The surge in the NFT space has been very exciting with various big sports teams and musicians exploring the space! According to a market report published by Verified Market Research (VMR), the NFT space is supposed to reach a market valuation of $231 billion by 2030!
Verified Market Research, the global research and consulting firm has valued the global NFT market at $11.3 billion in 2021 as part of 202-page deep dive into the burgeoning space. In the report, the firm, VMR, also predicted that the NFT sector will grow at a compound annual growth rate of 33.7% over the next eight years. One of the key drivers of demand for NFTs is their penetration across multiple industries and walks of life, which includes music, films, and sports. The report highlights some key areas of interest and uses cases that have helped drive NFT sales.
According to CoinTelegraph news, the gaming sector has been a key driver of NFT adoption, following the VMR report highlighting Enjin as one of the first major gaming firms to combine blockchain technology with its infrastructure and launch its own token (ENJ). The ecosystem helped in transforming the in-game assets into NFTs and therefore, allow gamers to monetize in-game assets.
The segment of such games, Play to Earn games, tapped into the NFT market places with Axie Infinity. The game helped provide the users in the Philippines with an alternative income source during the pandemic. This in turn helped in making the NFT space an intriguing matter along with the inevitable attention from the regulatory bodies.
CoinTelegraph also reported, “The world of sport continues to dabble in NFT offerings, with the VMR report highlighting Dapper Labs’ partnership with UFC to launch collectibles. UFC Strike is a similar concept to the widely popular NBA Top Shots, with NFTs of highlights set to digitize and monetize UFC history.
In the business world, NFT marketplace OpenSea integrated Adobe service to introduce a number of features to its offering as conventional IT solutions converge with blockchain-based platforms.
VMR’s report shared a similar outlook to a report on NFTs released by growth consulting firm SkyQuest Technology in May 2022. The firm projected an analogous growth rate of 34% for the sector between 2022 and 2028 while valuing the market at $15.7 billion in 2021.”
Additional Read: Top Crypto Price Today
What are Play to Earn Games?
Meaning literal to what the name suggests, Play to Earn crypto games involve earning crypto tokens by playing online games. The steps to earn the token usually include making or earning in-game currency by carrying out various quests, achieving victory in battles, and completing other kinds of challenges or tasks that are assigned. After the completion, the players can usually exchange the in-game currency for Bitcoin, Ethereum, or another token on a decentralized exchange.
HOW TO FIND THE BEST PLAY TO EARN GAMES?
As it is advisable to always do your own research while choosing the right crypto token to invest in, it is equally important to conduct research while entering the GameFi sector. Below are some of the things to keep in mind while doing so.
- Decide on a goal: Are you interested in earning both NFTs and Crypto Tokens? Or just one?
- How easy is it to cash out your coins? Earning NFTs or crypto tokens is not the endgame with GameFi. To transfer the earrings the tokens have to be transferred to a decentralized exchange first. Thus, it is always important to make a note of how smooth the process is going to be, for you.
- How much should you send to get started? If you are a beginner in GameFi, analysts always recommend starting out with the basic minimum. It is more important to explore the section first before you go full in.
GameFi or P2E crypto games in general are an exciting element of the decentralized ecosystem. With their intriguing developments and attractive financial incentives, these games might just have even larger platforms to conquer and build for the crypto space. More such aborning inventions and experiments are still underway. Only time will tell whether the P2E games are here for the long-term footing or if it is just the beginning.
Additional Read: How to Play and Earn with Axie Infinity
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to [email protected].
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