Let’s talk about NFT Utility
NFTs or ‘Non-fungible tokens’ are changing the gaming industry, providing players with a unique way to own and trade assets, but there is a lot of misunderstanding and untapped potential. Let’s talk about NFT Utility!
Firstly, why is ownership so important? With NFTs, players can own digital assets and profit by buying and selling them to other players. This creates a new and safe, open economy that rewards players for their time and effort spent in the game.
NFTs also offer a new level of transparency and security in game transactions, as each NFT is a unique digital asset that can be traced on the blockchain. This makes it easier to prevent fraud and ensure fair play. This resolves issues plaguing the game industry for decades. Gone are the days of Real-Money-Trading for in-game currency on dubious sites, human exploitation, account fishing and bans.
In addition, NFTs can be used to represent unique achievements, such as completing a difficult quest or winning a tournament. These achievements can be displayed on a player’s profile as a badge of honor. This way, the player becomes an actual part of the game.
Game publishers can also benefit from NFTs, as they can monetize their games in new ways. For example, a developer can take a small share for each transaction (royalty) automatically. Especially for Free-to-Play games, this means more stable revenue, which reduces the need of monetizing the game more aggressively, while being able to develop the game further.
Another example, NFT Utility can be access to exclusive content, like unique merch, Discord channels or video calls with the Devs, or anything else you can imagine. Think Patreon sub tiers, but integrated in the game, or Battle Passes where you can trade the rewards.
NFTs also offer a new way for players to invest in the games they love. Imagine owning a collectors’ edition, that you purchase to support the game development, but that also grows in value over time. This way, the developer gets funds to develop the game and players can potentially earn a return on their investment by selling the NFTs for a profit in the future.
NFTs also offer a new level of interoperability between games. Players may take their assets from one game to another, creating a seamless gaming experience across multiple platforms. This level of interoperability is still a vision and likely not happening anytime soon. However, a step towards this is to provide players benefits that play multiple games. For example, if you play one game you get benefits in another game, like currency or skins.
Overall, NFTs offer a new level of utility, benefiting both players and developers. They create a new kind of economy that rewards time and effort, and offer developers new ways to monetize the game.
With Fableborne and Pixion League, we’re introducing a new level of utility for competitive gaming. Learn more about how we are innovating the space — join us now!
And if you are eager to learn more about opportunities for Blockchain technology in games, we recently teamed up with Shrapnel, The Beacon, and Stardust to discuss NFT Utility in web3 games:
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THE FABLEBORNE TEAM
