The future that comes for NFTs and online gaming

It is a reality that the use of new technologies, online betting houses and most of the digital assets, including non-fungible tokens (NFT), have skyrocketed since last 2021, moving more than 40 billion dollars until the end of 2022. Precisely this year, the most expensive NFT in the story created by digital artist Pak for $91.8 million. The Merge, which is the name of the work, was bought by 28,983 people, of whom 312,000 shares were distributed, each of which is an NFT.

One of the main reasons for the rise of NFTs is the spectacular growth of “play-to-earn” games or win for playing, which is what the online casino sections of the best bookmakers, for example, and the cryptocurrency ecosystem. To be more specific, the income from the gaming market with cryptocurrency transactions is estimated at around 320 million dollars at the end of 2021, expecting higher figures at the end of this year thanks to the almost 45 million players who carry out operations in cryptocurrencies.

The evolution of NFT in games

Some of the traditional game formats are still based on a free to play model, pay to win (buy upgrade tools), or pay to play with no real financial reward for purchasing items and paying for upgrades. With the development of the cryptographic universe and the recent rise of NFTs, the concept of in-game rewards in cryptographic assets has become entrenched, a particular gamification model reminiscent of slot machines from all bookmakers with online casinos.

The integration of blockchain technology with online gaming allows developers to monetize their games by working on a radical transformation. More and more, games these days come to offer the user the opportunity to monetize their skills in each game and, above all, to see the fruit of the time invested in them.

Game developers insist on monetizing games in two ways: NFT trading and earning in-game rewards or cryptocurrency. This will result in users being able to make external purchases of real economic value; Despite having this option, it has been shown that many users return the money in internal purchases to continue improving their level in the game. In addition, thanks to this, it is possible to create sales shops and resource exchanges by users outside of the game itself, making it a profitable option for all users. Game developers and publishers have been looking for possible ways to improve their technology while relying on the evolution of the network created by the blockchain much like the methods used by software companies that work with online casinos.

NFT transactions in games

Many people in the industry believe that NFTs are expected to become the next direction in the development of gaming microtransactions. But why have NFTs gained so much popularity? Will they become an asset to operate within the world of video games?

Based on the blockchain and the publication of its records in the public domain, the use of NFTs is considered even more secure. The blockchain technology used by all sports betting houses ensures the security of digital resources and data, making in-game transactions safe and sound; The union of these through blockchain, due to its exclusivity and extreme security, adds value points to the gaming industry, improving the user experience.

By owning digital gaming assets such as online roulette chips, players can benefit from trading NFTs or other crypto assets they earn in-game. Proof of the success of this union are the Opensea or Mintable platforms where players and developers exploit their productivity to create and exchange NFTs while monetizing their work.

With this it is more than confirmed that NFTs have opened doors and smoothed paths for those digital creators and buyers or collectors of art and digital content.

In addition to that, it is expected that they will take over internal transactions by users within video games or betting pages and casinos making these platforms even more secure.

Although the presence of NFTs in the video game or online casino games sector is at the beginning of its growth, thanks to the play-to-win game model, its presence as a resource is expected to provide developers and users with long-term benefits.