Will NFTs and Crypto Become a Normal Part of Gaming?

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According to an annual state of the game industry survey, 70% of gaming developers have no sign of interest in using cryptocurrency and non-fungible tokens (NFT) as a mode of transactions within gaming platforms.

Game Developers Conference (GDC) conducted the survey and saw that a total of 28% of people attending it and responding to the survey had an interest in cryptocurrency. Similar to NFTs that received 29 % of use based on the 2700+ gaming developers who participated in the survey. One developer expressed interest in it but saw that there’s a need to first “get a better reputation when it comes to the environment and art theft first, then it might be an interesting way to give digital content unique value.”

Moreover, NFTs and Cryptocurrency have gained no signs of use as a primary mode of transaction for game developers despite the growing trend of NFT gaming. This play-to-earn game gained mixed reactions from players and developers themselves.

Why do NFTs and cryptocurrency have a love-hate relationship? What are the flaws of NFTs and crypto that makes gaming developers lose interest in implementing it? Does it involve online gambling to a degree, or is it all just about collectibles and trading?

The lousy reputation of NFTs and crypto in the gaming industry

The introduction of NFTs and cryptocurrency in the gaming industry has gained popularity as it creates a platform for gamers to earn while playing. However, NFTs space in gaming companies holds controversy regarding the pyramiding scheme.

Ubisoft Quartz
Image: Ubisoft

With products retailing for only a few dollars each, Ubisoft Quartz and its customized cosmetic items have received lukewarm reviews. Studio GSC Gameworld also abandoned plans to incorporate NFTs into its next action game, Stalker 2, in reaction to massive fan criticism.

Critics worry that now might not be the best time to join a marketplace that has ballooned in size under a lot of hype and speculative pressure. For instance, an investigation by DappRadar, a business that aids users in tracking NFTs and other digital assets, revealed that NFT trade volume increased 38,000% year over year to hit $10.7 billion during the third quarter.

Photo credits: The feature image used has been taken by HayDmitriy. All other photos are owned and provided for press usage by Statista and Ubisoft, respectively.
Sources: Statista / Ali Shutler (NME) / Owen Good (Polygon) / Pedro Herrera (DappRadar)

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Pauline Nicole Sael
Pauline Nicole Sael
Tech Journalist
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