The craze of NFT

The last couple of years have seen blockchain-focused technology causing major crazes. Blockchain first use was cryptocurrency digital ledger, now non-fungible tokens use the same system. Both act very much like assets, markets for both being super volatile.

Meanwhile, gaming companies have pushed microtransactions as a core part of the business model. Digital sales of video games have been ballooned in size, with cosmetics items replacing expansions. Items for one game can’t be transferred. Revenues have become primarily driven by these cosmetics mainly.

Big AAA gaming companies claim customers still have a choice but to make digital items core to the experience. Rarely these days can you find a game without it. They have not been shy about it, apart from when regulators look around. Regulation of this new digital economy has yet to catch up. Dark underbelly and abuse have happened with this rapid growth some from mainstream actors. Wildwest with blockchain, criminals have milked the system using old methods.

The recent craze has been NFT or non-fungible tokens, normally digital art who the owner is stored on blockchain ledgers. Major brands have been slowly entering the market selling tokens. Gaming companies have been slowly waking up to this new source of income. Some are planning on adding it to the gaming experience. Whatever the hell that means…

A concept already exists with time-limited skins or items. The only difference is the lack of blockchain, which could in theory allow you to share it between games. Other technical solutions exist, the game shares assets between the various call of duty games.  Call of duty warzone has proved that not strictly necessary to do this. Laughable it would improve gameplay or user experience, finding it is hard to believe that the goal. We already have pre-order the game to get this cosmetic with no other way of getting it. Been massive focus on looking good to show off to your friends.

Gaming companies are chasing NFT due to seeing huge potential revenues, they have been abusing loopholes for years now. Hoping this craze leads to nothing but I fear the worse. This could be the next step something that is already here and possible.