How NFT games have been growing

How NFT games have been growing

With the larger cryptocurrency markets in the doldrums, at least one sector of the digital asset business seems to have remained relatively unscathed and even expanded: blockchain-based gaming. Although token prices for popular blockchain nft gaming guild like as Axie Infinity have lately decreased, user metrics have increased.

According to data tracker DappRadar, there are currently 398 active blockchain nft gaming guild, defined as those that have had at least one active wallet during the last 24 hours. This is a 92 percent gain over a year earlier. The overall number of blockchain nft gaming guild, including dormant ones, has increased by 71% in the last year to 1,179.

Modesta Massoit, financial director at DappRadar, said that the rise was significant in light of the fact that “it takes time to produce amazing nft gaming guild, and it takes two to four years to build a terrific game in conventional industries.”

The user data demonstrate the fast acceptance of blockchain gaming. According to Massoit, the number of daily unique wallets engaging with game-related smart contracts increased 46-fold to 1.3 million last year, up from 28,000 at the end of 2020.

Meanwhile, according to Massoit, venture capital companies have committed $4 billion to the development and implementation of blockchain-based NFT games and their underlying infrastructure.

Additionally, the rapid growth shows little prospects of abating: “2022 is likely to be a watershed year for cryptocurrency and gaming, “Gerald Votta, head of Quantum Economics’ GameFi research, agrees. “Over the next five years, the number of nft gaming guild in this sector is expected to more than double.”

The popularity of “play-to-earn” gaming — gaming fueled by bitcoin prizes – increased in 2021, led by the Pokémon-inspired Axie Infinity (and its AXS tokens racking up impressive gains). The play-to-earn game is the second-largest blockchain-based game by user base on DappRadar, having been a popular with lower-income communities in the Philippines and Venezuela. It eclipsed the sales records of NBA Top Shot and CryptoPunks in September, according to a study by the Blockchain Gaming Alliance.

DeFi Kingdoms, a play-to-earn metaverse-based blockchain game, ranks #1 in terms of transaction volume. According to DappRadar statistics, the game’s user base has roughly doubled in the last two months.

How NFT games have been growing

Recent market changes have had little effect on GameFi uptake.

In 2022, bitcoin and the wider cryptocurrency markets have had one of their worst starts to a year on record and remain far below their all-time highs. Bitcoin is down 13% year to date, while ether (ETH), Ethereum’s native cryptocurrency, is down 15%.

According to a research by DappRadar, non-fungible tokens (NFTs) and NFT games seem to be less impacted by macroeconomic events and trade more independently. The company attributed the sector’s recent growth in acceptance and appeal to themes such as play-to-earn or the metaverse. (Do you recall Facebook’s rebranding?)

The trend has accelerated as more established gaming firms like as Ubisoft and EA Originals have joined the ranks of play-to-earn and non-financial-transaction gaming, according to Votta of Quantum Economics.

According to Jeff Holmberg, head of investments at Yield Guild NFT games, a play-to-earn gaming guild, the ability of players to have digital ownership of in-game assets has aided in the adoption of blockchain NFT games.

“This is a significant departure from the traditional centralized Web 2 approaches that have dominated the market to far,” Holmberg told CoinDesk. The most popular nft gaming guild have a vibrant community, solid play-to-earn mechanisms, and guild features, since these aspects increase the likelihood of recruiting players, he said.

How NFT games have been growing

Sebastien Borget, co-founder and chief operating officer of The Sandbox and president of the Blockchain Game Alliance, said that the variety of NFT games using blockchain, NFTs, and play-to-earn methods is rising.

“This is an excellent sign of the industry’s general growth in interest,” Borget added.

Traditional gamers continue to be suspicious.

One impediment to broader acceptance is the cryptocurrency’s reputation among many conventional video game players.

Traditional gamers have criticized the blockchain gaming sector, and many believe that gameplay for these projects has a long way to go.

Lennard Neo, head of research at Stack Funds, admitted that blockchain gaming was a major trend last year and would continue to be so until 2022, but he cautioned that the next phase of development may occur only when current nft gaming guild are released and the infrastructure matures further.

