Pulse


NON-FUNGIBLE TOKENS FUNFAIR GAMES


NFTs in gaming: fun or fad?


Lloyd Purser, COO at FunFair Games, examines the future viability of NFTs in gaming. With FunFair’s ‘Labs’ development team working on its own NFT racing title (a non-gambling experience), Lloyd explains why he sees it as the responsibility of game content creators to embrace what possibilities the technology provides and applauds Evolution’s Red Tiger for dipping its toes into the NFT space.


Lloyd Purser, Chief Operating Officer, FunFair Games


The NFT market is based on price speculation of digital art, however this artwork’s only purpose is to tie its value to an individual buyer. NFTs have not yet been utilised in the mass gaming market, as artwork alone isn't enough to provide value to a gaming experience. NFTs in gaming need to provide both a function and a value.


NFTs, or non-fungible tokens, have gained significant prominence this year and are rapidly moving towards a mainstream audience. For example, few could have missed the news of the world's most expensive NFT artwork being sold for more than $69.3m in March this year, which suddenly got everyone talking about this trend and its underlying blockchain technology.


Currently, the NFT market is based on price speculation of digital art such as photos, videos, and audio, however this artwork’s only purpose is to tie its value to an individual buyer. NFTs have not yet been utilised in the mass gaming market, as artwork alone isn't enough to provide value to a gaming experience. NFTs in gaming need to provide both a function and a value to be sought after.


An example of game items providing value before the invention of blockchain is World of Warcraft. Early on, users began trading collected in-game items that improved the experience such as shields and swords.


Unfortunately, these centralised items were never owned by players and game developer Blizzard Entertainment could have deleted the items from its database if it had wanted to. Te attraction to NFTs in gaming is that these digital items would belong to players to be used as they wish.


NEWSWIRE / INTERACTIVE / MARKET DATA P97


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