Gaming and esports content is getting tokenized in this time and it grow and grow every day and gaming NFTs are the new trendsetters in the space.
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NFTs are turning gaming into an income-generating activity for gamers and a lucrative tool for increasing user engagement. It seems that NFTs can’t be just marketers’ shiny new toy. One place where NFTs are impacting brands’ engagement strategies in a meaningful way is in gaming. Gaming and esports content is getting tokenized in this time and it grow and grow every day and gaming NFTs are the new trendsetters in the space. Although at a very nascent stage, gaming NFTs (non-fungible tokens) worth lakhs are being sold in India.Web3 startups are gearing up to meet demand in the space by facilitating digital assets that represent in-game content.
For example, Bengaluru-headquartered blockchain-based e-sports fan engagement startup STAN collaborated with over fifty well-known gaming creators and esports athletes in India to launch perhaps the first of its kind NFTs, a limited edition digital collectibles. was for. LDC) collection, in the country. Jonathan, Lethal, Total Gaming, Lokesh Gamer and AS Gaming are some of the popular names that came out with their NFTs along with STAN. The total value of all NFTs being sold reached Rs 75 lakh.
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Some of these NFTS sold out within a few hours. Rocky RDX, a popular eSports caster and creator with a combined audience reach of nearly 2.5 million, sold out his NFTs within twelve hours of launching on the STAN app. Rocky RDX is clearly excited to enter this new phase of his content creation career. He says“I am very confident right now because that the NFT partnership will be a game-changer for my gaming content creation also my change esports in Indian and fan engagement journey in the long run”.
Partha Chadha, co-founder and CEO of STAN, explains how these NFTs differ from other digital assets in the market. “Unlike other NFTs, which often just contain an image, song or some other creative asset, these NFTs stand out because they have an aspect of ‘utility value’ attached to them,” he says.Buyers of these NFTs will instantly unlock certain perks associated with the creator/athlete for instant gratification. Buyers will be able to engage in Instagram shoutouts, talk shows, play matches with the creator and meet the creator through the NFT,” says Chadha.
With more and more stakeholders in the gaming space understanding the importance of transitioning from web2 to web3 based gaming environments, the popularity of NFTs is on the rise in this industry as well. NFTs can be seen as the digital equivalent of trading cards, says Chadha, with esports teams and individual creators licensing these NFTs.There are other ways that platforms and companies can dial up the utility value of gaming NFTs. Industry executives say NFTs could unlock many opportunities for both e-sports fans and players. For example, NFTs can be used by leading esports teams or creators to unlock access to new-age fan engagement strategies such as hosted VIP spaces, clubs, etc.Hosted by major eSports teams or creators, that will allow fans to get up close to their favorites and get a sense of camaraderie.
Stakeholders are also looking at how teams can create virtual versions of their stadiums in the Metaverse and sell NFT tickets to fans. NFTs are becoming a digital tool for membership, rewards, access and other aspects in the world of gaming and eSports. Capitalizing on the Growth of the Global Sports Memorabilia Industry.As per reports, the global sports memorabilia industry is estimated to be valued at $33 billion by 2022 and is expected to reach $227.2 billion by 2032, growing at a CAGR of 21.8 percent.It is learned that apart from regular sports memorabilia, India is also embracing this trend by catering to the growing demand for digital assets in the gaming and e-sports space. Companies in the segment are building platforms where NFTs can be bought, sold and traded.
Earlier this year, live game streaming and esports platform Loco launched Legends, its NFT platform for esports. Loco Legends was launched in India with exclusive partnerships with esports teams including 8bit, s0ul, Godlike, Revenant, Blind and XO. The company said during the launch that the first asset on Loco Legends will be NFT eSports cards.
According to Anirban Chatterjee, COO and co-founder of OneTwo11, gaming NFTs transfer power from the game publisher to the gamer. Until now there was no power as a gamer to actually be in control of the game or get rewarded for the time and skill invested in gaming. In fact, they have to invest in buying the game, purchasing the console, participating in the game, and sometimes even presenting the game to the community.
Streaming of gaming content was the first step towards monetization for gamers and now there are NFTs. Chatterjee says, “The NFT introduction to play game earn money of NFTs changes the status quo as blockchain-based games that feature with NFTs allow gamers to be part of the game in the form of NFTs. Now gamers can use their time and skills to generate NFTs. in order to acquire in-game assets and trade on the open market to earn money.This transforms gaming into an income-generating activity rather than a popular entertainment activity as a play-to-earn concept.
Some games also allow NFT owners to participate in the decision-making process of future game development, thus creating a more decentralized structure in the gaming industry where consumers are also decision makers. OneTo11 is also building a Play-To-Earn gaming ecosystem powered by NFTs and blockchain technology.“We have many games on our platform and all of them allow gamers to earn money using their skills and time. Each game on our platform is designed to match the needs of different gamer personas,” says Chatterjee. OneTo11 is developing games that have NFT utility and will soon launch its own NFT marketplace where gamers can buy, sell, auction and trade NFTs to earn consistent money with their gaming skills.
Rohit Agarwal, founder and director of Alpha Zegus, a marketing agency in gaming, says that since everything about gaming is digital – every moment, achievement, every salable item, NFTs make complete business sense. However, there is still a huge gap in terms of awareness and knowledge among gaming manufacturers about how gaming NFTs work.“There is still a need for awareness among gamers about how NFTs work. Lack of knowledge leads many to shy away and others sign up for deals that are not very friendly. It will take two years for the functioning and value of NFTs to be realised, and once it sets in, it could have the potential to become a revenue source equal to or greater than streaming revenue,” says Agarwal.
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