While NFTs haven’t quite entered the mainstream, they are slowly creeping into the periphery of pop culture. And how could they not, with major brands like the NBA, Nike and Electronic Arts entering the conversation? In this article we will explore where exactly we are in the cycle for mainstream adoption and how the perception of NFT’s is changing as crypto continues to go mainstream.
People Still Don’t Get NFTs
Unfortunately, many of the conversations taking place on forums and social media platforms are peppered with misunderstandings and falsehoods concerning all blockchain-based technologies, especially NFT’s. It’s not uncommon to see people complaining about the pointlessness of NFTs, arguing that they’re nothing more than JPEGs that anyone could copy and paste, or even lamenting their environmental impact and claiming that they’re nothing more than cash grabs and scams.
For millions of people, NFTs are simply a new novelty trend destined to fade into obscurity like Sony’s Betamax; however, people simply don’t see the incredible possibilities that NFTs offer as the reality is there is an industry that’s poised to change hearts, minds and the world when it comes to this transformative technology.
Video Games & NFTs: A Match Made In Heaven
The video game industry is massive, larger than the film and North American sports industries combined. And while NFTs will leave their impact on a variety of niches and fields, video games are already experiencing those market changes. Honestly, this makes perfect sense, after all, hardcore gamers tend to be on the cutting-edge of technology. So, it’s only natural that businesses within the gaming industry would realize that many of their customers are predisposed to an interest in NFTs and the decentralized ownership that blockchain technology can provide.
The Potential of Play-to-Earn Gaming
Several years ago, someone got the bright idea to fuse decentralized finance (DeFi) with gaming, creating play-to-earn (P2E) games in the process. Players purchase in-game characters, accessories, and land via the game’s blockchain. These digital assets can then be utilized to play the game and level up characters and equipment all while earning real money in the process. It’s this kind of application that reveals the validity of claims that NFTs are much more than JPEGs. In fact, there are people making hundreds of dollars each month by playing games like Axie Infinity and DeFi Kingdoms.
Despite all of these amazing innovations, If NFTs were only good for powering explicitly P2E games, it might make sense to question their longevity; However, strict P2E games are truly only the tip of the NFT-enabled iceberg.
How NFTs Make Cross-Game Experiences Better
One of the other ways that video games are intending to take advantage of NFT-related technology is with cross-game assets. Think of the countless Fortnite, and PUBG players who’ve dropped hundreds of dollars on skins and virtual accessories. If those skins were stored on a decentralized blockchain, users would be able to use them in all their other favorite games and even sell them to profit from their in-game skills and achievements. This kind of utility and interoperability will only be possible with the help of NFTs.
The Future of NFTs & Gaming is Here
While these are two of the most obvious NFT uses by the video game industry, there are countless other possibilities. Every week seems to bring another statement from a different video game company announcing interest in NFT implementation. In fact, Ubisoft, one of the largest game publishers in the world, has already entered the crypto space by launching an NFT marketplace called Quartz. Digital entertainment company, Konami, recently auctioned off a series of Castlevania NFTs for the series’ 35th anniversary.
All of this bodes well for the future of NFTs. As the technology becomes an everyday part of video games for millions of people around the world, those same people will come to understand it better and feel more comfortable interacting with it on a daily basis.. and that will make them more likely to accept its use in other industries, including in marketing, real estate, clothing, and more.
About Starter:
Starter is the leading launchpad, incubator, and investor network that has raised over $35 million USD for 50+ projects across different blockchains. Starter connects inventors with investors to recreate the future.
About Starchi:
Starchi is a Starter-incubated DeFi game built on the Polygon network. The theme of the game centers on the adoption of unique creatures, known as Starchi, from infancy and nurturing them into adulthood. The game has a built-in play-to-earn economy that offers players wages and rewards based on their completion of certain tasks. The game will function on a dual token economy, $START and $ELIXIR. The $START token is used to gain access to the game and trade Starchi while $ELIXIR is used to gain access to different in-game and economic rewards.
Website: http://starchi.gg/
Twitter: http://twitter.com/OfficialStarchi
Telegram: http://t.me/officialStarchi
Announcements: https://t.me/StarchiAnnouncements
Discord: https://discord.gg/Dh4GU2sh
YouTube: https://www.youtube.com/channel/UCvwfSz339JH11aPuUawwBgw
Medium: https://starchi.medium.com/
