Non-fungible tokens (NFTs) are digital assets that can be tracked and verified using blockchain. These tokens are often bought and sold using cryptocurrencies, with recent trends suggesting that they could become a huge element of the gaming industry before too long. How are they being added to games and what can we expect in the future?
What Games Are Available?
Search for the best games with NFTs and you will get a decent selection of options. The likes of Battle of Guardians, Idle Cyber, and Axie Infinity all give you ways of playing and trading, with the number of titles in this sector of the gaming market growing all the time. Splinterlands is an example of a game you can start playing for free, while most others involve an initial investment. For some players, the key aspect of this sort of game is that it gives them a chance to make money as they progress. By creating new characters or building up the characteristics of their assets, they can hope to turn an initially low investment into something far more valuable to sell in the game’s marketplace.
Some people call them play-to-earn games due to the opportunities they offer. The most valuable collectibles sold in this market to date include several CryptoPunks, which sold for several million dollars each, and a number of works by digital artist Beeple, with the highest-valued selling for over $69 million. However, it is easy to imagine powerful game characters or weapons selling extremely well in the future too.
If we turn our attention to the most valuable NFTs on games, we can see that there is still some way to go before they reach the value of other NFT collectibles but that things are moving in the right direction. LeBron James has some valuable NFTs on Top Shot and his Kobe Bryant tribute sold for over $200,000. Sorare is another game that allows players to trade sports stars, and a Neymar NFT sold for $30,000 here while a Cristiano Ronaldo token cost over $250,000.
Rather than collectible tokens featuring sports stars, God’s Unchained is a trading game that lets you obtain cards from a wide variety of collections. Their site states that over $17 million of cards have been traded so far and that in 2019 players spent a staggering $87 billion on in-game items. One of their most valuable NFTs to date is the Hyperion card, which is one of the game’s Genesis Titans and sold for 137 Ethereum, giving it a value of over $60,000.
How Do Games with NFTs Compare to Other Ways of Playing for Money?
On the surface, the fact that NFT games involve playing for money makes them sound similar to casino games, where you also try to grow your money over time. However, there are also some key differences to take into account. For a start, casinos give you a variety of games such as slots, blackjack, and roulette, rather than a single game. Casino games also offer the option to play for free with new player promotions such as the offer of free spins plus a bonus on the first deposit made after joining up. Especially well-known sites like Energy Casino and 888Casino offer promotions for newcomers, making it easier to start playing with more funds. If you win money in this way, you need to meet the playthrough requirements to withdraw, rather than having to trade or sell.
Will This Market Continue to Grow?
The popularity of games with NFTs is expected to grow considerably in the next few years. This look at several tech unicorns reveals that over $600 million was raised in just a few months by four companies in this sector. A range of new games is expected, which should keep the genre in the news and attract a lot of attention from gamers. We can expect to see more new games with collectible NFTs released in the next year or so.
The variety of types of games with NFTs should also grow, with a move away from simple collecting and trading games to something richer and with a more complete gaming experience. For example, Age of Rust is a dark sci-fi adventure where players explore the universe, solve puzzles, and take part in treasure hunts to build up their collection of NFTs. The Enjin wallet is used in this game, which verifies ownership of each item to be bought, sold, or traded.
While the record price for an NFT may be broken again soon, an overall trend of more people playing in this way and selling tokens for more modest amounts will be a better indicator of whether this method of playing and earning is here to stay or not.