Blockchain and NFT in the videogame industry

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Strauss Selznick, CEO of Take-Two Interactive, was skeptically positioned with met averse and cryptomoneds last May. However, it was only a week ago when he reaffirmed himself in the skepticism of him towards the met averse in an interview with Games industry, where he described the concept as a bombastic word with which to be on the crest of the wave. If it defines met averse as all we do in the physical world will become digital, then he is talking to a skeptic, Selznick explained.

However, the CEO killed that, if the met averse is a digital scenario where you could do many activities like talking to people and hanging out with her, where to ride a bike or motorcycle, surf, drive, compete…», the 2K games and Rock star are also. It was then when the interviewer asked about the relationship between these met avers and the NFTs, where the head of Take-Two positioned himself as a great believer in the latter: If you believe in collectible physical items, I do not know why you would not believe In collectible digital articles. And the authorization of blockchain, which is what is really an NFT, is a form, not the only one, to corroborate the fact that something unique is rare ».

Even though it is not directly positioned on the fact of implementing this system for the future, it seems clear that, if Take-Two s own CEO is so involved, it should not be surprised if at some point it ends up happening, more considering That many of the large companies in the industry have already declared that it will be part of its strategy in the coming times. The video game sector, like every sector driven by technology, is constantly evolving and tends to adapt to the innovations of entrepreneurs, but what are NFTs and how they are implemented in video games? What are the risks and benefits for users and industry?

What are the NFTs and how do you enter video games

Starting with the definition itself, NFT is the acronym for non-fungible tokens ( tokens not fungible or non-fungible assets), and are about the digital representation of an asset that is unique and can not be modified or divided, what differentiates of cryptomoneds. These assets use the technology blockchain to guarantee both its authenticity and belonging to a single user, and anyone can represent their creations in the form of tokens, whether images, videos, audios or physical objects.

A NFT, at the end of the day, is a digital property certificate, which gives the rights to whom you buy it. Its value will be determined by factors such as its utility, its rarity or demand, although at the end of the day and considering those characteristics, its price will be determined, neither more nor less, than what people are willing to pay. The diamonds, after all, are valuable because we all believe that they are. Its purchase, in addition, will have to be made through platforms known as marketplaces, and each one of them will operate with some type of compatible krypton, with the most common Ethereum.

At the time of implementing these NFTs in video games, it is usually done by basing the titles in collaborative economies that are supported by this technology blockchain in order to validate the transactions, where all players have a stake in the gains of the game, in which it is Created an own financial ecosystem.

Current proposals of NFT games: Axis Infinity

There are many examples of games that operate with NFTs for some time, as is the case of Cryptokitties, Plant vs Undead or Wan aka, although it should be noted that even Minecraft You have incorporated these tokens through the MymetAvera server. In this case, assets can be achieved by simply playing, and can be used to unlock new levels and missions within this same server.

However, the largest and most relevant case is that of axis infinity. The title came out in March 2018 for mobile devices, PC and Mac, and is developed by the Sky Mavis study, and is based on the Ethereum network. In it, we will have to generate benefits by buying, raising and overcome some pets called Axis, which represent the Tokens themselves.

O que é NFT – Entenda como os jogos blockchain conseguem fazer dinheiro

Axis Infinity, as she collects the British medium The Economist and cites the study himself on the Tweet above, counted on the same as yesterday, November 10, with 1.7 million daily users, who have negotiated with assets for Value of 2,000 million dollars to date. In fact, the title had about 38,000 active players a day in April 2021, and that number increased by 5,000% in the next six months.

The developers themselves, talking about the financial success of the Axis Infinity for them and for some of its members have stated they hope and wish that this is a job where people can live, The society often speaks of the work and play as separate activities, even opposite. Companies offer games as a break from a hard day s work. Players become customers when they spend their profits to have the opportunity to play and have fun. As a result, not surprising that traditional business models of games are extremely lucrative business unilateral favoring disproportionately game creators who have exclusive ownership of the game. We believe in a future where the lines between work and play is blurred. A future in which players and game developers live, work, play and build together.

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The view of large game companies

It was just last week when we learned of the interest in blockchain and NFTs of several major gaming companies. It was not only Take-Two, but Electronic Arts also wanted to position itself in favor of these technologies in the presentation of its latest financial report, the defining them as the future of our industry. Moreover, its CEO Andrew Wilson, used-to- play earn expression (play to win, an expression widely used in such games) considering that EA is in a good position to start investigating the possibilities of NFT and cryptocurrency. In fact, the latest job openings within the company are that are seeking several experts in the field that can be incorporated full time.

As Daniel Ahmad reported after financial results Square Enix, the Japanese company also it is considering taking part in video games with blockchain and NFT with the franchise A Million Arthur, which already had been anticipated since March this year. They re according explained to Kodak, the company aims to create a new digital entertainment content as well as build a new business model.

Recently, Ubisoft was other companies that joined the trend of non-expendable tokens, also in relation to its latest quarterly earnings report. The company recently invested in Amino ca Brands, a study that develops video game titles that use blockchain technology, and several of them contain elements such as NFT. They have also supported initiatives through its blockchain Ubisoft Entrepreneurs Lab in France, a website that mentions multiple startups of criptomonedas, and documents mention that Ubisoft is a founding member of Blockchain Games Alliance.

Back in March this year, even SEGA announced that it would enter these businesses partnering with the company Double Jump Tokyo, with plans to sell tokens related characters and NFTs in future games.

However, other companies like Valve have positioned themselves against, to the update its guidelines to keep out of his shop blockchain games using technology and that emit or allow the exchange of criptomonedas or NFTs. According to the study commissioned by one of the titles concerned, this decision is that the NFTs have value, and from the company s Gabe Newell not allowed in your items platform that may have a value in the real world. This moment was not lost on Tim Sweeney, CEO of Epic Games, who took the opportunity to clarify that from its platform we welcome innovation in the areas of technology and finance.

Risks and benefits for users, industry and Ozone Layer

Sweeney himself mentioned in these statements that blockchain itself is a very promising technology and that, in itself, is neither good nor bad, but depends on the use made of it. However, there are many arguments both for and against the inclusion of these technologies in video games.

On the one hand, is the fact that mentioned from Sky Mavis, developers Axis Infinity, where the potential of NFTs could be exploited by users face to turn the game itself in a permanent job that is worth to them to live it. As for the companies themselves, of course, it seems clear that the addition of these systems would be a safe bet in terms of profitability, and the possibility that the blockchain could offer new possibilities when developing games and create some new mechanical or experiences. It should also be noted that criptomonedas based on the NFTs are based are deflationary, while fiat money as the euro itself has an inflation rate of 2% per annum.

On the other hand, these same cryptologies are much more volatile and their market is relatively easy to manipulate (remember that when a gentleman with -much- money Twitter, can make Bitcoin rise or drop). Of course, you can not overlook the great impact they cause for its energy footprint. Bitcoin alone already uses as much electricity every year as Argentina does, a country with more than 45 million inhabitants, and in the United States the cryptomoned mine has doubled its electricity consumption in the last four months.

In addition, as explained by anonymous developers to Kodak, the NFTs create an artificial scarcity (encouraging the famous phenomenon of the home), and declare that at the artistic level it does not make sense to create something they consider valuable so that only one user can enjoy of this. That goes against everything interesting or fun to make games and play them, declare the Developers.

In any case, it seems clear that at the moment all this ecosystem is at an early stage of its development and evolution, and it is still necessary to check the real potential, profits and the different forms of technology integration blockchain and NFTs within The video game industry.

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