Do you remember 2021 as the year of NFT and 2022 as the year of GameFi? We believe that their history has just started, and experts agree with us, claiming that fit Web3 gaming titles boost NFT adoption. Let’s learn the details!
Statistics
We’ll start with numbers. Just a few years ago, when NFTs were regarded as viral, these digital assets were known only to particular groups of art or blockchain enthusiasts. In two years, the situation has changed. Thanks to its benefits, the industry has grown 220x, and the market is worth over $22 billion.
In 2021 the global GameFi market size was $9 billion. Now it keeps growing, expected to reach $38 billion in 2028. Since NFTs are necessary for most blockchain titles, one doesn’t need them in F2P only. So, the more gamers join the industry, the more non-fungible tokens are sold. Just imagine that GameFi already attracts 800,000 players daily. Wild!
The Big Boost
Several factors inspire GameFi users to get NFTs.
Access
Though F2P titles are viral, NFTs are necessary for those who want to start playing and earning. So, one must buy the minimum required assets to start a profitable game.
Game Mechanics
Users may keep the same assets for long. However, for the sake of adequate economic flow, titles motivate their users to get new ones. For instance, collecting NFTs may skyrocket one’s chances to win or empower earning potential, and some games, such as breeding titles, constantly require new assets.
Meanwhile, next-gen projects introduce new mechanics for NFT adoption. For instance, COS, a brand-new roguelike space adventure game on BNB Chain, has special NFT amortization that slowly decreases the power of one’s assets and encourages players to get new DOPE NFTs from time to time to make the most of potential revenues.
Financial Literacy
GameFi brings more users to the blockchain industry and inspires them to dive into its financial prospects, proving that owning NFTs may be potentially profitable, for they can earn with them and trade them later.
Also, players educate themselves about other assets they can mint, buy, collect, and trade, including art objects, digital land, etc.
Property
Fit for any material and digital objects, NFTs are a snatched way to protect one’s copyright rights or property. Thus, while playing, GameFi users get much into the concept.
Conclusion
Currently, GameFi is one of the main drivers of NFT adoption. Will these technologies be developed or replaced by something new? Time will show. And now, let’s embrace their efficiency by playing with Prom!
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