Numerous play-to-earn NFT games‘ tokens have seen significant price decreases this year as the larger cryptocurrency markets have trended lower. (Perhaps they do not trade entirely separately.)

AXS, the Ethereum-based token that runs Axie Infinity, has lost 40% of its value over the last three months, while Yield Guild NFT games’ YGG token has also lost 40%. The Sandbox (SAND) is down 16% in the last week, but is still up 400% in the last three months.

How NFT games have been growing

Conclusion – Is Investing in Gaming Tokens And Coins A Good Investment?

According to the latest data from Coin Market Cap, as of January 8, 2022, there are billions of coins and tokens in circulation. Although their market capitalizations decreased last week due to the general cryptocurrency ecosystem’s fall, the tokens and coins described here have a value ranging from US$ 0.34 to US$ 74.28.

Even without taking into account cryptocurrency, gaming coins and tokens are dangerous investment vehicles. While the numbers above demonstrate that these gaming currencies and tokens had a fantastic year in 2021, skeptics sometimes assert that this is not a widespread trend but a one-off.

However, the continued growth of the blockchain gaming business and the creation of metaverses indicate the opposite. Gaming currencies and tokens are a growing feature and so need empirical evidence. Therefore, it is critical to do comprehensive study and fully grasp the fundamentals of each game currency and token before investing.

How to Create an NFT Game: Preparation Stage for the Technical Part

Steps in building an NFT game

Now it’s time to get into the technical aspects of developing the NFT game. This step is critical since it has an effect on the final output of your work.

Configuring a Server

To begin, it is important to construct a dedicated environment for storing the NFTs on the blockchain. They need a substantial quantity of data. That is why developers often advocate for cloud storage servers such as IPFS over blockchains.

How to Create a Smart Contract

The next phase is to develop smart contracts – mathematically defined conditions and outcomes included in the code of the nft gaming guild. When the first one is completed, the second one is also completed. This manner, it is impossible to edit the smart contract or any of its code.

Stage Frontend

At this point, it’s time to begin bringing your NFT game’s pre-designed design idea to life!

How is Blockchain NFT gaming possible

How is Blockchain NFT gaming possible

Online gaming is currently the world’s most popular form of entertainment, having surpassed other forms of entertainment such as film, music, and traditional sports. This is an exciting time for esports players, fans, and bettors because there is always something new to discover as the industry continues its phenomenal growth. Aside from that, people all over the world are enthralled by the way blockchain technology and NFTs (non-fungible tokens) are revolutionizing the global nft games industry.

Gaming on the blockchain: A crucial component of the metaverse

The concept of the Metaverse is one of the coolest, most fascinating, and most lucrative concepts to emerge from the digital world. It gets its name from a portmanteau of the words ‘meta’ and ‘universe,’ and it is a virtual world that combines several technological aspects to allow you to work, shop, socialize, and, in this case, play nft games free to play in the same environment.

Metaverses are frequently powered by a public ledger known as blockchain, which is the same technology that allows for the creation of digital currencies and, more recently, non-financial tokens (NFTs). In total, NFT games developed in it, as well as the use of the aforementioned tokens, are classified as blockchain gaming — a world governed by smart contracts. In the blockchain, these are self-executing transaction protocols that allow all participants to benefit from nft games free to play while also earning money themselves.

How is gaming on the blockchain made possible?

Video NFT games created and stored in the traditional manner are controlled by a closed-loop control system, which mechanically controls a process without the need for human input or intervention. This means that no one other than the administrators of the centrally managed server will be able to access or modify their program.

In contrast, because blockchain is decentralized, the nft games free to play that run on it are not owned or managed by a single organization or authority. Smart contracts, on the other hand, enable members to save and transact their activities, as well as examine and reuse their assets, all through the use of blockchain technology. This is the method through which gamers earn money. Not only do they get NFTs as a result of their participation, but they also effectively and securely sell and exchange them with other players in bigger quantities, which is explained below.

What are non-financial transactions (NFTs) and how can you profit from them?

