Non-fungible tokens are crypto assets that can encapsulate any digital or physical object into a tokenized form. With each NFT, one corresponding ERC-721 token defines the ownership of that specific NFT. In addition to being used as a medium for buying and selling various items, this new form of blockchain technology has also been proposed for gaming, providing greater security over time by guaranteeing authenticity and rarity.
The gaming industry has embraced blockchain technology wholeheartedly, and it is no longer surprising to find various platforms based on NFTs. However, the journey for the NFT gaming ecosystem has been a challenging one. The industry is still young, with multiple challenges it faces today.
The emergence of these new gaming platforms has not just posed a threat to the traditional gaming industry. Still, it has also allowed developers to bring about a major change in how games are built and distributed in the future.
One of the biggest benefits of NFT is that it forces game developers to interact directly with their customers. For instance, Cobo Wallet’s Cryptank is a name-based account system that provides full transparency and security over digital assets.
Tell a compelling story
A good story is more important than it seems. The type of interest and attention that comes from these tooling is great because they can move on to other things.
For instance, in most cases, every time you buy new crypto tokens on Cryptopia or Bittrex, an instant transaction fee is added to your “buy” transaction. NEAR is a fun, one-button game for the Ethereum blockchain. Each game iteration will be playable for as long as the Ethereum Blockchain exists.
Ethereum has evolved into a platform for numerous games, artworks, and other tokenized assets based on NFTs. Decentraland is another example where users can build and trade virtual goods from 3D worlds by buying land and building different structures.
Choose your blockchain & marketplace:
Blockchain and cryptocurrency have changed the gaming industry forever. The growing importance of digital assets and the increasing trend of micropayments has created a new platform for virtual goods in the form of NFT tokens.
New developers can build their own gaming platforms based on blockchain technology in multiple ways. One can either build on Ethereum with ERC-721 or any other blockchain with similar compatibility.
Set up smart contracts:
Determine what type of NFTs you want to accept, how many of them you will allow, and what the smallest fraction of one is. Now that you know the values of tokens, you can move on to creating your smart contract. You also need to set up a simple, smart contract token that defines basic characteristics such as owner and symbol.
Build hype & community:
For a new platform to become successful, developers need to create interest in their project and show the community what it is all about. They can achieve this by promoting awareness of their project on relevant platforms and marketing channels. They also need to build a community of gamers around their game which will help them drive more players.
Release and promote your game:
Once you have created the game, it is time to release it for public consumption. This can help you get more traffic to your website and earn the trust of your community. During this time, you need to improve your game with updates based on their feedback constantly.
Advertise:
Even though advertising is optional for a new blockchain gaming project, it is still one of the best ways to create awareness about your product. There are multiple platforms to advertise your game, including various social media accounts and dedicated ad platforms.
Create fairness for fans:
With the emergence of various decentralized gaming platforms, fans can now participate more deeply in the game’s progress. For instance, you can allow users to invest in a project and earn more NFTs. This is known as crowdsourcing on Cryptopia.
To build and promote your product, you must have a plan for all the steps involved. However, there are several key challenges that new developers will also need to overcome.
Developments need to overcome multiple hurdles to get the most out of NFT-based gaming platforms. This includes creating a functional gaming platform with a strong community and finding ways to generate revenue. Developers must find ways to keep their existing players while attracting new ones.
Security is also a big concern for developers. Traditional game development usually involves multiple layers of security, like password protection and two-factor verification.
Know your customer:
Developers need to know everything about their blockchain game’s current and potential users to deliver the best experience. They should also focus on increasing brand loyalty among their players.
Find a way to refund:
A major concern for blockchain-based games is trust and fear of losing funds to players. There must be a way to create a refund mechanism at all times, which will encourage regular players and new players to come back.
Choose your token:
Now that you have figured out the best game development method for your project based on the guidelines above, you need to figure out what token will be used for your platform. The biggest choice is whether or not you want to use ERC-721 (non-fungible tokens), essentially unique digital assets. There are multiple reasons one may want to use this type of token, but it also comes with its challenges.
Prepare your staff:
Most blockchains are not user-friendly, so people who work with them need a lot of additional training. It is also important to ensure that the developers who use your platform can handle difficult terminology and technicalities.
Create and improve your smart contracts:
Smart contracts are a vital part of blockchains as they are a tool for explaining complex rules, payment models, etc., in simple language. Several tools are available on the market to help new developers create smart contracts for their NFT-based platform.
Set up a seamless payment system:
There is no such thing as a perfect blockchain payment system, and anyone will have their weaknesses. It is important to find the most cost-effective form of blockchain payments while keeping in mind the simplicity of the transition from one currency to another.
Ensure your website is ready for high traffic:
Developers should focus on the user experience aspect of their website and set up a simple system that will allow them to create more visitors. You also need to be careful about how you will manage your traffic and make sure there is a way for players to log in.
Create lasting value & innovate:
A blockchain network can only become successful when it adds value to its users. This means that developers must focus on creating new features and ways to improve their games based on their users’ feedback. They should also focus on improving the quality of their product and fixing any bugs at the earliest.
The excitement around NFTs can be attributed to fans and the community driving their value. In addition, if you want your consumers and fans to continue to get hyped about your NFTs, you will need to generate long-lasting value.
By establishing a Pre-Launch Program, VeeFriends has gone above, and beyond the initial promise it made to consumers (PLP). Because of this, subsequent NFT initiatives will be able to donate 555 of their own NFTs to holders of VeeFriends.
This not only provides upcoming NFT projects with a launchpad but also gives holders of VeeFriends the opportunity to receive free NFTs with each fresh run of the PLP.
Since the original rollout of Bored Ape Yacht Club, the founders have given away to holders Bored Ape Kennel Club (free dog NFTs for Apeholders) and Mutant Ape Serums. This novel process enables Apeholders to generate a new mutated version of their NFT. Both of these gifts were made possible by the initial launch of Bored Ape Yacht Club.
The serums on their own created value for Apeholders that was in the millions of dollars. The current price of a Mutant Ape at the floor is close to 8 ether, equivalent to around $30,000. Early investors who purchased their Apes for 0.08 ETH could sell their NFT Mutants and Dogs at a significant markup without parting with their original Apes.
These kinds of innovations have cyclical benefits:
- Artists deliver value to fans.
- Other people perceive this value and want to be engaged.
- The value of the NFTs grows over time.
On top of this, individuals are more likely to join in the next release of particular NFTs when they see the value that the original holders of those NFTs are getting out of those particular NFTs. This was the case for both Gary Vaynerchuk and the creators of BASIC, as their subsequent releases sold out much more quickly than their initial ones.
Conclusion:
With the current hype surrounding NFTs, blockchain game developers must focus on building a community and generating as much value for their consumers as possible.
To be successful in the long run, developers need to constantly innovate to keep players engaged and ensure they stay within the ultimate goal of interesting their users. Players should also focus on what kind of value they can get out of NFT tokens so that they will keep holding them instead of reselling them.
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