“Are NFTs worth it?”
Today, NFT trading volume is around one billion – a steep drop from its peak of $26 billion in 2022. The public perception of NFTs plummeted, and few saw value in them beyond the use of flexing your X(Twitter) pfp.
Web3 gaming is changing that.
Web3 gaming enables all players to capitalize on their effort spent in-game by actually owning their digital assets as NFTs which can then be traded and sold via digital asset marketplaces.
The technology making all this possible is NFTs.
Web3 gaming shifts the power dynamic from game publishers to players with NFTs
For decades now, gamers have been collecting gold coins, mining ore, and spawn-camping enemies for that sweet dopamine hit as “level up” appears on their screens.
Sometimes, their efforts translate into real-world value: rare Dota 2 skins or Counter-Strike: Global Offensive (CSGO) items are tradable for cash on makeshift secondary markets.
But the notorious ban of World of Warcraft in China, stripping over 3 million players of their access and in-game assets overnight, is a stark reminder of the fragility of digital ownership in current traditional gaming ecosystems.
Web3 games have addressed this issue and redefined the concept of digital ownership by using NFTs.
This allows players to own their in-game assets as NFTs, away from centralized game servers, backed by smart contracts and secured by blockchain technology, ensuring transparency and trust. Since players retain 100% ownership of their assets, they can sell, keep, or even transfer them to another ecosystem.
How Web3 gaming assets can make owning an NFT ‘worth it’ for gamers
Using NFTs in Web3 gaming offers a variety of benefits that are reshaping the gaming landscape and driving increased adoption, such as:
NFT technology enables players to own and trade in-game assets securely
These digital assets span in-game commodities like rare character skins, unique weapons, abilities, virtual real estate lots, avatar characters, and more. When purchased, all digital assets become permanent blockchain entries rather than data on a centralized company server.
This means NFT traders can buy and sell their hard-earned assets like Gods Unchained Cards, Illuvium land plots, and ChronoForge Pets, among many others, without worrying about server shutdowns destroying their livelihood.
NFT gaming assets provide a unique earning potential for gamers
The emergence of GameFi within Web3 gaming introduces players to new forms of entertainment and innovative economic models where their gaming skills and strategies can lead to tangible financial rewards.
For example, embodying the GameFi model, Axie Infinity—a popular play-to-earn blockchain game—at its peak boasted 2.8 million monthly active users, helping players in developing nations earn more than their countries’ minimum wages.
Imagine what this creator economy could look like 5-10 years from now when millions, even billions of players worldwide log in to play their favorite Web3 games.
NFTs provide utility beyond in-game use
NFTs get a bad rap for being a “right-click save JPEGs,” primarily due to their use within the art world and the infamous NFT rug-pulls that plagued the industry in 2022.
Yet the value of NFTs goes beyond being a commodity or simple “digital skin” for your avatar to wear. NFTs can be digital IDs, contracts, land deeds, and even access passes to private clubs.
Famously, the NFL created their ‘NFL All Day NFT collection’ as a way to drive up fan engagement while diversifying their revenue generation.
Looking ahead, imagine securing a rare in-game weapon as an NFT that not only signifies your insane skills but could also be your ticket to an exclusive gaming convention. The future of NFTs in gaming is about bridging the gap between virtual achievements and real-world rewards.
Immutable is the home for Web3 gaming powered by NFTs
NFTs are here to stay and will continue to grow and evolve as we shift into a more digitized society.
As more players transition into the Web3 gaming space, NFTs offer a chance to pioneer a new age of gaming through their unique benefits of true digital ownership, opportunities for monetization, and the creation of secondary markets where players can earn a living by trading their in-game digital assets freely and independently.
NFT marketplaces, like the Immutable Marketplace, offer a wide variety of digital items to players from different web3 games across the Immutable ecosystem, unlike the closed ecosystems of traditional gaming.
Tools like the Immutable Passport make it easy for players to interact with Web3 games, collect NFTs, and carry these across games, without ruining the immersive gaming experience.
From trading your digital assets to shaping the future of the creator economy, NFTs stand to change the foundation of how games are developed, played, and valued.
Ultimately creating a more engaging, personalized, immersive and secure gaming experience.
To stay up-to-date on all the newest and exciting web3 games building on Immutable, check out immutable.com/play and join the biggest community for next-generation gamers on Twitter and Discord!
