Unlocking the potential of NFTs in the blockchain gaming industry

Non-fungible tokens (NFT) are becoming a very popular blockchain trend in gamingCraig Russo, innovation director of an investment company and startup ecosystem, Polyient Games, said they are also used in the sports (ticketing) industry, financial services, and for the sale and transfer of property. .

In an interview with Cointelegraph, Russo explains that NFTs With the publication of the collecting game CryptoKittie by Ethereum (ETH), they caught the attention of the crypto community for the first time in 2017.

Russo has believed that ever since The NFT market has become one of the “most attractive opportunities” for all digital assets, with instant use cases that can already be found in art, collectibles, and even the gaming industry.

Unlocking the potential of NFTs in the blockchain gaming industry
Unlocking the potential of NFTs in the blockchain gaming industry

The Director of Innovation at Polyient Games explained the Role of NFTs in the game area and their “constant” popularity::

“One of the reasons why players are interested in blockchain is that, unlike traditional games, it Blockchain environments allow players to gain real ownership of their in-game objects. This means that blockchain games powered by non-consumable tokens (NFT) and digital collectibles will unlock a whole new low-cost system that players can use to make real money while playing. Driven by these apps, the collectibles market has reached $ 370 billion. “

NFT and DeFi

Russo says we are starting to see too NFT is created “as an independent asset within decentralized financing (DeFi)“including lending and partial trading, and companies in the industry like Polyient Games are on the rise at DeFi in the NFT.

Russo, however, explained to Cointelegraph the main obstacles that the introduction of NFT currently faces:

“The lack of understanding of NFTs from a public and media perspective is probably the biggest obstacle, but based on the feedback we’ve received so far, We see increasing interest every day“”

The role of the pandemic in the popularity of NFTs in the gaming industry

COVID-19 has changed the way people interact, travel, communicate, work and do business. Russo says, but “too reforms the entire game industryHe cites figures that show that American consumers spent a record $ 10.5 billion on home games in April 2020 alone:

“This renewed passion for gaming has also led to a recovery in gaming activities. If people continue to maintain social distance, this trend will continue. And when players discover blockchain games that are based on NFT and digital collectibles and offer a completely new and comprehensive gaming experience, they will continue to prefer blockchain games. “

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