Virtual In-Game Objects Have a Chance to Become an Expensive Asset Thanks to NFT

More and more players are selling virtual weapons, helmets, and other gear from video games in the form of NFT(non-fungible tokens), which could potentially turn these objects into a pricey asset, notes The Wall Street Journal.

Virtual In-Game Objects Have a Chance to Become an Expensive Asset Thanks to NFT

Gamers have had to pay for goods before on platforms like Steam. But turning these goods into NFTs allows them not only to sell them but also gain profit from each transaction (Royalty). NFT is a unique digital item, its uniqueness and ownership are proven using blockchain technology, a database for the purchase and sale of digital objects.

The transformation of items from video games into NFT means that people who bought these items in the form of non-fungible tokens can also use them in other games, on social networks and other corners of the Internet, which is an important step in the development of the economy of the so-called metaverse, the WSJ notes. Major video game companies such as Zynga Inc. and Ubisoft Entertainment SA have already reported that they are experimenting with NFTs in their products. Other industry representatives such as Axie Infinity, Electronic Arts Inc., Playtika Holding Corp. are also considering using NFT to attract even more players.

In October, fans of the online project “Neopets” launched an online protest against developer JumpStart Games Inc. They demanded that the company abandon plans to present NFT into the game and urged gamers to abandon paid participation and NFT purchases. “This is just an effort to make money easily and, in effect, take advantage of users’ interest in the brand without offering anything of value,” said one of the organizers of the protest, Kenny Shavel.

In 2021, more than 75% of the $ 180 billion spent by gamers around the world on video games went to in-game purchases of virtual items, according to data from Newzoo BV. At this point, most of the NFT video games in circulation have been created by small and independent developers. At the same time, they are sold on sites such as OpenSea, at prices ranging from $ 1 to $ 2 million, according to analytical DappRadar.

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