NFTs are digital assets that may take the shape of collectibles, artwork, or anything else that is valuable to the owner of the asset. However, although both are written and kept on a blockchain, NFTs are distinct cryptographic assets that may be used to represent both physical and immaterial goods. If you’re talking about video NFT games, it may be anything from in-game assets (such as a skin, bow, or staff) to prize packages and digital collectibles that game creators and esports organizations use to interact with and attract new fans.

In other words, the value of NFTs is derived from their particular authenticity, which cannot be readily replicated, hence granting the buyer the right to possess the original work of the creator.

While still a relatively new idea in online gaming, the market for non-financial transactions (NFTs) is now twice the size of the esports business. Starting at more than $250 million lately, it has swiftly risen to $2 billion in the first quarter of 2021 as a result of the large number of organizations and investors that have come on board with the trend.

Based on market capitalization, the top four NFT games and tokens are as follows:

Industry experts may be unanimous in their belief that nft games free to play are the future of online gaming, but which of the tokens now available on the market is worth your time and money? The top four cryptocurrency coins, as determined by market capitalization and coin value as of December 2021, are given below.

How is blockchain NFT gaming possible

Axie Infinity (AXS) 

  • Coin value: $107.23 
  • Market capitalization: $6,541,215,490 
  • Axie Infinity (AXS)

The pay-to-play-to-earn paradigm is used in NFT games, and Axie Infinity is the most popular and successful product on the market today. This play-to-earn game, developed by the Vietnamese company Sky Mavis and first launched in March 2018, is based on the Pokémon franchise and uses cryptocurrency tokens named Axie Infinity Shards (AXS) and Smooth Love Potion (SLP) (SLP).

Sandbox (SAND)

• The coin’s value is $6.25; the market capitalization is $5,747,280,454.

It is greatly sought for by gamers since it allows them to take their creativity to a whole new and profitable level. The Sandbox has its own native currency, which is SAND. It was created by the game company Pixowl and is a large metaverse that allows people to play, develop, own, and monetize their virtual worlds. It is now in beta testing. They may construct a variety of constructions out of materials such as water, lava, sand, and glass in order to achieve a certain aim or mission objective.

Decentraland

• The coin’s value is $3.78; the market capitalization is $6,861,045,501.

Decentraland is a phrase that means “decentralization” (MANA)

In contrast to Axie Infinity, which is now the most popular NFT game, Decentraland is the largest virtual environment in the world of NFTs. It is a 3D virtual reality platform that is represented by two key ERC-71 tokens, LAND and MANA, which are both traded on the exchange. Because it consists of 90,601 pieces of land, each piece of LAND is distinct and allows its owners total discretion over anything they want to do with their parcel of land.

Land, on the other hand, may be acquired via the usage of MANA. The catch is that the total supply of Decentraland is set at 2.6 billion, and the currency will never surpass this limit at any point in the future.

How is blockchain NFT gaming possible

Enjin Coin (ENJ) 

  • Coin value: $2.91 
  • Market capitalization: $2,454,398,008 
  • Coin value: $2.91

The Enjin blockchain technology firm, in contrast to the other nft games free to play described above, allows people to develop and administer NFTs, thus its motto “NFTs for Everyone” (NFTs for Everyone). This platform makes use of an Ethereum-based token known as Enjin Coin (ENJ), with the goal of making the usage of non-fiat currencies as smooth as possible for people, brands, and businesses.

Blockchain gaming has a promising future in the metaverse, according to experts.

Since its modest origins, online gaming has gone a long way, and continues to do so. After beginning with large arcade machines housed in amusement centers, it has developed into an emotionally charged and high-tech sophisticated entertainment that requires meticulous planning and preparation on the part of the participants.

While juggernauts like as Dota 2, League of Legends, and Valorant may dominate online gaming now and in the future, it is impossible to ignore the inevitable popularity and financial value of non-traditional games (NFT). They are valuable for a variety of reasons other than their gameplay and features. Their innate distinctiveness and ever-growing worth are two of the primary reasons why both gamers and esports bettors are prepared to spend millions of dollars on them.

In one form or another, non-financial tokens (NFTs) and digital currencies will be the optimal means of exchange for anyone seeking to make investments in the metaverse. When you use cryptocurrency to play NFT games and make bets at Bitcasino, you already know that you are one step closer to the future terrain of the digital world than you were before.