NFTs are going to be the biggest change to video game monetization since micro transactions.
The first examples of these came out in 2017, if you ever heard of CryptoKitties and CryptoPunks which could be purchased through the Ethereum Blockchain.
Now there are games like Lost Relics where you can find rare items that can be sold or traded at a designated marketplace. This gives players way more incentive and satisfaction knowing they can now monetize their hours of gaming or are able to secure their legendary items on the Blockchain.
How do NFTs tie into the video game market?
Well, think of a game like World of Warcraft that has two main objectives, to level up and collect epic gear along the way. Some of these items can be very hard to acquire or take a very long time to earn as these items significantly improve the stats of your character and are highly sought after by players.
Now take Enjin for example that has created an ecosystem that’s focused on gaming.
With Enjin all those rare items can now be issued to players as NFTs and so the player can now store this item piece on the Blockchain where it’s secure and only they have access to the item and can alternatively use this item or sell it to another player.
So NFTs are going to give players actual ownership and control of their gear and in game items. So before all your gaming apparel would belong to Blizzard but now NFTs are changing all that.
Already as incredible as this is all sounds, it gets even better! Oh Yes!
This has given rise to an open ecosystem and replacing the old traditional “walled garden” developer system. A great showcase of this is the Enjin Metaverse which collects numerous virtual worlds together and allows players to level up and use items in multiple games! Sounds crazy right?
So right now Enjin is providing game developers with all the necessary tools to create and bring these virtual worlds together with inbuilt NFT items.
Enjin should also be recognized and credited as a huge contributor to the NFT space with their ERC-1155 token which actually allows for fungible and non-fungible assets to be traded within the same space. This is vital for any gaming developers who want to integrate crypto as a payment system into their platforms, creating a user friendly and convenient environment for their user base.
Another fantastic feature worth mentioning is that when you mint a NFT on the Enjin ecosystem you can then “melt” that NFT which means you can get Enjin coin for in game items! This is huge because it allows a player to earn real value for their hours spent grinding. This is all literally revolutionary and changing the gaming industry as we know it. Gamers are already converting from the old traditional way of playing games into a new decentralized environment and NFT based space.
