NFT gaming might be the next big thing in crypto
Blockchain-based games are popular not only in the developing world, but also in the States and EU
The cryptocurrency industry recently hit $2 trillion in overall market capitalization. This market already has provided a way for some individuals to become millionaires and billionaires. However not everybody who invested in crypto was successful, since there are a lot of victims who remember the ICO scams and other Ponzi schemes draining lots of money from naive investors.
Along with that, there is some barrier of entry for people with both knowledge and capital needed. That’s why it is surprisingly interesting that NFT gaming recently became a new trend not only because of the possibility to play games on blockchain and store ingame items on blockchain but also because it provides stable income to those in need in different regions of the world.
What is it – NFT gaming?
Recent NFT gaming boom came with the rise of Axie Infinity, an NFT-based blockchain game, which hit $1.6 billion in volume and attracted people from the developing countries who desperately seek a stable source of income. NFT gaming allows users to earn and trade different in-game items in exchange for cryptocurrency or non-fungible tokens, then selling them on the marketplace.
Some games provide more advanced earning mechanics, like for example lending other players in-game creatures in order for the borrower to stay in the game in exchange for a portion of their profit. Such games are already strongly beloved by lots of people from Venezuela, Argentina, Brazil, etc.
According to a recent Bloomberg report, blockchain-based games are popular not only in the developing world, but also in the States and EU, since there already are jobless individuals who turn their attention to the NFT world in order to make a living.
Metaverse is closer than we thought
NFT gaming is an important mechanism bringing us closer to the metaverse, the term typically used to describe the concept of a future iteration of the internet, made up of persistent, shared, 3D virtual spaces linked into a perceived virtual universe where users hold similar owning rights to their virtual actions and belongings like in real life.
Already users are capable not only of getting fun out of those crypto games but as well earning stable income or alternative investment. However, this industry still suffers a lot from different issues, such as barrier of entry for new users; the complexity of transferring ingame assets; the disconnect between the most popular dApps.
Different crypto games are run on different blockchains and along with that have different registration principles, while providing a unique user experience and user interface. For some of the users it might be complicated to connect a wallet to tons of different platforms, finish registrations and add tokens inside their wallets.
In-game assets might be intransferrable in different cases because an item might be stored on Ethereum only without any multi-chain integration. That’s why it is important to have a united access point organizing all those platforms and games in one multi-chain ecosystem. This is exactly what was built by Portto in their app called Blocto.
Simplicity is Key
“The products that are built on these technologies, they’re still quite primitive. It’s still very technical, normal people without technical backgrounds have difficulty using these applications,” said Hsuan Lee, one of the co-founders of Portto, the company that developed Blocto. “We wanted to lower the entry barrier, so the rest of the population can actually use these products and enjoy their benefits.”
Blocto essentially acts as a central hub for all aspects of the crypto industry. Using the app, people can purchase various cryptocurrencies using fiat currency. People can also buy and trade NFTs, like MotoGP Ignition, which is an exclusive partner with Blocto. It has the typical appealing design of a mobile app, so anyone with a smartphone will be instantly familiar when they open the app.
While the development of Blocto has largely been focused on making its mobile app as attractive and simple as possible, the developers also created an SDK so that their service can easily be integrated with existing dapps. For example, on the MotoGP Ignition website, users only need to sign into their Blocto account to purchase collectible packs using the funds they hold on their Blocto wallet. The experts at Portto recognized early on that combining attention-grabbing crypto products with an easy way to access them was the future of the industry.
“We focus on lowering the entry barrier and we are looking for partners that are building interesting applications. Back in early 2020, we formed a partnership with Flow, which the team is known for building attractive applications,” said Lee. These are exactly the kind of “consumer-facing” crypto products described by Nischal Shetty as a way of pushing crypto into the mainstream.
Lee likens the future of cryptocurrency with the way other technological innovations have risen in the past. “It’s very similar to the early days of the internet. In 1982 or 1993 the internet technology was just getting mature, but the services like Netscape were the ones to push this technology to normal people,” said Lee.
Just as cryptocurrency is seen now, innovations like smartphones, even the internet itself, were seen as passing fads upon their release. Developments that made them easy to use and attractive were what caused their popularity to skyrocket.
The internet is not just useful these days, it’s absolutely imperative in nearly every global industry. Experts believe that if the crypto industry is given the same treatment, it could become just as vital to our daily lives as smartphones have.
For now, the crypto industry remains relatively niche. Despite what shocking headlines might suggest, like the NFT artwork that recently sold for $69 million, or Ether rocks sold for $1.3 million, only a small percentage of people around the world are regularly using crypto.
If the advice of crypto experts is followed, and the trend of creating consumer-facing crypto products continues on a larger scale, we could very well see blockchain move into the mainstream in a big way.