The world of NFT gaming is relatively new but the community is already growing rapidly. Gaming isn’t the only industry to benefit from the 2021 NFT explosion, with countless commercial industries entering into the NFT frenzy including Nike and Gucci. With so many businesses choosing to integrate NFTs into their business models, it’s only a matter of time before they become a commodity the general public expects. The question is, will NFTs ever make the jump from decentralized gaming into the mainstream? We discuss this below.
In case you’re not clued up already, an NFT is a non-fungible token, meaning it has no real-world value in its basic form. Typically, NFTs are associated with digital media, namely art. The most famous lines of NFTs include CryptoPunks and Bored Ape Yacht Club, which Justin Bieber famously bought into at a rip-off price. If you explore an NFT marketplace like okx, you will find these NFTs and countless more.
In the gaming world, in-game assets are bought but aren’t traditionally owned by the player, meaning they aren’t able to exclusively use and sell them. With the introduction of NFTs into gaming, ownership of in-game assets can be proven, meaning NFT sales can be made on open marketplaces.
These games operate on blockchain networks like Ethereum and Solana, meaning they’re secure, decentralized, and transparent. To play the games, players need to invest in native coins and purchase a character (NFT). From there, they progress with the game and earn or buy more NFTs. As players move further into the game, they’re rewarded in native crypto, which can be paid back into the game or sold on a crypto exchange.
On November 10th it became public knowledge that console giant Sony had applied for a patent in 2021. The patent focuses on NFTs on consoles, and the ability to track them across games using blockchain technology. With players like Sony exploring NFT tech, there’s a high chance that NFTs will be entering the mainstream gaming landscape very soon.
If Sony successfully implements NFTs into the PlayStation, there are so many use possibilities. For example, if famous e-gamers use a weapon to win a tournament, there’s no way of telling the in-game asset apart from any other interaction of that weapon in the game. Whereas, if the weapon was an NFT, its history could be accurately tracked and displayed.
Sony’s movements paint a picture of NFT integration into mainstream gaming. However, Rockstar tells a different story. Despite Take-Two Interactive being heavily interested in NFTs, it comes as a surprise that one of their largest game studios has banned NFTs and crypto on its servers. Although crypto and NFTs aren’t naturally available, modders have found ways to implement them into the game – and Rockstar put an end to it.
The examples discussed above showcase two different arguments for NFTs in the mainstream. However, given that Sony is a giant entity and console manufacturer, its influence will have more sway, which means mainstream adoption will likely come to pass.