The GameFi industry and Gaming NFTs have begun its meteoric rise! This new sector of utility for NFTs is an interesting concept as Web 3.0 continues to grow.
One of the biggest issues with old gaming companies is the lack of ownership gamers have. Gamers pour their heart and soul into games they love and often spend money or accumulate assets/achievements in the game as they progress. However these assets from skins to tokens and in-game currencies is often owned not by the gamer but the rights to everything is ultimately owned by the studio and Publishers.
If a developer decides that certain actions of a gamer crosses the line and decides to ban that individual, that individual now loses everything. If a game gets abandoned or shuts down, then all investments that were made are lost.
The blockchain and in-game NFT assets provides a novel and creative solution to this problem. It also ensures a new way to allow these types of projects to live on or adapt.
The GameFi industry is new and evolving and we have begun to put the power back into the hands of gamers, finding new solutions to current problems in the gaming industry. As gamers, developers and investors find solutions that satisfy all parties, we will expose the remaining users of a $200 billion dollar gaming industry to the wonders of the GameFi industry.