The Following Are Some Ways That NFT Games Are Superior To “Money In, No Money Out” Games.

New types of non-traditional gaming (NFTs) could develop as an intriguing and potentially successful business model for the industry as more of the publishers’ games are made available to be played on blockchain.
Compared to games that use nonfungible tokens, traditional games that forbid players from selling their in-game goods have an inherent competitive disadvantage, according to Urvit Goel, vice president of worldwide business development for gaming at Polygon (NFTs).

In an interview conducted in Seoul the week before last, Goel was questioned about Polygon’s initiatives to promote NFT games as well as the motivations driving South Korean game developers Neowiz and Nexon to dive headfirst into the market. He gave honest responses to these queries.

The fact that the traditional economic model, with which non-fantasy trading card games are competing, may be fundamentally inferior, was one of Goel’s most significant remarks. When playing traditional video games, users frequently spend real money on in-game goods, but they are unable to recuperate any of the cost of those goods through the sale of those goods.

On the other hand, in the great majority of games that fall under the gaming finance (GameFi) category, players have the option to purchase goods in the form of nonfungible tokens and subsequently sell those goods after they have completed playing the game. Goel referenced the “money in, no money out” business model and emphasized that players should be able to get back at least some of the money they spend on a game:

Simply put, we want to give users the choice to truly own the material they purchase. And if they choose to keep it, that’s wonderful; however, if they choose to sell it, that’s also okay. But even if you only receive a cent in return, that’s still better than receiving nothing at all, isn’t it?”

Goel asserts that he has observed clear signs that traditional game publishers are preparing to make significant forays into GameFi, starting with the South Korean gaming behemoth Nexon, owner of the MapleStory brand. The firm declared in June that it would release a version of its main game on-chain under the moniker MapleStory N, according to mmorpg, a media outlet that covers gaming news.

Additionally, Polygon has partnered with Neowiz, a South Korean business, to upload both new and old games on the blockchain.

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He said that in order to “show that they’re still original,” the market entry of such significant companies is creating “a little bit of a domino effect.” Goel insinuated that the CEOs in charge of the big businesses entering the blockchain space must have a great deal of faith in the technology since they wouldn’t dress up their greatest games for GameFi if they didn’t.

“For these developers to operate successful businesses, they do not need to join the blockchain. Through standard web teaming, they are already generating hundreds of millions of dollars in income, if not billions.

GameFi and cryptocurrency are a “natural fit” for publishers, according to Anthony Yoon of ROK Capital, who made the observation in a recent interview. Yoon’s comments in this interview and Goel’s theories on blockchain and gaming are consistent.

In a linked article, a game developer makes the following case for why player-to-player gaming should use “invisible” blockchain technology: KBW 2022

Goel thinks that NFT gaming and GameFi have a bright future because of the excitement that has been growing in both of the groups. Despite his admission that he lacked data to support his assertion, he believes that many members of large communities with “millions of followers” are ecstatic about the new game products that are being added to their channels:

“Therefore, in my opinion, that data talks a great deal more loudly than a journalistic essay on the benefits of ‘X’ NFTs,” the author writes.

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