NFTs are gamified just by their very existence; they very much resemble the trading card games we used to play on the schoolyard and in the locker rooms. The key difference, and it’s a pretty big one, is that NFTs are selling for tens and hundreds of thousands of dollars and are not being exchanged for a piece of gum or a cool-looking marble or trinket.
Whether they’re incorporated into video games, online casino games, or as prizes for online bingo, we’re sure that NFTs are going to become a mainstream prize very soon.
Play to earn NFTs are going to be huge
Although it isn’t an entirely new concept, play-to-earn gaming is a concept that allows players to earn real-life money as a result of the games that they play. In an NFT context, as we have recently seen with Axie Infinity, this will allow players to buy their initial characters before leveling them up via playing and then having the opportunity to sell them to other players. This process can then be rinsed and repeated with new low-level characters.
Not only does this mean that players can sell their leveled-up characters for real money, but they can also add high-level NFTs to their personal collection without having to pay a huge amount, only having to invest a small upfront cost and then their time. This has all been enabled by the huge development of blockchain technology in recent years, providing players with a way to protect their accounts without having to worry about them being stolen.
How can the NFT artists benefit from this?
These gamified NFTs could represent a great way for NFT artists to get noticed in ways that might not have been possible before. Because these NFTs can be leveled up after playing certain games, thus making them more valuable, the artist will also benefit because they will forever be associated with these highly sought-after tokens. Like with any artist, scarcity means that their reputation will skyrocket, and this will be no different.
These upgraded or leveled-up NFTs will also provide an opportunity for the artists to design new creations that reflect their new level of prestige. Not only will this allow them to flex their creative muscles, but it will also likely represent a new opportunity for them to earn some money. If they create a reputation for creating great-looking premium NFTs, they might also then be commissioned to create more in the future. The opportunities are endless.
How will NFTs affect the wider gaming industry?
Innovation is usually a force for good, forcing the status quo to adapt and provide a better product for their audiences. This will be no different with regards to NFTs, with gamers being able to benefit from these innovations, especially once gamified NFTs sometimes provide players with the opportunity to earn money for themselves. This may also encourage the other video game developers to include financially incentivized features for players.
Insiders have always challenged the gaming industry to improve and provide a better experience for players, and this shouldn’t be any different. Suppose one provider or developer is able to entice players with incentives and opportunities to have a better time with them. In that case, rival companies will likely look to emulate this, which will benefit the community as a whole. There has never been room for complacency in the gaming scene.
How will NFTs impact the gambling industry?
Whether you see cryptocurrencies and NFTs as a form of gambling or investment is largely irrelevant. They operate in the same spheres because they are all largely speculative and can operate in ways that we can not always predict. This means that they could be tied into the gambling world relatively easily and become a central way for us to gamble and bet moving forward. One approach could involve betting on future NFT resale prices.
We could also see NFTs be used as prizes instead of actual cash prizes, with players buying in with their own money to win a highly sought-after NFT or highly-priced cryptocurrency. This approach could work really well with bingo as players put money into a central pool to take home a large share if they manage to win – imagine that concept but with an NFT as the prize instead of a cash lump sum. It could work.
So, what does all of this mean for gamified NFTs?
The good news for all you NFT enthusiasts is that these tokens will surely become increasingly incorporated in more traditional sectors moving forward, whether that be in more mainstream video games, as a prize at an online gambling casino, or as the grand prize in a game of bingo. With regards to bingo, this could be the next step in making the game much more popular with younger audiences, building on efforts we have seen in recent years.