We’re in the midst of a technology transition phase. The covid-19 pandemic accelerated the adoption of digital technologies. Every socio-economic sphere of our lives felt the impact. Industry experts and professionals claim that consumer and business habits have changed. Developments in blockchain technology promise to rewrite the rules of the global economy. In a permanent fashion. Likewise, crypto gaming and gaming NFTs are on a high adoption curve. We’re on an inflection point so to speak, for blockchain technology.
Today’s post aims to cover why games represent the best of software development. In addition, we’ll see why crypto gaming and gaming NFTs are driving blockchain adoption. This is among both web3 upstarts and traditional web2 companies. Once done, we’ll understand why 2022 is the year of crypto gaming and gaming NFTs. So let’s begin! First, a few definitions to understand.
Also Read: Web 2 vs Web 3 According To Ethereum
What are NFTs?
Non-fungible tokens or NFTs are digital files that live on the blockchain. These digital files can be anything. It can be an image, a music stream, a video, or something that represents a real object. In a nutshell, the NFT can get programmed to possess different properties. This gets based on the objectives of the project and team building the product. The majority of the action is currently with digital art tokenized into NFTs. Artists and collectors from across the world have come together on blockchain. They have kick-started a multi-billion dollar market.
What are Cryptocurrencies?
The blockchain allows software to bake in economics and law right into the internet. This is the reason why we’re seeing adoption for cryptocurrencies, as fungible tokens. The logic is that software will help to supply, manage and control monetary policy. This is the best way to incentivize and disincentivize large numbers of participants. For instance, the Bitcoin blockchain is for creating and paying people in Bitcoin. Likewise, Ethereum is the blockchain where Ether, is to process and verify transactions. They get created by smart contracts and decentralized applications.
Why is 2022 the year of Crypto Gaming and Gaming NFTs?
The gaming industry is a behemoth. In fact, gaming is the biggest segment of the entertainment market. It is bigger than movies and social networks. And within gaming, we already see signs of an emerging metaverse. For instance, blockchain and cryptocurrencies for the back-end revolution of the internet. And AR/VR leading the front-end of the internet. Combined, we call it the metaverse and web3.
The gaming industry has always stayed ahead of the curve when it comes to new technology. For instance, games were the first adopters of developments in hardware. In fact today’s GPUs owe their existence to games’ heavy graphics requirements. Likewise for software. Because games have large numbers of people at the same time, an engineering feat.
So here are the reasons why Crypto gaming and gaming NFTs will cast 2022 as a great year.
Games are Virtual Economies
Think about it. Games are virtual worlds where people gather, collaborate and do certain things. Different games have different objectives. There are different types of gaming. There’s hyper casual gaming, there’s complex strategy games, there’s sports based games and so on. However, if we were to model games to depict software that was relevant for the real world, it makes sense to understand that games offer an environment that can amplify our physical world and help us collaborate in a better way. Cryptocurrencies and NFTs represent this collaborative approach.
Crypto Gaming is about embedding games on the blockchain. And allowing users to own in-game items and assets as gaming NFTs. The better a player performs, the more he or she can earn. Likewise, games can get governed by users using cryptocurrencies and NFTs.
Crypto Gaming is here to Stay
Its common knowledge that crypto gaming is the future of gaming. This is because, user and player actions can get recorded and tracked on the blockchain. Hence, users who advance the objectives of the game stand to earn in the community. Crypto games represent online communities that meet together on shared interests and passions. With social features stacked in crypto games, this is the future of how games will play on the internet. Global, always-on, social and mobile on a decentralized internet.
The main reason why blockchain will scale comes down to crypto gaming to a large extent. There are a tide of games that are coming to market. The internet in 1998 was a new place. The same can be said of crypto gaming. The new internet is here.
Gaming NFTs model the real world
The physical economy revolves around the ownership of land, banking and government policy. Likewise, the same can get said of game software. The blockchain represents land ownership. Users can track ownership of virtual land and assets. Likewise, cryptocurrencies represent banking, savings and investments. Blockchain is also a governance technology. In the sense that it aligns a group of people to coordinate together. Hence, gaming NFTs represent the fundamental economic basis of the virtual world.
Blockchain adoption is rising all across the globe. Crypto Gaming and Gaming NFTs are on a tear at the moment. User metrics are rising and there’s better user experiences across the board. We’re still early in this route to web3. In a few years, we’ll all play games to live, work, earn and socialize. This prediction stems from the fact that we can look at software as collaborative games.
NFTICALLY is a venture that helps creators, brands and enterprises to create and launch their own NFT marketplaces.