NFTs (Non-Fungible Tokens) appear to have been taking over the world of metaverse in the form of art, text, short videos, or gifs. NFTs gained new heights in 2021, and have garnered the interest of many investors and purchasers alike. These are termed collectibles, so to say some were sold in millions is correct.
NFTs is a form of art many artists are making use of. They convert their real-time form of art into an NFT and auction them to anyone interested in purchasing. Additionally, some gaming platforms have also gotten a hold of this technology. They are accepting it, modifying it, and making it available for selling on their gaming platform. But most other game developers showed an obvious discontent towards the whole idea of NFTs being a part of gaming.
At the game developer’s conference in January 2022, there was a State of the Game Industry survey was held. According to the survey, a whopping 70 percent of population said that they were not interested in NFTs (Non-Fungible Tokens). Some of the reasons that the game developers explain as being the root cause of dislike towards NFTs are as follows.
Gamers think that moving on the line between cryptocurrency and NFTs, the game developers might give an unfair advantage to the people who agree on paying for it. They can in turn just buy the loot boxes in the games and collect the rare items. This in turn made the developers not take that route, in thoughts of game followers losing trust in it.
However, once you lose gamers and game followers, the mass to market is lost and you are only left with an idea. This made game developers think about their decision to launch NFTs on gaming platforms.
All about the money
Game developers and gamers alike think that normalizing NFTs in gaming might make the whole feel of the game very commercial. It might ruin the essence of what gaming is supposed to be about. In addition, they think if NFTs as skins, avatars, weapons, etc are normalized then it might become all about money. A certain game maybe taking all the hype because a certain big crypto company invested in it.
This all makes NFTs very exploitative in nature. A gaming platform named Ubisoft announced their NFT plans. These plans were taken so negatively that they had to postpone and eventually cancel those plans.
NFTs are assets stored on a blockchain network. Blockchain is a decentralized system, which does not allow to change Its data for their profit in an illegal way. They are not good for the environment because of their way to verify new transactions. It requires all the computers in that group of blockchain to verify that one transaction and that requires an immense amount of electricity. This in turn develops a huge amount of carbon footprint, basically CO2. That being in excess can be harmful to the environment.
This makes game developers skeptical about accepting and promoting a non-eco friendly technology .
NFTs despite being famous are targeted to a lot of skepticism regarding functionality. They can be a great source of income for new artists. They can also cause a gamble-like mentality for people who only like to pay to get their way around things. It makes the whole hobby of gaming lose its sense of being genuine. NFTs are still in hot waters with all the investors taking their own turn regarding this new mode of investment through technology. We are yet to see what the future holds in store for NFTs being an asset of choice and a stable investment option.