The current condition of the gaming business
NFT games are responsible for rejuvenating the gaming industry.
ARE NFT GAMES BETTER THAN TRADITIONAL GAMES?
The gaming industry has been around for over 50 years. It has been quite unstable from the beginning. The 1980s gaming industry crash is a famous example. However, the industry has always survived and risen to new levels.
Thanks to NFT games, the industry seems to be making an unexpected comeback.
The current status of the gaming industry
The gaming industry has been expanding in recent years. The worldwide industry is currently worth more than $195 billion, more than the film and music industries put together.
The rise has been caused by a variety of factors. Gaming has become much more popular as a result of a variety of factors, including mobile gaming and live-streaming platforms such as Twitch.
Despite the fact that things haven’t been perfect, the in-game purchases and freemium games business model has been successful for some developers in recent years. There has been a lot of controversy as a result of the model. Gamers are growing increasingly irritated with having to pay for DLC and microtransactions.
Publishers are considering the NFT gaming business model to address this issue.
More than traditional games, NFT games are surpassing.
Polygon’s global business development vice president, Urvit Goel, believes that games that incorporate NFTs have an advantage over traditional games.
The old game design required players to spend their cash in order to enhance game play or even appreciate the experience thoroughly. Arcade games, for example, required players to feed the machine coins so they could keep playing for as long as they wished.
Players can buy and sell in-game items if a game integrates NFTs. That means users can profit from playing the game.
The success of this model has already been proven. Blockchain-based games such as CryptoKitties, Decentraland, and Axie Infinity have already generated millions of dollars in revenue.
Game companies that traditionally published are switching.
Users will gain control over their in-game experience by buying, selling, and trading game assets. Additionally, they may profit by playing the game.
Major gaming firms are beginning to notice this trend. Nexon, the developer of the popular MapleStory video game, recently announced that it would release a blockchain-based version of the game this year.
Polygon is working with Neowiz to develop new games using NFTs. Polygon is entering the NFT gaming market. Polygon executives are excited about the technology and feel they will be able to utilize it well.
NFTs are becoming increasingly popular as the gaming business model proves itself. We expect to see more traditional game publishers employ NFTs as the NFT business grows.
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These publishers are voluntarily entering the NFT gaming market because they see the potential for success. The NFT gaming business model has already proven more profitable than the traditional model.
In addition, it allows players to have more control over their in-game experience by allowing them to create their own in-game economies by buying, selling, and trading game assets.