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- GameFi is taking the gaming sector by storm. Over the previous year, a lot of latest gaming concentrated projects have been released.
- This latest sector of utility for NFT is an exhilarating concept as Web3 is constantly expanding.
- Among the biggest challenges with legacy gaming from skins to end game tokens as well as currencies which eventually the publishers and studio owns.
A Collab Between Gaming and Finance
For all purposes and intent this latest category is the integration of gaming as well as financing or ownership. DeFi has been here for some years now and several tokens have been released traversing latest and distinct ways to make well 3 yield staking and more, but the exponential growth of the space has made a brand new category to traverse.
As virtual ownership becomes more relevant and prevalent in the sector, it is suspected that an increasing number of studios are gonna explore how the notion of transferred ownership from studio collectors will evolve and change.
While this category is relatively in its infancy, the notion that folks can own the avatar or the skin or even the elements of the economy is groundbreaking for this latest asset class.
Owning an NFT is just a proof of record on blockchain determining that this particular individual is the owner. The ability to own in-game skin or the character offers a distinct way to enable collectors to prove that they are in fact the owner of assets in the game. This enables the collector via proof of ownership to exhibit if the asset is scarce or not.
There is nothing that can halt big games to re-release the similar skin which the gamers currently own. For example, Call of Duty Warzone can release a “Ghost: Loose Ends bundle” for a limited timeframe, but then again, it can do it again at some point in future. This lowers the scarcity.
While the future is flourishing for gaming NFTs, majority of innovation is being done by DeFi startups and not the prominent studios. Folks are still reluctant to welcome virtual ownership and Web3, this ends the pushback from several journalists, and gamers around the notion of NFTs stays robust.
It is believed that the result of Web3 gaming is inevitable once the folks understand that they can own the items that they are spending their hard earned income on. Ultimately, sufficient momentum will break through and this is going to be the norm in future.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
