Why NFTs Are Making Waves in the iGaming Industry

True Ownership

When NFTs first launched in gaming products, the prospect of owning something that had real-world value and in-game perks excited gamers and investors alike. The idea was that when you invested in a gaming product, you could earn from it, get in-play perks, and potentially trade it on the marketplace for (ideally) more than what you paid for it. The rise of online single and multiplayer experiences meant that many new and veteran gamers felt less ownership over the titles they played, leading to a long-term disconnect between studios and their fanbases.

Let’s imagine a scenario where a player invests in 10 tokens of a gaming NFT project. These tokens grant holders early access to the game and perks to help them do better and get ahead within the game. As time goes on and the game grows in population, more people want the tokens but due to its limited supply, the value of tokens increases considerably but the supply remains constant. The tokens are now worth more than they were in the beginning.

Contribute Opinions and Ideas

Have you ever played a game and been frustrated by the plot, gameplay, graphics, or other aspects? You’re not alone because most players know what they want but unfortunately, there’s no reliable way to communicate needs, wants, opinions, and ideas to game studios. Studios can launch NFT tokens for projects in development and grant these token holders the ability to contribute their thoughts and expertise to the project. Some studios made this work through open forums and public votes, and some breathtaking additions came about thanks to this innovation.

Players can’t vote on all aspects of a title development, and it’ll be impractical to try to make something like this work. Studios can decide how much power they give to their community of NFT holders, and whether or not their suggestions will be implemented on time. Improving a game doesn’t necessarily mean ripping everything out and restarting development, it offers the opportunity to fix minor things stopping games from achieving their full potential like glitches, mistakes, and oversights in production. It’s time for players to become a part of the development process.

Monetization

iGaming has come a long way throughout its history, with many gamers growing to become professionals in their rights. There’s no reason why a good gamer should not be able to easily monetize their experiences. Presently, the options for monetization include players in competitions and championships, but there aren’t enough championships and opportunities to accommodate the majority of the gaming ecosystem. Gone are the days when players were viewed as bums and lazy people, the gaming industry is currently the most valuable form of entertainment globally, surpassing the music and movie industries. Every day players need to benefit more from this growth.

Streaming is currently one of the most exciting and lucrative ways for players to monetize their skills and gameplay. Platforms like Twitch and TikTok allow players to stream their gameplay to millions of people globally and earn primarily from fan funding. Fans can pay to fund and reward their favorite gamers and creators. YouTube also does this but takes it a step closer by paying gamers to stream and post gameplay videos on their channels while also allowing fan funding. NFTs can make the process of funding and paying everyday streamers and players easier, more straightforward, and less restrictive.

Some other things to keep in mind when considering NFTs in gaming:

• NFTs are not a one-size-fits-all Solution. Studios approach NFTs implementation differently, that’s why you cannot expect the same perks across all games. Some studios offer different benefits and perks across different titles within their ecosystem.
• NFTs are Improving the Experience, not Replacing it. The gaming ecosystem is offering more options to players than ever before. Everybody from massive tech giants to independent studios operating out of university dorm rooms wants in on the actions. NFTs are leveling the playing field for smaller creators and studios.

What’s Next for NFTs in the Gaming Ecosystem?

Nobody knows for sure, most stakeholders are expectedly weary about what the future might hold because they remember how things went south during the first “NFT mania” in 2021. The odds of this DeFi product becoming a net positive in the gaming space are significant.