As Ubisoft “experiments” with the first NFTs in a AAA game, has the traditional gaming sector had its day?
As cryptocurrency keeps on growing in popularity, businesses all over the world are seeking for new ways to integrate this ingenious tech into their key deliverables. And the latest video game company to make the shift, Ubisoft, announced their new blockchain-powered NFT cosmetics system last week.
Online gaming has particularly become a hotbed for innovative ideas in this field. Developers are coming up with exciting ways to use cryptos to buy and sell in-game items, unlock characters, cosmetics, and more. The virtual and real worlds colliding - our Metaverse has never looked so brilliant.
Crypto gaming growth
There has been considerable growth in the gaming sector’s attraction to cryptos as a result of developments in mobile and PC gaming. Gamefi is undeniably unsettling the traditional games market by letting players earn money while they play, thus remunerating their time and effort.
Over 75 percent of online gamers said they wished to trade their virtual items for money that could be utilized on different platforms, according to research published by the Worldwide Asset Exchange. Gamefi has been increasingly popular as a result of its capacity to permit players to gather and trade online property that can be swapped or transferred anywhere around the world. It has also proven to be a safe and straightforward way for the gaming industry to generate revenue.
How crypto gaming works
It’s common knowledge that cryptos may be purchased and sold easily through digital wallets and crypto exchanges. So, how does that work in the online gaming world? Traditional online game revenue methods include in-app purchases, affiliate marketing, and in-app advertising. In addition, today's gamers are well experienced with in-game currencies, such as those seen in games like Monopoly or mobile games like ToonBlast. But it's sad that, for so long, these coins have had no worth outside of the game.
Crypto gaming sticks out in this regard because it enables players to add value to their purchases. In crypto games, store tokens, like in-game merchandise, are frequently held on a database within a crypto network. The blockchain is the distributed ledger that allows items to be traded for cryptos, which can then be exchanged for real money.
The main ways crypto gaming exceeds traditional gaming
1. Ownership of assets & game items
In a blockchain game, the in-game stuff you acquire remains with you. Every asset/item you win, collect, or buy is yours to retain in your virtual wallet. This guarantees that you don't lose any in-game things if the game crashes in the middle of a match or your account is suspended. You may also use blockchain technology to monitor all operations, from purchases to exchanges.
2. Freedom of decentralization
Blockchain games, unlike typical video games, let you monitor and evaluate every action you've ever performed as well as the actions of other players. The decentralized nature of blockchain games gives gamers and game producers more freedom, flexibility and security. Game makers have established an inventive ecosystem that gives more opportunities for gamers to enjoy.
3. More confidence from transparency
Ever wondered what goes on behind the scenes of some of your favorite video games? Due to the transparency of blockchain gaming, you can truly see into the back end. Due to the everlasting preservation and openness of blockchain games, you can evaluate previous games. Gamers and creators have more faith in a game if it has this degree of openness and instead of wondering what's going on in the server of the game they've spent hours playing, gamers may examine every move performed by creators and other players.
4. Permanent storage means you can easily replay past games
Because of the centralized structure of traditional video games, you risk losing all you've fought so hard for. Due to decentralization, this is not the case with blockchain games. Games can be recorded and aired indefinitely, allowing for game replays. This means you can examine previous games in order to learn from your mistakes to enhance your knowledge and talents.
The Ubisoft Paradigm
Ubisoft has made its first venture into the realm of blockchain technology and non-financial tokens (NFTs). Ubisoft Quartz will sell limited-edition cosmetic items for Ubisoft titles that can later be resold for bitcoin on third-party platforms.
Ubisoft Quartz's NFT goods are known as Digits, and each one is a limited-edition in-game cosmetic item. A serial number is assigned to each digit, making it 'unique' and increasing transparency.
The Ubisoft Connect PC version of Ghost Recon Breakpoint was the first to provide free Digits, albeit players had to meet specific requirements to be eligible for them: essentially, hundreds of hours of gameplay. While there are certain criteria for joining up, which may deter some fans, the focus is now on aesthetics rather than any form of blockchain-based gameplay mechanisms.
But why is Ubisoft interested in blockchain and NFTs in the first place? It has to do with turning gamers into "stakeholders" and providing them with value, according to VP Nicolas Pouard. He continued, “Ubisoft Quartz is the first building block in our ambitious vision for developing a true metaverse.”
It all comes back to the Metaverse!