SNEAK PEEK
- NFT gaming industry executives are hopeful that additional traditional gaming companies will move into the region this year.
- Several industry professionals shared their opinions on the applicability of NFT gaming models, such as play-to-earn (P2E) and move-to-earn (M2E).
- After soaring to prominence and general appeal in 2021, the NFT market had a radically different year in 2022.
Executives operating in the nonfungible token (NFT) gaming sector are optimistic that more traditional gaming firms will enter the area this year despite the abuse that players inflict on those companies dipping their toes into NFTs.
A variety of industry experts gave their perspectives on the relevance of NFT gaming models including play-to-earn (P2E) and move-to-earn (M2E) as well as the entry of mainstream gaming businesses into the space.
The co-founder of Sky Mavis, the studio that created the well-known P2P game Axie Infinity, Aleksander Larsen, told Cointelegraph that it won’t be long until additional major companies enter the market. Larsen thinks that these companies will hold out until they see a game bring in billions of dollars, though.
The NFT market experienced a drastically different year in 2022 after surging to fame and general popularity in 2021. Momentum spiked in the first few months of the year before collapsing along with cryptocurrency prices, putting a stop to a large portion of the speculative frenzy.
However, a further year of NFT expansion introduced some new complexities to the market. For example, we observed increased use of NFT artwork in projects and brands, as well as the consolidation of IP created for a decentralized world and disagreements over the nature of NFT creator royalties. There were both significant and bright areas in the market’s turmoil.
Larsen mentioned the involvement of tech behemoths like Google in addition to game-focused studios, pointing out how Google Cloud also manages a Ronin Network validator. He continued, “I’m delighted to see major tech players like Google and Microsoft delve even farther into the blockchain gaming sector.
Larsen’s ideas were mirrored by Zoe Wei, senior business director of BNB Chain. The CEO claimed that additional testing and research were required to make the majority of games’ token economies sustainable.
Wei complained that the emphasis was too much on the earning system and not enough on how much fun the games were to play. Wei still believes that P2E and M2E principles will be applicable in 2023, despite the need for more development.
