Is the NFT Gaming Market Growing?
NFT gaming has to be one of the most promising areas of web3, but as a game developer or blockchain enthusiast, how do you capitalize on this?
To start or manage a project or company in web3, you first need to properly understand the market. Specifically, the NFT gaming market size and whether or not it can accommodate your idea.
Let’s take a quick look at this new gaming arena so you can better judge for yourself where your project might fit in.
NFT Gaming Has Never Been Bigger
The financial markets have not had a great few months, as stocks all over the world are reeling and even important currencies like the pound are seeing a decline in value. Many popular crypto gaming projects such as Crabada and Axie Infinity took a hard hit since the beginning of the year, losing millions of dollars in value.
These market conditions haven’t stopped developers, however. In fact, interest in NFT gaming has never been higher, at least within the crypto community itself. Known also as “GameFi,” this promising new sector of the gaming world could change the way we play and interact with games for good.
What does web3 bring to gaming? There are numerous reasons why any developer would be interested in creating or managing a blockchain-based game project. For instance, the fact that items, armor, vehicles, and even characters can be represented as NFTs and traded outside of the game world. These items and in-game objects would even be tied to real value – and while some gamers aren’t exactly thrilled about capitalism sneaking its way into video games, realists argue that this has always been the case, at least since the days of underground World of Warcraft economies and loot crates.
Blockchain developers who are interested in GameFi see this as an opportunity to merge entertainment and finance into a workable formula that has the potential to revolutionize many aspects of our lives, or at least make those late night gaming sessions a whole lot more meaningful.
When that rare sword you pull out of a chest has some real world value outside of the game economy that it originates from, you open up a world of possibilities. Friends can trade the item over secure decentralized networks with the click of a button, savvy investors can seek out the rare ones and trade them on NFT exchanges, and hardcore gamers can still enjoy the same gameplay loops they love without anything detracting from their experience either.
Is Now the Time to Make a GameFi Project?
If you’re reading this chances are you are concerned about the NFT gaming market size and whether or not it can take on a project like yours. As a developer or project manager you might have a grand vision for where you want to take your NFT gaming project but you aren’t sure if the market is there to support your ideas.
Worry not! There is a convenient way to get your arms around the data and make sure that you are approaching this with the right information. At ISA Group, you can work with blockchain data specialists that will be able to help guide you to the right decisions based purely on the data. Whether you are interested in an NFT go to market solution or just want to steer your already-established project on the right track, the experts at ISA Group will be able to lend a hand.
The markets may be down but the writing is on the wall, NFT gaming is the future. You still have to do your due diligence and make sure you are jumping into the world of blockchain gaming with all the right info. Contact ISA Group today and start your NFT gaming project off right!
