4 Ways Cryptocurrency & NFTs Are Infiltrating The Gaming World

5 Min Read
4 Ways Cryptocurrency & NFTs Are Infiltrating The Gaming World

New cryptocurrencies and NFTs are being launched and mined almost every day, and it was only a matter of time before these technologies began to impact the gaming industry. But while some of these projects have built upon older features, others bring truly innovative mechanics that may change the video game landscape forever.

1. Virtual Cards

Even before anyone knew what NFTs were, “Counter-Strike” players were already trading game skins for hundreds of dollars, and FIFA players commonly bought virtual card packs for a chance to get a rare find.

Today, the budding NFT industry is beginning to take these same concepts and digitize them. This started largely when platforms like Sorare offered valuable fantasy football virtual cards that are being resold for multiple times their original price. NFTs featuring standout players like Cristiano Ronaldo or Neymar have been sold for hundreds of thousands of dollars. But it’s also quickly becoming apparent that this phenomenon is not limited to sports. Gaming is getting in on the action, with a card of the game “Gods Unchained” already having sold for an impressive $60,000.

2. Studio-Sponsored NFT Marketplaces

3. Fan Tokens

One of the most innovative approaches to implementing blockchain technology into the gaming industry is that of digital tokens for fans. These are cryptocurrencies that provide their owners with certain advantages. Fan crypto tokens have been successfully adopted by famous sports teams ranging from European soccer giants to average NBA teams –– but they have also been made available for eSports fans.

Organizations like OG and Natus Vincere, famous for their “CS: GO” and “DOTA 2” teams, have created some of the most highly valued eSports fan tokens. Their secret? They offer rewards their fans actually want. For example, owners of Natus Vincere’s $NAVI might decide which game the organization will dive into next, while the OG coin serves as an access token for meet-and-greet sessions with gamers.

4. Virtual Economies

As alluded to previously, the game industry has a long history of launching features that evolve into monetization concepts and turn beloved games into pay-to-win experiences. However, some creative developers may have already cracked the code with regard to combining blockchain tech and gaming.

Instead of studios arbitrarily creating virtual items that give players an unfair advantage, games like Axie Infinity and Illuvium allow players to acquire and level up their characters through gameplay. Later, players can choose to either keep their virtual assets or sell them as NFTs. Meanwhile, some also expect to see a similar concept introduced with regard to cryptocurrency. This is more of a hypothetical, but it’s entirely possible that in-game digital money –– in some games –– may soon hold value as real-world cryptocurrency as well.

Mixing video games and digital assets may not be as smooth as many studios expected. But as long as the technology is used to keep fans and brands both connected and sharing profits, the attitudes of gamers towards cryptocurrency and NFTs might just trend positive.

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By Alex
A passionate gamer and your trusted source for the latest gaming trends and news.