There are some treasure troves of opportunity in the Web3 space. From NFT collections to the rapidly expanding metaverse, it is proving to be an industry of many opportunities. Another area with great potential is Web3 games. With the right hands, this can completely change the concept of ownership within the market.

According to estimates, the global blockchain gaming market is expected to grow from $4.6 billion in 2022 to $65.7 billion by 2027. One of the factors driving this high growth is the concept of Web3 game property, which is very different from game property in the traditional sense. .

This article explores how Web3 game assets can pave the way for wider NFT adoption.

Comparison of Web3 games and traditional games

Before we go any further, it’s important to explain the differences between Web3 and traditional games. Most importantly, it is essential to highlight the exact characteristics of Web3 games.

In traditional games, asset ownership begins and ends in-game. For example, if you purchase an avatar skin or weapon in Call of Duty (COD), use of that skin or weapon is restricted to that game. This means that the assets cannot be used for any purpose other than his COD. However, if the asset is transferable and can be used for purposes other than its original purpose, imagine that you can mint it as an NFT, sell it on the NFT marketplace and earn revenue from it.

Web3 games are redefining ownership and management of game assets, allowing players to own items as NFTs that can be purchased from other players or earned through tasks and quests. You can sell these in-game assets, keep them as NFTs, or transfer them to another game ecosystem, depending on your needs.

How can Web3 game assets pave the way for NFT adoption?

Web3 games offer players an unparalleled experience. More importantly, it gives users a special sense of belonging within that environment. Similarly, no other feature allows you to own your in-game assets and have complete control over their transfer. For example:

Increase in Web3 users

The Web3 space is a world of ever-expanding opportunities that offer a wide variety of attractions for individuals. Some are purely for financial gain, others are on board for its decentralized features, and others are purely for eternal glory.

The rise of Web3 games has undoubtedly brought an influx of gamers from the traditional ecosystem. As this massive user migration continues, so will the use of Web3 game assets. This also serves as his NFT that the user can cast or hold. Basically, as more users migrate to the Web3 space, gaming NFTs will gain even more momentum.

Increase in NFT transactions

As the Web3 gaming space attracts more users, transactions between NFTs will increase. It will also drive the trading volume of game NFTs on the marketplace. In this scenario, market liquidity effectively increases as the number of sellers and buyers increases. Essentially, users do not have to wait very long to find a buyer for their assets.

NFT Game Assets Offer Unique Experiences

Gaming NFTs offer users a unique experience unlike any other digital asset. Their use and functionality is tied to the game from which you obtained the assets. Therefore, unlike most NFT traders who buy NFTs for profit, gaming NFT holders buy these assets for utility bills. Therefore, they tend to hold onto longer than other NFT collectors.

NFT game assets provide more utility

Gaming NFTs offer their holders more utility than their primary use as in-game assets. Some of them also provide holders with exclusive access to perks, perks and utilities. For example, an Axie Infinity owner can rent her Axie under the Axie Infinity Scholarship. As a result, the renter earns money from the Axie and the owner also receives passive income.

The last word

The Web3 games ecosystem is one of the areas leading the Metaverse’s Web3 adoption. As a result of its popularity, adoption of NFTs has increased, with more traditional gamers motivated to make the transition by their unique experiences. Therefore, as the Web3 ecosystem progresses, so will the uniqueness and experience of Web3 games.

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*All investment/financial opinions expressed by NFT PLAZA are based on the site moderator’s personal research and experience and are for educational material only. Individuals should thoroughly research any product before making any type of investment.

By Jules

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