The Convergence of NFTs & GameFi
The concept of NFTs has taken deep root in the cryptocurrency industry and market. New products prop up regularly, trying to innovate and expand on the practicable possibilities of the Non-Fungible Tokens (NFT) innovation.
Innovation doesn’t wait for anyone. And in the cryptocurrency industry, the speed of generative possibilities is super-fast. The successes of Opensea, has brought about new platforms each trying out the various ways to apply the concept of NFTs. What is the future of the NFT evolution? Will it end soon? Not so fast.
Why is that? This is because as one of our team members would say “Art is personal”. While NFT isn’t limited to art, we cannot deny the fact that people have different ways they appreciate art. And this varying level of appreciation also translates to varying levels of value assignment.
This means that how each person sees a piece of art and how they value (monetarily) is different from the way another sees it. Mr. A can value XYZ at $5,000; Mr. B may see it at a valuation of $100 and Mr. C at $30,000.
This is why we believe the era of NFTs is just starting. We can see that from the innovation of fractional NFTs. Someday, someone may find a way to fractionalize a fractional NFT. Innovation doesn’t wait for anyone.
The gaming industry is a multi-billion dollar industry and growing greatly. Over the years the conversation of employing the sharing economy in gaming has been on and the introduction of NFTs into the world of Gaming seems to have cracked or presented a solution or answer to this long standing conversation.
Today people are able to play games and earn money in the form of crypto tokens. Popular game, Pokemon Go was released in 2016. At the time, the concept of NFTs was not a thing. If crypto was infused into Pokemon Go, the successes would have been even greater.
Note: Pokemon Go was reported to have made $5 billion in five years according to Forbes. Popular crypto game Axie Infinity was reported to have generated revenue of $485 million between July and August, 2021.
While traditional games only reward game developers or studios, GameFi introduced a revenue system that ensures players earn as they play games.
Innovation doesn’t wait for anyone. People will have to run up to innovation. NFTs and GameFi are just starting. A whole new universe is opened wide. No. a multiverse has been flung open. Let’s walk into it or better yet, let’s create a new multiverse.
Earnathon is an ecosystem of products designed to bring blockchain and cryptocurrency awareness and adoption to millions of people globally; providing the resources to take advantage of the possibilities and opportunities in the blockchain industry.
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