Why are NFTs making waves in the gaming industry and are they here to stay?

Dec 17, 2021

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Gaming is a massive business sector encompassing video games, online casino titles, and eSports. Of course, the games themselves are critical to the industry’s popularity. Without excellent titles to enjoy, after all, no one would be interested in playing! One hot trend you might have heard of in gaming is NFTs, in terms of NFT games to try and NFTs which crop up in games. 

But what are they, why are they making such noise in gaming, and are they here to stay?

What are NFTs in gaming? 

NFT stands for Non-Fungible Token and refers to a digital-only item that is unique. It could be anything from individual digital art pieces to one-off digital trading cards. While they have made headlines in other industries, the explosion of NFT games and in-game NFTs has gained the most attention. It is fair to say games containing NFT tokens based on blockchain tech have risen to prominence. 

It is not purely the gaming sector per se that is being affected by the interest in NFTs. The world’s stock markets are also seeing this digital token impact companies’ stock values. The recent news of top gaming company Ubisoft’s stock rising after confirming the launch of their new Quartz NFT network is a classic example of this. For more information on stories like this for traders, check out the AskTraders website today. They cover breaking news like this and offer guidance on how to trade on the global financial markets.

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Why are NFTs making waves in gaming? 

The primary reason is that they can be bought and sold within games by players. This is in addition to specific NFT platforms that allow you to create, buy, and sell tokens. A great example is what many call the original NFT game – CryptoKitties. This blockchain-based title allows players to breed cats digitally and then sell on the resulting NFTs for money. When you learn that rare tokens in this game go for millions, you can see why this type of feature has made waves. Recently, a raft of new NFT games on platforms like Epic have caught people’s attention and have put them into the mainstream.

NFTs in gaming are also making waves because of the controversy they generate. Those who oppose them point to the massive amounts of power blockchain networks use and how bad NFTs are for the planet as a result. Many gamers also do not like them as they feel developers spend more time creating unique in-game tokens to sell than actual gameplay. Some gamers also simply do not like the rising monetization of gaming and how the adoption of NFTs by major developers could increase the trend. 

NFTs could be here to stay 

While this unique digital token has its opponents in gaming circles, many people like them. In terms of gamers, this tends to be people who are into cryptocurrencies anyway and love the idea of using blockchain tech when playing games. It is naturally very popular with those who make lots of money from buying and selling NFTs in games! 

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The real reason we could see them here for the long-term is how the gaming industry is starting to get behind them. As noted above, AAA game studio Ubisoft has created its own Quartz network for NFTs in its video games. In addition, EA has also been on record recently as saying this sort of token is the future of gaming. When you think of the potential NFTs have for something like the Ultimate Team gameplay mode in FIFA, this is not a surprise. 

Non-fungible tokens are a transformative force in gaming

It should come as no surprise to see that gaming is all about adopting cutting-edge tech and using the latest innovations to move forward. That has always been the case and is one of the reasons it has grown so much over time. While the concerns some have around NFTs may be well-founded, it cannot be denied that they also bring a lot to the table. With major developers like EA and Ubisoft starting to get on board with them, it is a safe bet they will be here for a long while yet. 

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