTs). Since the launch of the first NFT in 2017, it has become a trend in the gaming industry. The first NFT came into the market through Cryptokittie, a game that allows the users to collect ETH coins.

Apart from the gaming, NFTs are now also being used in the ticketing in the sports industry, other financial services, and in selling and buying property. Russo believes that NFT is one of the most attractive opportunities in the crypto industry.

Its uses can be seen in the collectibles, art, and other gaming platforms. But why NFTs are so much popular in the gaming space? Russo has explained that in detail by highlighting its point of view from the gamer’s perspective.

Gamers are constantly getting attracted towards blockchain because they can have the ownership to the items they win through gaming. Unlike traditional gaming, blockchain gaming gives them a chance to earn while they are playing.

In this case, NFTs and other digital collectibles have given them an entirely new experience. What is the result of this new sort of gaming? The collectibles market has grown and tremendously reached $370 billion.

Will NFTs Emerge As A Standalone Asset?

Russo has also pointed out that NFTs may soon become a standalone asset in decentralized finance (DeFi). Companies like Polyient Games strongly believe that NFTs will soon be a part of the decentralized finance along with lending, and fractional trading.

However, emerging as a standalone asset is not easy for NFT. There are many hurdles in the path, for example, the public’s perspective and media. But these hurdles are not that difficult to beat, said Russo. Since the mainstream media is drawn towards NFTs lately, it will become a crypto asset soon.

Has COVID-19 Contributed To The Popularity Of NFTs?

The pandemic has affected everything from the way people interact, travel, communicate, and conduct business. But Russo says it has also affected the gaming space. According to research, $10.5 billion were spent on gaming in the U.S. alone.

The data was based on in-home gaming users. Shockingly this report was only based in April 2020. People spent more time playing games than ever before. The pandemic has put people in a situation where the social distance is mandatory which may lead to increase the gaming consumption.

The concept of digital collectibles and NFTs is entirely new for some users but as it gives rewards to the gamers, the passion will tend to increase in the future as well. Thus, a greater number of gamers will embrace the blockchain games.