Little known fact, the video game industry helped spawn the Non-Fungible Token phenomenon
CryptoKitties, a blockchain-based game created by Dapper Labs in 2017, gave birth to “one-of-a-kind” tradable and collectable digital characters, or NFTs.
Now, NFT creation and transactions are rampant in the video game industry.
In the first half of this year, NFT sales reached $2.5 billion, while the video game industry is expected to generate over $180 billion in total revenue by years’ end.
Growth in both these interconnected industries has been phenomenal.
Today, game developers are exploring the utilization and implementation of stalbecoins and branded tokens. The use of both these crypto-based assets could lead to enormous changes in consumer goods branding, entertainment, eSports and most importantly, the amount of time gamers play, and how much money they spend.
Traditionally, gamers invest time and money into virtual worlds and gametime. This money and time are lost once a gamer drops the game.
Because of this, incentives outside of rewards like upleveling, for example, are desperately needed to keep gamers involved, and spending. Crypto assets like NFTs may be the answer.
By allowing gamers to establish custody over NFTs, crypto assets will undoubtedly help both the gaming industry and NFT industry establish new users, keep current users viable, and grow bigger revenues further into the future.
Read more about NFTs and Gaming, HERE