NFT…..CRYPTO IN GAMES….AND MORE…
We have been asked about Crypto games and have only recently starting experimenting with making both crypto powered games and art.
Crypto in Games
People often solely associate crypto with cryptocurrency and Bitcoin, when in reality it is as common as coins and gems in a game. Crypto uses a technology called blockchain that is able to track the movement of the coin from user to user and allows for secure transactions.
Crypto has unlocked many new exciting possibilities for gaming world economies where players can have more security in game purchases and upgrades. Looking into the future this will allow players to have decentralized economies in game.
Players would be able to buy, trade and sell objects and in-game currencies and would have a more direct method of extracting value from items and progression earned in game.
Crypto could change game economies over time but there are also some advantages to the current centralized systems.
Although crypto games are relatively new they are picking up in popularity as Bitcoin and Ether become household names.
The top 5 games using crypto at the moment are:
- Cryptokitties
- Spells of Genesis
- Beyond the Void
- Privateers Life
- Worldopoly
Crypto Art
Crypto Art is also becoming popular with galleries opening that are dedicated to exploring NFT pieces.
Enter NFT.
NFT is a part of blockchain technology, however unlike cryptocurrency, each token is unique and cannot be duplicated or divided. The technology that allows this to occur is identifying information in smart contracts (a piece of code that carries out specific instructions).
NFT can be used for proving ownership of game skins, for virtual land parcel and even artwork. Crypto artists prefer NFT over traditional sales because it’s rare, more secure, and easily tracked. Blockchain gives an artist piece of mind as the art is not released to the buyer until the payment has successfully changed accounts. It also in some cases allows the artist to participate in future transactions by earning a percentage of the increased value as the art trades hands.
Enter the artists…………
Popular Crypto Digital Artists
Beeple is a digital artist who has made over 21 million dollars through using NFT and blockchain technology. This image to the left was auctioned for a shocking price of 6.6 million dollars. His artwork has encrypted images or videos that because of NFT, cannot be duplicated, allowing buyers to have a completely authentic image. It was sold at the NIfty Gateway gallery and the last time it was sold was February 25, 2021.
Treverjonesart
has also utilized NFT and made $9.7 million – the image shown is his highest selling piece with a selling price of $550,000. It was last sold October 17, 2020 at the MakersPlace gallery.
Maddogjones
has made over $8.6 million selling their crypto art. The image shown is his ‘Park Place’ piece that was sold for almost $90 000. It was last sold January 15, 2021 at Nifty Gateway gallery.
Pak
has made about $7.15 million to date. This image shown is Pak’s ‘Mobius Knot’ piece that was sold for $140, 000. It was last sold November 29, 2020 at SuperRare gallery.
Gregmike
has made $4.79 million selling crypto art. This image shown is Gregmike’s ‘Mad Cans Master Set’ piece that was sold for $80, 000. It was last sold March 4, 2021 at Nifty Gateway gallery.
And we are only getting started……
The Future Impact of Crypto Art
As these technologies and currencies become more mainstream brands, IP’s and developers will create more content for consumption.
A recent big name example is NBA Top Shot.
NBA Top Shot is so far the most successful NFT market, with over 50 million dollars generated in marketplace transactions. Top Shot is a digital take on collectible basketball cards, where consumers purchase collectable basketball clips.
NFT assets on whole have boomed over the past two years, with about $40.9 million in 2018 that grew to $338 million in 2020.
It is predicted to grow to $1.3 billion in 2021.
GAME PILL is currently exploring the possibilities of NFT for our clients and we are working on a current game implementation of NFT that includes the ability to trade and compete.
As we make progress I will update here and if you are interested in learning more about NFT or have a prototype or project in mind do not hesitate to reach out. I am looking for additional partners to join me.
