Blockchain News

NFT Gaining Prominence In Blockchain Gaming Industry

A non-fungible token (NFT) could be defined as a special cryptographic token which represents something unique. They are not mutually interchangeable. However, despite the specimen, the NFT is gaining prominence in blockchain gaming industry.

It is widely being used in the sports industry (ticketing), financial services, and as a way to sell and transfer property as well. However, it should be understood that it is still at the primary stage.

Craig Russo, director of innovation of an investment firm and startup ecosystem, Polyient Games told Cointelegraph that NFT market attracts opportunities. He also believes that gamers are moving towards blockchain is as unlike traditional games, blockchain environments permit players to gain true ownership of their in-game items.

“One reason gamers are gravitating towards blockchain is that – unlike traditional games – blockchain environments permit players to gain true ownership of their in-game items. This means blockchain games, driven by non-fungible tokens (NFTs) and digital collectibles, are unlocking an entirely new economic system that enables gamers to earn real money while they play. Fueled by these applications, the collectibles market has reached $370 billion.”

Hurdles for NFT

While NFT is gaining recognition, there are also some specific hurdles for it which Russo highlighted. He said that the lack of understanding about the token from public and media is the major problem.

“A lack of understanding about NFTs from both the public’s perspective as well as mainstream media is probably the biggest hurdle, but – based on the feedback we’ve gotten so far – we’re seeing more and more mainstream interest daily.”

“This renewed passion for gaming has also caused a spike in gaming stocks. As people continue to social distance, this trend will continue. And – as players discover blockchain games, powered by NFTs and digital collectibles, which offer an entirely new, fully-immersive gaming experience – they will continue to embrace blockchain games.”

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.