- Currently, players can own virtual lands, build items, and play and win all through NFTs.
- Experts say that the future will consist of verifiable scarcity and an integrated market.
- A great added value for the sector would be an interoperable avatar that adds value across platforms.
The NFT LA conference kicked off on Monday and covered everything from non-fungible tokens as art to their use as financial instruments and investments.
Since these unique digital assets can be rented, traded, bought, and owned on a blockchain and within an ecosystem, they open the door to many use cases, including in the gaming industry. During the panel discussion titled “Ways to Make a Living Exclusively in Gaming Using NFTs,” panelists discussed how these tokens could permanently change the gaming industry.
The money-making potential of NFTs is great news for gamers who spend hours and dollars playing the game only to call it quits once the challenge is over. And that may seem like wasted time, said Liam Labistour, a panelist and director of growth marketing at Splinterlands, a battle-based gaming platform that has profit opportunities.
“I’ve put thousands and thousands of my own dollars into those games, but at the end of the day, when I’m done playing, we don’t get that time back, we don’t get that money back.” Labitour said. “Those are just accounts that are then sitting there and doing nothing.”
Shea Newkirk, moderator of the panel and host of the YouTube channel CryptoStache, also admitted that she has spent more money than she would like to admit on games, and that she would be okay with getting back even a fraction of the amount initially spent.
But the hope is that these assets may even appreciate, Labistour said.
That’s where NFTs come in: they can create a mini-ecosystem in a game because they allow people to transact with each other in a free market, and there are many ways people can earn crypto on these platforms. For example, users may be digital owners or owners of digitized objects such as clothing, infrastructure, and gaming tools. These items can be purchased or even built. Owners may sell or rent their property to others. Users can also create games to sell experiences and players can play and win.
Logan Welbaum, the founder of Plai, a platform that helps small businesses advertise on digital platforms, took it upon himself to experiment in this new world. He tried to become a digital owner and bought properties in two leading metaverses that also offer gaming experiences: The Sandbox and Decentraland. Welbaum said that he bought the property from him on Decentraland for $2,000 in crypto at the time and on The Sandbox for around $8,000. He believes they both appreciated within a year of buying from him based on the values of other land for sale near his.
Virtual property has seen price tags in the millions. For example, a piece of land in Decentraland sold for a record $2.43 million. As investors compete for prime real estate blocks in busy city centers, prices are rising. But Mark Cuban, a billionaire businessman and “Shark Tank” co-host who spoke on a different panel, told the audience that they shouldn’t be competing for expensive, prime properties in the metaverse because everything is just a click away. As you build an experience on your property, users will show up.
Welbaum also tried the play-to-win approach.. She spent a few hours playing The Sandbox during a beta launch and won 1,000 SAND, which was equivalent to about $3,480 at the cryptocurrency’s trading price of around $3.48 on Thursday.
Welbaum was able to do this because he had an Alpha Pass NFT ticket, which he won by entering the contest. This pass gave you early access to beta games in The Sandbox. Since he was a landowner in The Sandbox, he increased his chances. But anyone with an account could win a pass if he entered daily social contests when the show was running. The passes could also have been purchased on the OpenSea secondary market. The Sandbox in particular also allows SAND holders to stake their crypto and earn rewards.
Shawnee Sande, co-owner of Beta1Creative, a digital marketing agency that helps clients bring their brands into the metaverse, previously told Insider that the metaverse isn’t much different from the real world. The earning opportunities could become endless as the platforms evolve.
For example, he explained that Decentraland has a Page Builder, which allows users to create objects that can then be sold on the marketplace. The platform provides educational videos on how to use their tool so anyone can learn.
“In general, we’re just trying to provide a free market for in-game assets so that when people play, they contribute their time, they contribute their capital by buying assets, then those assets are not lost. They have access to that value in future,” said Miles Anthony, panelist and founder of Decentral Games, a platform that rewards users for playing Ice Poker.
He continued: “And I think it basically gives them property rights secured by the blockchain, which is huge for some people to be able to put a lot of time and capital into these ecosystems.”
Daniel Frank, SVP of Mythical Games, said the goal is to create games that are fun to play so that it’s not about “play to win” but rather “play and win” or “play and own.” This will serve to gain genuine engagement for users to play because they enjoy the experience and the earning potential is a bonus.
Frank believes that the future of gaming will be about owned assets, verifiable scarcity, and an integrated marketplace.
Labistour added that once gamers understand and see the value of ownership within games, the script will change in the industry and any previous hesitation gamers had about NFTs and cryptocurrencies being scams will be resolved. or part of a pyramid scheme.
Finally, industry experts agreed that one of the greatest added values in the sector is an interoperable avatar. This would allow users to take their avatars to different metaverses and worlds so ownership can have value across platforms.