NFT Gaming Trends in 2023 Industry leaders expect more big players to jump in
by Trendoinvest January 12, 2023 · Latest News / Metaverse & NFTs / Web 3.0
NFT Gaming Trends in 2023: Industry leaders expect more big players to jump in
NFT Gaming Trends in 2023: Even though gamers pick on traditional gaming companies that dabble in nonfungible tokens (NFTs), executives in the NFT gaming industry are hopeful that more traditional gaming companies will jump into the space this year.
Several professionals in the gaming industry talked about their predictions for NFT gaming trends in 2023. They talked about how big gaming companies are getting into the market and how important play-to-earn (P2E) and move-to-earn (M2E) are.
Aleksander Larsen, the co-founder of Sky Mavis, the company that made the popular P2E game Axie Infinity, told Cointelegraph that it’s only a matter of time before more big players enter the space. But Larsen also thinks that these companies will hold off until they see a game make billions of dollars.
Larsen pointed out that tech giants like Google are also involved, saying that Google Cloud also runs a Ronin Network validator. “I’m excited to see big tech companies like Google and Microsoft get more involved in the blockchain gaming industry,” he said.
FAQs – NFT Gaming Trends in 2023
Why is NFT good for gaming?
Traditional games make money by keeping a flow of value going, where players spend their time and money to make the game developers more money. On the other hand, NFTs let players keep the value they add to the ecosystem.
How big is the NFT gaming market?
The Global Play-to-Earn NFT Games Market is worth USD 788.05 Million in 2021 and is expected to reach USD 2890.29 Million by 2028, with a CAGR of 20.41% over the forecast period.
Is NFT gaming profitable?
Today, anyone interested in blockchain could make money by starting an NFT game development company. Since the NFT games are based on the "Play-to-earn" idea, it's also good for the game players because they can make money by playing actively.
NFT Gaming Trends in 2023 Industry leaders
When asked if P2E will still be important in 2023, the Sky Mavis executive admitted that the model is currently wrong. He explained why:
“As the creator of the first play-to-earn game, I can say for sure that it doesn’t work the way it is now. Games should be fun first and have a solid economy that can help some players make money.”
Larsen’s ideas were shared by Zoe Wei, who is the senior business director at BNB Chain. The executive says that more testing and analysis are needed to make the token economies of most games work in the long run.
Wei said, “The focus was too much on how to earn money and not enough on how fun the games were.” Even though this is the case, Wei still thinks that both P2E and M2E will be important in 2023, but they need to be improved.
Wei talked about more than just the NFT gaming models. He also talked about how traditional game makers are getting into the space. Wei thinks that blockchain technology and NFTs have “undeniable benefits” for both the people who make games and the people who play them. “Over the past year, we’ve seen a lot of game studios branch out into web3,” said Wei. “This is a trend that will keep going until 2023.”
Carlos Pereira, a partner at Bitkraft Ventures, a venture capital firm that focuses on gaming, is also sure that more gaming businesses will start up this year. He told them that:
“In 2022, there were a lot of funding rounds for projects that were spin-offs of traditional gaming businesses in the US and Europe, and we expect this trend to continue, with some high-profile public launches in 2023.”
Pereira also said that, while Asian gaming companies are more open about their interest in crypto, western companies are also jumping in, but they are “being more careful with their PR.” But the executive thinks that the trend will keep going.
NFT Gaming Trends in 2023 Industry leaders expect more big players to jump in
When the executive was asked about P2E, she said that the first version of the idea should be phased out. He said, “We hope this first attempt at play-to-earn is buried for good.” Pereira says that this idea doesn’t make sense as a business model because there’s no way to get gamers to pay to play.
Alex Altgausen, the co-founder of the NFT game Banksters, said that community members will have higher standards in 2023. This is another trend that will be happening in NFT gaming. Altgausen says that 2021 and 2022 worked like filters to find NFT games that only want to take advantage of users. He told us that:
“The time when anyone could make a game promise on a cute website is over.”
This means that by 2023, investors in NFT games will be smart enough not to jump in right away and will be able to check assets, product development, partnerships, and media footprints before putting money into NFT games.
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