India has the world’s biggest mobile gaming population, with over 400 million users. Other popular platforms include desktop computers and game consoles such as PlayStations and Xboxes. Until now, all of the most popular and successful new nft games, such as Call of Duty, Among Us, and Grand Theft Auto, have used a centralized approach, in which the game’s creator controls it through administrators and maintains all game data on a single server.
Now, with the emergence of blockchain technology, decentralized gaming is garnering worldwide interest, led by blockchain-based new nft games like as Axie Infinity (AXS), The Sandbox (SAND), and Decentraland (MANA), among others.
Players have total control over their digital identities, accounts, and assets in a blockchain-based game. Additionally, individuals have complete control over how they engage with the game’s natural micro-economies, trading and encash assets as they choose.
This is in contrast to a centralized game, in which all player objects, collectibles, and cash are stored in the game maker’s database and are therefore owned and controlled by a single corporation.
Additionally, centralized game servers are prone to failure, infiltration, shutdown, and manipulation by developers/admins, and do not provide players with visibility into game mechanics.
How blockchain-based new nft games are distinct
Players have actual ownership of in-game assets in a blockchain game. Generally, these assets are represented by non-fungible tokens (NFTs), which serve as evidence of ownership for participants.
In-game equipment, wearables, character skins, and cards are all examples of assets that may be tied to NFTs and preserved on the distributed network of a blockchain-based game.
Due to the fact that players have the ability to freely own and exchange their in-game assets, micro-economies or decentralized markets arise inside the game.
Additionally, since blockchains are decentralized, the protocol removes the need for trust between player-traders and/or a mediator or third party to govern markets. Additionally, blockchains enable value transfer and payment facilitation between users through cryptocurrencies, which is true for micro-economies in blockchain-based new nft games.
Blockchain technology may also enable players to move and utilize assets across various new nft games or trade them on other gaming marketplaces through NFTs (for digital assets) and crypto (for value transfer).
Depending on how the game is implemented, players may be given the ability to vote for or against game updates or modifications.
Additionally, the distributed nature of blockchain prohibits hackers from interfering with/attacking the game, since distributed networks lack a single point of failure. Additionally, a blockchain-based game continues to operate even if its creators leave or relocate.
While these characteristics favour blockchain-based new nft games over their centralised versions, distributed ledger technology does have certain drawbacks.
Blockchains are slower than centralised networks in terms of network performance and scalability, which has an effect on in-game transactions. Additionally, since blockchain technology is still in its infancy, new nft games created on it are still rather rudimentary, low-budget, and lack widespread popularity.
Axie Infinity, a popular blockchain-based game (AXS)
Axie Infinity was created by Sky Mavis to educate the gaming community about cryptocurrency in an entertaining way. It is a play-to-earn game in which players gather, fight, and employ Axies to earn tokens and pay out at predetermined intervals.
The game makes use of the Ethereum-based coins AXS (Axie Infinity Shards) and SLP (Smooth Love Potion). On its platform, NFTs and crypto enable users to acquire property rights.
Additionally, Axie Infinity has an active community and scholarship program designed to encourage and educate new players. Sky Mavis secured $152 million in October 2021 from Andreessen Horowitz, Mark Cuban, and others to expand Axie Infinity.
The Sandbox is a virtual world game in which players are given the tools necessary to create their own nonlinear experience. SAND is used to fuel the in-game economy of The Sandbox, which was developed by Pixowl and bought by Animoca Brands.
Players may create digital avatars and utilize tools to generate in-game assets, convert them to NFTs, and trade/sell them. As such, The Sandbox is a NFT games title. Additionally, the Sandbox allows for the selling of virtual property inside the game, enabling landowners to create digital experiences on the platform.
The game secured $93 million in a Series B fundraising round headed by SoftBank’s Vision Two Fund and a handful of additional investors in November 2021.
Decentraland is a virtual world in which people may own land, hold virtual events, create and share content, and participate in a variety of social activities.
As with Axie Infinity, The Sandbox, and other blockchain-based NFT games, Decentraland enables players to control their digital identities and in-game assets using blockchain technology.
Decentraland has been a pioneer in the realm of blockchain-based NFT games, and its economy is powered by MANA – an Ethereum standard token. The game’s popularity has increased in part because to LAND, its virtual real estate NFT.
Decentraland raised $26 million in an initial coin offering (ICO) in 2017 and apparently received more funds in unspecified amounts from Digital Currency Group, Kenetic Capital, FBG Capital, CoinFund, and Hashed.
The Metaverse and Gaming
Apart from Axie Infinity, The Sandbox, and Decentraland, other notable initiatives in the sector include the virtual reality game Bloktopia, the NFT platform Enjin, the role-playing game Ilivium, and the gaming platform Gala.
The market capitalization of the top gaming crypto tokens is $21 billion, which is a pittance in compared to the top crypto currencies such as Bitcoin (nearly $1 trillion) and Ethereum ($536 billion).
With the growing popularity of the Metaverse idea – a shared, gamified, three-dimensional virtual environment in which people can interact – the play-to-earn model of blockchain-based NFT games may play a significant role in incentivizing the adoption of Metaverse platforms.
Decentralised, blockchain-based platforms, as well as centralised tech giants such as Meta (previously Facebook), Microsoft, and others that are developing in the field, are positive on the concept. Additionally, centralized NFT games like Fortnite and Roblox have been developing the most metaverse-like experiences.
NFTs provide esports players the opportunity to earn. It’s remarkable because, while you’re enjoying the excitement of the game, you’re simultaneously hoping for profitability when you lose interest in the game objects and want to exchange them for more enticing ones.