How NFTs are Creating Robust Economy in Online Gaming
It is clear that NFTs are changing the meaning of ownership in the current digital space. But one will go on and ask, what does this mean for online gaming?
From the virtual worlds, cards, games, MMORPGs, there is no genre that has not been left out for the integration of decentralized assets.
Player-owned Economies
There is a slew of reasons why NFTs and video games are a combination made in heaven. For starters, practically all prior models of online game communities limited the products that may be purchased to use in that game through a single account.
All of a gamer’s money would vanish if their account was stolen, disabled, or if the user simply became bored and moved on to another game; it is a reality that many gamers have come to accept. This model has persisted because there was no viable alternative — that is until NFTs arrived and revolutionized the industry.
Another important consideration is how to address environmental concerns related to NFT minting. It would be inaccurate to state that the problem is solely due to NFTs.
The energy-hungry proof-of-work consensus mechanism that underpins Blockchain behemoth Ethereum is to blame. While the Blockchain transitions to a more efficient Proof-of-Stake system, some are already addressing the root of the problem.
The World is ready for NFT Games
Widespread demand for NFTs is being fuelled by a recent increase in overall awareness and popularity. The phenomenon has already benefited high-profile musicians, celebrities, business leaders, and others.
Furthermore, because of the coronavirus pandemic’s global repercussions, the number of new people and demographics turning to video games is increasing. To put it another way, there is a rising number of us.
Above all, Blockchain technologies have become diverse and more scalable than they were a few years ago. This simply means that there is a hike in demand, also less of risk of something that includes Cryptokitties that are crippling the Ethereum network.
