I have been diving more and more deeply into this topic in the past couple of years. And with the valuable information I have collected, I wanted to blog about it and give my 2 cents about NFTs and the gaming business. Of course, these are just my opinions. You can comment in the comments section below if you have a different perspective.
One of the major issues we're dealing with in the mobile gaming industry is how to make sure App stores are not 'offended' by part of the business being outside of their ecosystem. Of course, this is something that Google, Apple, Microsoft, and other app stores will eventually have to look more into.
But that's not what we're here to talk about. We will analyze the rationale for creating added value via NFTs. When done right, in-game NFT items are an excellent way to get the players more connected to the game. Also, they create opportunities for certain types of games to incorporate new playability components.
With that said, this section will highlight a few steps on how game developers can make the most out of NFTs.
Let's call this step zero! Why zero? Because this step is totally outside of the gameplay itself. Your game has fans – right? The first step to monetizing NFTs is selling the game's art assets to your fans. Monetize the sketch art and game music in your game's content management system.
I know this may sound silly because it's pretty straightforward, but just tokenize that content and sell it as NFTs. As an art collector myself, I think of this just as the selling of woodcuts art. You can sell items and determine their value by deciding how rare they are. These items don't even necessarily have to be unique artworks.
Sometimes, the same strategies that have been employed in the art world with Limited Edition artwork can be utilized in the NFT world. To make this work, you need to have a copy number for each content you sell as NFT. For example, you can include 3/30 in the art and voila! There you have your entry pass into the NFT business.
Image Credit: Gods Unchained
This next section will be more demanding in terms of game design and resources. NFTs should not just be add-ons to the game. They need elements that bring additional value and stickiness to the game itself. Start easy, tokenize some game items and sell them in the game. For example, you can sell guns, cars, or any other items you have in the game.
While this brings us back to the store policy situation, most have excellent security features to support selling NFTs via the store's payment system. Of course, the store's 15% or 30% cut will affect your initial income, but NFTs inside the game have to be thought of as a long-term play. As you build the NFTs inside the game, look at them in a sense that; if you've done your design right, players will be selling the NFTs to other players.
You need a system that will ensure NFT items sold from player to player will be playable by the next buyer inside the game. And here comes the most crucial part. While implementing every point we've discussed on this list, it's imperative to be in charge. You can consider getting a partner to foresee the transactions when players sell the in-game NFT items to other players, and you'll get your cut.
Let's think it this way: you're selling the tokenized item with, let's say Euro 29.95. It is a limited-edition item, and hopefully, you have included in the game that the NFT items' history is also included in the token. So, when the player sells the NFT-asset to other players with Euro 99.90 or more, you are getting cut from that trade. I know it is a long shot, but you will be happy with your cut when the price goes to Euro 100 000.
Again, more integration is needed. However, this step is basically more beneficial to the players as it makes trading easier. By the in-game NFT store, I mean an embedded store where players can trade peer to peer in the game's own store. We'll delve more into that in the section below.
NordXE is building an NFT exchange for in-game NFT items. Interestingly, you don't have to be a player of the game to trade the in-game items. Your NFTs will also still bring you a share of the trades long after the game has passed. Today, people are buying old game cartridges with quite handsome sums. But more importantly, bringing your NFTs to an exchange platform guarantees you a larger buying audience than just your players.
If you've been looking for reliable ways to bring NFTs and NFT business to your game, you have it! I know we've barely scratched the surface and still have many issues to consider, but that's precisely why NordXe is here to help. NordXe will ensure users and players have safe trading as your NFTs continue generating revenues for you.