NFT games: Future or Crisis?

Discussion in 'Indie Business' started by SocialPeta, Mar 14, 2022.

  1. SocialPeta

    SocialPeta New Member

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    NFT games: Future or Crisis?
    By SocialPeta

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    Let's get a glimpse into the news about NFTs in 2022:

    (NBA star Stephen Curry bought a digital artwork for $180,000, which might just be the beginning of the NFT boom)
    1. On 7 January 2022, GameStop Corp announced the launch of a division to develop a marketplace for nonfungible tokens (NFTs), boosting the video game retailer's shares by 27% in extended trading on Thursday.
    2. On 19 January 2022, NFT marketplace OpenSea announced it was putting some of its freshly raised funds to good use, buying up the crypto wallet startup Dharma Labs for between $110 million and $130 million.
    3. On 21 January 2022, Twitter debuted a feature that allows subscribers to its paid Twitter Blue service to use an NFT as a profile picture, a way of encouraging more users to display digital art and more people to subscribe to its Twitter Blue.
    4. On 19th January 2022, Mobile Legends: Bang Bang, a mobile MOBA game developed and published by Moonton, released its first-ever collection of NFTs, consisting of 25,000 NFTs which were sold out within 2 minutes.

    After a chaotic year in 2021, the market for NFTs is still not showing any signs of slowing, instead, it continues to attract more and more public attention worldwide. However, there are still many people who believe that the market is driven by hype and speculation. Critics call it a market with no rules or regulations, an overblown speculative bubble inflated by scams and market manipulation.

    However, it's obvious to all that NFTs can attract large sums of money. For example OpenSea, the world's largest NFT marketplace. In the middle of 2021, the company raised $100 million in funding and hit a valuation of only $1.5 billion. In January 2022, the company raised $300 million in another funding round that boosted its valuation to $13.0 billion, up 800% within only half a year.

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    What exactly is an NFT?

    An NFT, short for a non-fungible token, is a new form of digital ledger that is verified and stored using blockchain technology. The value of an NFT is unique unto itself and is not exchangeable for another NFT of the same value, which is different from fungible tokens like Bitcoin (Bitcoins of the same value are the same in nature). An NFT is indivisible. Unlike Bitcoin or any physical currencies, it cannot be broken down into small values and only exists.

    Currently, NFTs in the form of digital art are the most popular in the market, followed by game items, virtual real estate, and digital music which have also made an important contribution to the revenue of the entire NFT industry. According to the market tracker DappRadar, sales of NFTs reached some $25 billion in 2021, increased by hundreds of times compared with 2020.
     

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