After artists, now gamers and game companies are heating up at NFTs
âAs kids we grew up with virtual currencies, spent so many hours on missions just to acquire digital assets. It’s pretty exciting to know that these assets can now be monetized, âhe said. Once you sell NFTs, you get a lifetime secondary sales royalty. âPlus, as a gamer, I can sell things that I collect in games as an NFT and earn money from them,â Diwakar explained.
NFTs in games are no longer limited to blockchain-based niche games like Axie Infinity and Decentraland. Mainstream gamers have demanded a share of the NFT market in their favorite games, and game publishers have started to respond.
In early December, Ubisoft, known for its multi-million dollar titles such as Assassin’s Creed and Far Cry, launched an NFT marketplace called Quartz, where it sells gaming accessories such as pistols and helmets, from the Ghost video game. Reckon Breakpoint.
Additionally, while some companies are introducing NFTs to make more money, others are using them as a marketing tool.
Last July, mobile game giant Gameloft released an NFT collection for its Asphalt 9 racing game, downloaded more than 50 million times from the Google Play Store.
âThe NFT in Asphalt 9 was part of a partnership we had and was not meant to be monetized. We are looking at level two titles on our site, which will focus on NFTs to test the waters, âsaid Nitin Goel, National Director of Gameloft.
Goel added that “a lot” will depend on how this technology evolves over the next few months or quarters.
âBut I definitely think that with strong intellectual properties (IP) on our side and a lot of interest in automotive licensing, this will be an area we are going to look into,â he added.
Aside from global companies, Indian companies are also taking note.
Nextwave Multimedia, known for its cricket games such as WCC3, explored use cases of Web 3.0 technologies, including NFT, in their games.
âThe game’s transition to a Web3.0 environment, driven by trustless verification (and a) decentralized player-centric economy, are some of the concepts that are very relevant to any game, and we’re looking at some of those cases as well. ‘use that we can implement in our games,’ said Rajendran PR, Founder and CEO of Nextwave Multimedia.
Despite the looming threat of a crypto ban and the lack of regulatory clarity on future Web3 technologies (decentralized such as blockchain and crypto), interest in NFTs in India has skyrocketed.
According to blockchain research firm DappRadar, more than half a million Indians have expressed interest in NFTs in 2021.
This coincides with the surge in interest in games in India, particularly after the pandemic.
A November report from the Boston Consulting Group (BCG) and Sequoia Capital showed that the gaming industry in India is growing at a compound annual growth rate (CAGR) of 38%, which is faster than the United States. (10%) and China (8%).
Faisal Kawoosa, founder and chief analyst of techARC, a local market researcher, explained that gambling is one of the main use cases for NFTs because they already have a system to reward winnings with currencies. of the game. He also believed that this would increase monetization opportunities for game companies.
Kawoosa, however, pointed out that this year, “we’ll see more mainstream games embracing them.”
However, widespread adoption can take about a year. He added that it takes a bit of time from an integration point of view. âPlus, business models will change. Players will take a fraction of the transactions as payment, âKawoosa said.
Rajendran of Nexwave agreed that the implementation in mainstream games would require several adjustments from the game companies. âNFTs allow players to own their in-game assets. The current gaming economy may not work with NFTs. Gaming economies will have to be redesigned for a player-centric model, âhe added.
Many game companies will hold back as well, given the nascent phase of technology. Giants like Ubisoft, too, are just testing the waters for now. Goel said NFTs are at an early stage and have multiple angles that require further understanding.
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