Blockchain News

Is This The Future of Blockchain in Gaming?

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NFTs and Blockchain currencies have enjoyed a huge growth in interest over the past year. At the start of 2021, they were largely relegated to niche markets; that changed as more companies and markets adopted the technology and now, well-known properties like DC Comics have gotten into NFTs, as reported by Variety. Blockchain is an exciting and profitable arena for many companies to get into.

Comics isn’t the only industry looking to profit from the cryptocurrency boom. Recently, NFT GamingStars launched, adopting the new play-to-earn model that many companies have attempted in the past. The idea behind the model is that players will earn exclusive NFTs and other collectibles tied to the blockchain as they go about the game world. Simply by playing a game on the NFT GamingStars platform, players can earn GS1 tokens. These tokens serve as the in-game currency and can be traded for NFTs that can be used in any of the games on the platform.

It isn’t hard to see why companies are attracted to the prospect of NFTs and other blockchain technology; the overall NFT market ballooned to over $40 billion in 2021, a number that is sure to catch the interest of investors all around the world. Blockchain development company Brugu grew by more than $25 million in the last year alone. By giving people ownership of their own digital assets and a way to prove that ownership, it is ushering in a way to interact with the Internet.

What are digital assets? While most are visual, some can be used to prove ownership of anything that exists in electronic form. These can be pictures, videos, and gifs, but they can also be tickets to a convention or conference. Some are used to provide proof that the owner is entitled to certain privileges within a club. For example, Socios fan tokens are purchased by fans of a particular sports team and give their owners a voting stake in certain aspects of how the club is run and even allow access to unique areas of the team’s stadium. Anything that exists within the digital sphere can be tied to the blockchain via an NFT, which can be traded on the open market.

These digital assets are spread across the gaming world, from unique skins for characters to specific weapons or armor that players can pick up. Once these items are attached to the blockchain, they belong to the player, who has more power in how it is traded going forward. NFT GamingStars might be the latest company to try to monetize this trend toward digital ownership, but they are hardly the first. Japanese gaming company Square Enix, makers of the popular Final Fantasy series, have expressed an interest in developing the technology in their future games. Company president Yosuke Matsuda said in his New Year’s letter to the public that he felt “NFTs were met with a great deal of enthusiasm by a rapidly expanding user base” as he announced the company’s intention to invest further in blockchain in 2021.

Whether NFTs and blockchain remain a good investment going forward remains to be seen. The unregulated nature of the markets means that there is a risk inherent in any investment. However, with so much money up for grabs, it is likely that more people will see the risk as one worth taking.

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