NFT in gaming!
Large organizations, particularly in the gaming industry, regard NFTs as a way to generate a steady stream of cash from digital material. If a rare Fortnite skin was provided as an NFT, for example, a player might be the first to unlock it in-game and then claim ownership of it. After that, the skin’s token can be resold to the highest bidder, perhaps for a large sum of money. Regardless of how much the skin sells for, Epic Games will take a portion of the profit, and the new owner can resell it to other people indefinitely, with Epic taking a piece each time.
Game achievable are NFTs?
Aside from applying NFT concepts to any game that offers cosmetic skins, it’s also easy to see how they could be applied to card-collecting games like EA Sports’ Ultimate Team modes. Every card in the mode could essentially be its own NFT, and you could then auction off ownership of any card in your deck to other players, with Electronic Arts receiving a percentage of the auctioned sales.
So, in addition to getting paid when a gamer buys the pack that contains the rare cards, EA could conceivably create a new revenue stream based solely on resales of those rare cards for as long as NFTs are feasible. While there has long been a “black market” of sorts for people selling Ultimate Team accounts with rare cards for actual money, NFTs provide the publisher a chance to get a piece of that lucrative pie.
New trends in the gaming industry
Although none of the examples described above exist yet, anyone with even a passing interest in the games industry can probably see where this train is headed. NFTs appeal to big game publishers because they open up the opportunity of making a lot of money on rare things. Recent trends like time-limited cosmetics have already become the norm, but what if publishers could only sell a specific number of skins or cards? The demand for those things would soar, resulting in a bustling market.
WHAT ARE GAME COMPANIES SAYING ABOUT NFTs IN GAMING?
Given the amount of money that may be on the table, it’s no surprise that some of the industry’s biggest publishers have been talking about NFTs a lot recently. Here are some memorable quotes about NFTs, both positive and negative.
UBISOFT: The Assassin’s Creed and Far Cry stewards told Decrypt about their own NFT initiative, Quartz, which currently only sells NFTs for Ghost Recon Breakpoint: “We understand where the [negative] sentiment towards the technology comes from, and we need to keep taking it into consideration every step of the way.” This experiment is designed to see how our players respond to and accept the value proposition of decentralization. We recognized that this is a significant adjustment that will take time.”
ELECTRONIC ARTS: During a November 2021 earnings conference, CEO Andrew Wilson stated:
“I believe that collectible digital material will play an important role in the future of the games we make and the live services we provide.” So, it’s still too early to say, but I believe we’re in a great situation, and we can expect us to think more innovatively and imaginatively about it in the future.”
XBOX: In November 2021, Xbox Executive Vice President of Gaming Phil Spencer issued a more cautious stance to Axios about the future of NFTs in gaming.
“Overall, what I’d say today on NFT is that I believe there’s a lot of conjecture and experimenting going on and that some of the creative I’m seeing today feels more exploitive than entertaining.”