A quick 3min read about today's crypto news!
The majority of surveyed game developers are exploring using non-fungible tokens (NFTs) and blockchain in new games, and find that these innovations have the potential to add value and create more engaging player experiences, a recent survey by the blockchain platform Stratis (STRAT) reveals.
The survey, conducted by the insight agency Opinium among 197 game developers based in the US and the UK, found that 58% of respondents are beginning to use blockchain technology, while 47% have already incorporated NFTs into their games.
“We commissioned this research to solidify what we already assumed — that blockchain and NFTs are the future of video games," said Chris Trew, CEO of Stratis. "From our own experience supporting AA game developers [mid-market video games], we know first-hand how these technologies are already beginning to improve the player experience by rewarding players with the ability to earn real-world value."
Revealing a notable appetite for these technologies, 72% of game developers expressed their interest in using NFTs and blockchain in new games, with 56% saying they plan to do so in the next year. Meanwhile, 64% argue that blockchain technology will become widespread in video gaming within the next two years.
Echoing the same point of view, publisher of games Electronic Arts (EA) CEO Andrew Wilson said during an earnings call that NFTs and play-to-earn are the future of the gaming industry, even though it is still early to figure out how that would work.
Blockchain technology is valuable for the gaming industry as it allows for innovative and interesting gameplay, secures value by keeping and distributing money among players, and benefits users as adoption grows (network effects), the survey noted.
"Blockchain is rapidly becoming a core building block for online games," commented Jean-Philippe Vergne, associate professor at UCL School of Management. "What blockchain enables is incredibly compelling — players can now earn cryptocurrency while playing and trade digital goods both within and across games."
The meteoric rise of Axie Infinity, an NFT-based online video game that enables players to earn money while playing, prompted a surge in the overall awareness and popularity around NFT usage in games. Inspired by Axie, more games have adopted digital collectibles as an integral part of their ecosystem.
Meanwhile, experts argue that NFTs are poised to find their way into a broader set of industries. As previously reported, the management consulting firm Activate Consulting holds the view that NFTs will go mainstream by 2022.
"As more consumer time migrates to digital experiences and interest grows in the metaverse, we believe that every technology and media company will need an NFT strategy," Activate said in its 2022 tech and media outlook.
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