Web3 gaming assets have opened up new possibilities for adoption. The future of NFTs seems to be linked to the gaming industry.
To clarify, the global blockchain gaming market is set to explode from $4.6 billion in 2022 to $65.7 billion by 2027. A key driver behind this exponential growth is the distinctive nature of Web3 gaming assets compared to their traditional counterparts. So, what does this mean for NFTs?
TL;DR
- Web3 gaming assets redefine ownership and control, enabling the transfer and sale of in-game items as NFTs.
- The unique experiences and sense of belonging in virtual worlds attract traditional gamers to the Web3 space, driving the adoption of gaming NFTs.
- As the Web3 gaming community expands, the trading volume of gaming NFTs increases, enhancing liquidity and providing additional benefits to NFT holders.
Axie Infinity is one of the most popular blockchain games so far.
Is gaming the Future of NFTs?
Considering these numbers, it is not difficult to imagine that the future of NFTs could be linked to gaming.
Web3 games redefine ownership and control of gaming assets. Unlike their “traditional” counterparts, Web3 gaming assets can be minted as NFTs and freely transferred or sold on NFT marketplaces, unlocking new revenue streams. These games offer players a unique sense of belonging in their virtual worlds, empowering them to fully own and control in-game assets.
Further, players can acquire assets as NFTs from other players or through in-game tasks and quests. They can choose to sell, retain, or transfer these assets to different gaming ecosystems. As such, the rise of Web3 games has attracted a wave of traditional gamers into the Web3 space, boosting the use of gaming NFTs. This could potentially shape the future of NFTs.
In-game Utilities
As the Web3 gaming community expands, the trading volume of gaming NFTs on marketplaces will rise, increasing liquidity and reducing waiting times for asset transactions. Gaming NFTs hold value both within and beyond the game they originate from. Unlike other digital assets, gaming NFTs offer unique in-game utilities, fostering longer-term retention.
Furthermore, gaming NFTs provide additional perks and benefits to their holders. For example, in Axie Infinity, owners can generate passive income by renting out their Axies through the Axie Infinity Scholarship.
In conclusion, the Web3 gaming ecosystem could well represent the future of NFTs. Its appeal to traditional gamers and the unique experiences it offers have accelerated the adoption of NFTs. As the Web3 ecosystem continues to advance, Web3 games will evolve, offering even more unique experiences and enhancing user engagement.
