Game Developers: Want to Launch Your Own NFT Marketplace? Here’s What You Need to Know. – Entrepreneur
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The non-fungible token (NFT) space has grown exponentially over the last year or two — moving into public awareness, which has led to widespread mainstream adoption. Assets that were thought of as fringe tokens at best have seemingly become a cornerstone of the digital economy, selling for huge numbers and getting the endorsement of major celebrities worldwide.
The revolution we’ve seen with NFTs has truly been a marvel. NFTs have been adopted even faster than cryptocurrencies were — standing on the back of cryptocurrency technology to become what they are today. Now that these tokens are a global phenomenon, everyone’s looking to create them to share a passion or as a monetization incentive.
Related: 3 Ways Entrepreneurs Can Expand Their Financial Portfolio Using NFTs
As we’ve now seen, NFTs have also infiltrated the gaming space. Following the success of Axie Infinity, Decentraland, and other platforms, game developers can see that NFTs provide a great way to make money and monetize the hype surrounding their games. And as expected, many of them have jumped on the train and are now using NFTs on their gaming platforms.
Results have been mixed, with some developers seeing impressive success while others have been relative duds. In all the lessons learned, one thing remains the same — before you build out NFT features, you must have a reliable and attractive platform that draws people in. Let’s discuss how NFTs have revolutionized the gaming industry and
whether building a native NFT gaming marketplace is necessarily the right move.
Related: 3 Ways NFT Gaming Is Building New Wealth Opportunities
How NFTS have revolutionized gaming
NFT gaming is one of the fastest-growing subsections of the entire NFT space. The sales of these assets have risen significantly and are expected to be in the billion-dollar region by 2025.
The appeal of NFTs in gaming is quite apparent: The play-to-earn model has entirely swept the landscape, rewarding players with gameplay and financial incentives. The play-to-earn model has made gaming essentially more attractive to players. Now it is possible to earn money while playing your favorite games.
With NFTs, players can easily own assets in these games and trade them for fiat money. The model is much better than traditional games, which held assets only on the platforms, where players could trade them for digital coins that held no fiat value.
Related: 4 Retention Lessons For a Successful Monetization Strategy
Take, for example, Axie Infinity. Players battle with Axies — or rather, digital pets — that they grow and breed. The rules are simple: When you beat someone else’s Axie, it belongs to you. Every Axie is an NFT, and you can sell it for fiat currency on the Axie marketplace.
The latter marks a shift in how most NFT creators traditionally sell their tokens: on regular NFT marketplaces. Of course, this isn’t to say that regular marketplaces have become less attractive. With cross-chain support coming to marketplaces like myNFT, the landscape for NFT marketplaces is also growing.
But, despite the growth of earning opportunities, NFTs also provide additional benefits for gaming enthusiasts. Some of them include:
- Character development: Games now allow players to build and customize their in-game characters. You can build out your hero based on your vision and even export this design and sell it on a marketplace.