The NFT gaming market is growing by leaps and bounds as gaming regulatory bodies and traditional gaming corporations shun the ecosystem.
The gaming industry is a multi-billionaire dollar market traditionally dominated by giant corporations like Atari, Sony, Microsoft (NASDAQ:MSFT), and Nintendo, among others. Throughout their history, these major firms have aimed to provide entertaining gaming experiences to attract new players and expand their market share. However, nonfungible tokens are attempting to give gamers a financial incentive for playing games in the form of NFTs, in addition to providing an engaging gaming ecosystem.
These games, known as play-to-earn games are played in a Metaverse that is essentially a fictional universe. The play-to-earn gaming model dictates that the users of the platform are financially rewarded for their time and effort within the game. Because of this, the model has a chance to gain a portion of the $175.8 billion global gaming market that is touted to grow to more than $200 billion in 2024.
The protocols in the NFT gaming sub-sector have been gaining a lot of traction in terms of users and volumes. Their associated native tokens have been performed extremely well too. The native token of the Ethereum-based NFT game Axie Infinity has been leading the charge for the sub-sector. The token has posted 83% gains in the last 90 days and over 73,000% yearly gains.
Since the entire ecosystem is at such a nascent stage in its development, it seems to be more of a waiting game to gauge the true potential, utility, and long-term propositions of integrating crypto, blockchain, and NFTs in gaming ecosystems. Do you think NFT games will keep growing and even overtake the current leaders? Let us know in the comments and tell us which is your favorite NFT game!
The gaming industry is a multi-billionaire dollar market traditionally dominated by giant corporations like Atari, Sony, Microsoft (NASDAQ:MSFT), and Nintendo, among others. Throughout their history, these major firms have aimed to provide entertaining gaming experiences to attract new players and expand their market share. However, nonfungible tokens are attempting to give gamers a financial incentive for playing games in the form of NFTs, in addition to providing an engaging gaming ecosystem.
These games, known as play-to-earn games are played in a Metaverse that is essentially a fictional universe. The play-to-earn gaming model dictates that the users of the platform are financially rewarded for their time and effort within the game. Because of this, the model has a chance to gain a portion of the $175.8 billion global gaming market that is touted to grow to more than $200 billion in 2024.
The protocols in the NFT gaming sub-sector have been gaining a lot of traction in terms of users and volumes. Their associated native tokens have been performed extremely well too. The native token of the Ethereum-based NFT game Axie Infinity has been leading the charge for the sub-sector. The token has posted 83% gains in the last 90 days and over 73,000% yearly gains.
Since the entire ecosystem is at such a nascent stage in its development, it seems to be more of a waiting game to gauge the true potential, utility, and long-term propositions of integrating crypto, blockchain, and NFTs in gaming ecosystems. Do you think NFT games will keep growing and even overtake the current leaders? Let us know in the comments and tell us which is your favorite NFT game!