Players have to collect in-game assets, that hold real monetary values.
The gaming and NFT space is rapidly merging together
At a time the crypto-market is undergoing a global expansion, the sector of non-fungible tokens (NFTs) is also gathering intrigue. Built on the blockhain technology, NFTs are virtual representations of real life items like video games, songs, and paintings among other stuff – that hold real monetary values and can be purchased using cryptocurrencies. The NFT sector has, in recent times, made its way into the multi-billion dollar gaming industry, leading to the creation of – NFT Games. Some of these games actually reward players with valuable crypto-assets.
These games have tokenized in-game assets allowing players to collect them as non-fungible tokens (NFTs). In order to help gamers make money for playing, NFT games allows players to accumulate and trade playable characters, weapons, vehicles and other in-game assets as NFTs. Depending on the rules of each game, the players can either sell their NFTs for profits, or accumulate them until they yield crypto rewards from the game without having to let go of their assets.
People with inclination towards gaming as well as the crypto space are seemingly entering into the NFT gaming vibe.
For instance, Sky Mavin, the Vietnamese parent of NFT game “Axie Infinity” has reached a market valuation of nearly a whopping $3 billion (roughly Rs. 22,377 crores) in recent times. In addition, the native Ethereum blockchain-based crypto token of Axie Infinity game called “AXS” touched an all-time high of over $155 (roughly Rs. 11,500) on October 4.
Gods Unchained: Launched in September 2020, this is a free-to-play card game that combines NFT components to traditional card trading game. Players have to get high ranking cards from other players by winning matches.
The high-quality cards can then be traded for cryptocurrencies on the platform's marketplace. The game is built on Ethereum blockchain, hence players complete transactions Ether.
Sorare: This one goes out to the soccer fans out there. Sorare is a fantasy soccer game where players have to purchase, sell, trade and manage a virtual team. The game represents players via digital cards built on Ethereum blockchain.
Players can earn either cash or Ether crypto by creating a team using football player cards and participating in competitions. Ether tokens are rewarded to players as prizes in this game that was developed in 2018. Ether, is world's second-most valued cryptocurrency.
Evolution Land: It's a new-world game that has 26 continents contained by the elements of land, fire, gold, water, wood, and silicon. Players have to indulge in activities like construction, mining, science in player-versus-player format. Players require to create crypto wallets to send, receive, and manage crypto assets from other players, as well as in the form of game rewards.
F1 Delta Time: Ethereum blockchain-based car racing game where players need to collect including cars, drivers, components, and trinkets as fungible tokens – that are small, divisible tokens that can be used to make larger crypto amounts. The game components can also be sold as NFTs – which can be held onto or sold for Ether values.
Zed Run: This is a horse riding NFT game, where players need to purchase the NFT cards of their choice of horse. On winning race completions, players can make substantial profits by trading their NFTs for cryptocurrencies.
The NFT gaming sector is expected to grow along with the crypto and traditional gaming and e-gaming industries.
As per research platform Statista, the global gaming market will value around $200 billion (roughly Rs. 14,94,768 crores) by 2023. The overall capitalization of the NFT market, meanwhile, reached to value over $22 billion in 2021.
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