Video gaming, a billion dollar global industry is turning a new leaf and looking into NFT potential. What seemed to be a great idea has flopped the first time around.
The release of “Ghost Recon Breakpoint” just last month resulted in dismal aftermath for their NFT plans. After the 600 hours of playtime, gamers only received a free helmet for in-game use. Only 15 of the NFTs were claimed for a sum of about $400, according to Forbes.
This isn't to say that NFTs in the gaming space are over forever. On the contrary, heavy hitters such as EA Sports and Zynga are exploring their futures with blockchain. The revolution of blockchain gaming brings the player’s in-game assets into the virtual world of finance. Game assets in the form of NFTs allow players to hold gaming items as if they were stocks or bonds.
Although there is excitement and buzz around these newly emerging features, there are some downsides as well. First, it’ll come as no shock to anyone involved in the crypto or NFT space of the strain that blockchain gaming could have on the environment. Another concern is the potential gambling laws that will have to accompany the pay-to-play model where users can earn and lose assets.
In 2021, it seemed like we were seeing the dawn of a new digital age. One can only assume its further development and sophistication in 2022 and in the years to come. The big debate on the interwebs as of late is the new face of the internet. Web3 or Web 2.0? To summarize the debate, Web3 takes the cake. The vision for Web3 will obliterate the offerings of Web 2.0 in a short amount of time. The consensus is why take the middle man of 2.0 when we could go from Web 1.0 to 3 pretty instantly.
Here are five trends that will explode Web 3 and how NFTs are the way to get there:
GameStop’s stock is looking up once again after an announcement of their plan to create a new division to house the buy, sell and trade of NFTs. NFTs of which will include valuables such as video game weapons and avatar outfits.
According to the WSJ, the gaming company is in near final talks with two crypto companies to go into tech, games, and other NFT ventures together. Crypto company Loopring is rumored to be one of the companies in question.
Donning their families names, these two Singaporean mogul sons are making names for themselves. Kiat Lim and Elroy Cheo have teamed up to launch an NFT platform specifically for entrepreneurs. The new platform, ARC, has an illustrious membership. Boasting an exclusive community, users are entrepreneurs, venture capitalists, cryptocurrency experts and even social influencers.
ARC helps to promote partnerships between the industry’s movers and shakers, as well as provides members a safe space to be able to discuss current issues such as COVID-19 after effects and new business hurdles.
In a move that is being hailed as a game changer for the entertainment industry, Warner Bros. Home Entertainment has announced the launch of the WB Movieverse with The Lord of the Rings: The Fellowship of the Ring (Extended Version) Web3 Movie Experience NFT. This groundbreaking new release will allow fans to engage with the film in ways never before possible!
Reddit has onboarded millions of new users to NFTs during a bear market. Read on to learn more.