There are several goldmines of opportunities in the Web3 space. From NFT Collections to rapidly expanding Metaverses, it is proving to be an industry with many opportunities. Another area of huge potential is Web3 gaming, which in the right hands, can completely revolutionize the concept of ownership within the market.
According to an estimate, the global blockchain gaming market is projected to grow from $4.6 billion in 2022 to $65.7 billion by 2027. One of the factors driving this high growth is the concept of Web3 gaming assets, which differ significantly from those in the traditional sense.
In this article, we explore how Web3 gaming assets can pave the way for wider NFT adoption.
Web3 Games vs. Traditional Games
Before we proceed, it is important to explain the difference between Web3 and traditional games. Most importantly, it is essential to highlight what exactly makes Web3 games unique.
In traditional games, ownership of assets starts and ends within the game. If you buy an avatar skin or weapon in Call of Duty (COD), for instance, the use of that skin or weapon is restricted to that game. That means the assets can’t serve any other purpose outside of COD. However, imagine if that asset was transferrable and usable outside its initial purpose, you could mint it as NFT, sell it on an NFT marketplace, and earn money from it.
Web3 games have redefined the ownership and control of gaming assets, effectively allowing players own items as NFTs, which they can buy from other players or earn through tasks or quests. Should they desire, they can then sell these in-game assets, keep them as NFTs, or transfer them to another gaming ecosystem.
How can Web3 gaming assets pave the way for NFT adoption?
Web3 games offer an unparalleled experience to players. More importantly, they add an extra sense of belonging to users within its environment. Likewise, the ability to own in-game assets and have total control over their transfers is one that doesn’t exist elsewhere. For instance, they can lead to:
Increased Web3 users
The Web3 space is an ever expanding world of opportunities that appeal differently to individuals. There are users who work solely for the monetary benefits, some who are in it for its decentralized features, while others play purely for eternal glory.
Undoubtedly, the rise of Web3 games has ushered in gaming enthusiasts from the traditional ecosystem. As this massive migration of users continues, so will the use of web3 gaming assets, which also double as NFTs that users can mint or keep. Essentially, as more users transition into the Web3 space, gaming NFTs will also gain more traction.
Increased NFT Trades
As the Web3 gaming space attracts more users, NFT trades will increase as they transact between each other. It will also drive the trade volume of gaming NFTs on marketplaces. That scenario would then effectively increase liquidity in the market as the number of sellers and buyers increase. In essence, users will not have to wait so long to find buyers for their assets.
NFT Gaming Assets Offer a Unique Experience
Gaming NFTs, unlike other digital assets, offer a unique experience to the user. Their use and function are tied to whatever game the user acquired the asset from. Thus, unlike most NFT traders who buy the NFTs hoping to flip for profit, gaming NFT holders purchase these assets for their utilities. Therefore, they tend to hold onto them for longer than other NFT collectors.
NFT Gaming Assets Offer More utilities
Gaming NFTs also provide more utilities to their holders outside of their primary use as in-game assets. Some of them give holders exclusive access to benefits, perks, and utilities. For instance, Axie Infinity owners can rent their Axies under the Axie Infinity Scholarship. As a result, the renter makes money from the Axies, so will the owner make passive income.
The Web3 gaming ecosystem is one of the areas of the Metaverse leading Web3 adoption. As a result of their popularity, NFT adoptions have increased, and more traditional gamers are motivated by the unique experience to transition. So, as the Web3 ecosystem advances, so will Web3 games in uniqueness and experience.