CEO WAGMI games | Digital Marketing Pioneer | A serial entrepreneur.
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Let’s face it, NFTs don’t have a good reputation in many ways. In fact, I like to jokingly call them the worst three-letter word. I realize there are several reasons for this misconception.
For some people, it’s a simple lack of education. They have no idea what NFTs are, but they believe the negative headlines. For others, a very limited NFT education gives way to a “right-click mentality,” implying that anyone can technically right-click and save an NFT image, as well as a lack of technological confidence. Innovation is hard to believe, especially in the world of finance. But realistically, NFTs are worth more than JPGs given the price tag slapped on them. There are countless trading applications for them outside of trading in speculative bubble markets. Many don’t know yet.
Background on NFTs
NFTs are a market estimated to be worth $231 billion by 2030. Still, most people don’t know what they are. The reason for this is simple: NFTs are new. relatively New, that is. When the internet was first growing, people thought it was just a fad. It took time for people to open up to it.
I believe that NFTs are a novel technology, just like the Internet once was. This is by no means a way of saying that NFTs will have an Internet-sized impact on the world. However, it is a way to describe current NFT adoption. I believe more business leaders need to learn what they are and how to use them.
While NFTs can be defined as “unique and non-replicable cryptographic tokens on the blockchain,” I’ve found there’s an easier way to describe them. Ethereum describes them as “tokens that we can use to represent ownership of specific objects.”
Novelty and news
Ultimately, an NFT is simply a digital asset you own, verified on the blockchain. Businesses can use NFTs for program memberships, event tickets, access to special events and rewards programs. For example, Starbucks recently launched a platform on the Polygon chain. NFTs can be freely issued or sold, and that’s what comes with NFT – NFT itself is not valuable – it’s a very low-cost way to attract and retain customers.
Most people don’t really know what NFT is or what it is used for. You will see countless headlines referring to NFT scams, scams, exchange issues, scams and more. One way businesses can combat these misconceptions is not to use the term NFT, but what it is used for: in-game skins or characters, membership cards, digital assets, etc.
NFT Use Cases: Gaming Industry
Gaming, ticketing, music, art, real estate, voting and government documents: NFTs are influencing industries around the world. They are changing for the better, and for the people.
Not only is it an exciting future for NFTs, it’s also an exciting offering for business owners. For the average business, leveraging this new technology creates opportunities to re-engage new customers. NFTs may replace outdated database systems in the future as the technology matures and becomes more widely accepted.
NFTs have found a way to make gaming better than ever. Often, when consumers spend money on in-game assets, those consumers don’t actually own what they’re buying. According to Statista, the global gaming audience spent approximately $61 billion on gaming content last year. By 2025, this number is projected to exceed $74 billion. Those figures represent a significant amount of money consumers are spending on something they don’t own. Web3 Gaming is using NFTs to change this.
NFTs have not only opened up the possibility of ownership in gaming, but also the ability to generate income at leisure. Being in the Web3 gaming space, there were many “play to get” games like Ponzi that exploded and went bust just as quickly. I believe this has contributed to a black eye on Web3 projects. However, changing the language from NFT to digital ownership is only one way for traditional players to break down the proverbial wall. There may be a future in NFT-backed games where people can get some of their money back by selling assets on secondary marketplaces.
A change of perspective
Video games that use NFTs have been around longer than most people realize. Even in the traditional gaming community, many don’t know anything about NFTs or crypto. In the same way that people don’t know about NFTs in gaming, most people probably don’t know about NFTs in real estate. Ultimately, it’s up to business leaders to help change the perception of NFTs. It comes down to overcoming real-world issues, adding value to the user, and from a brand perspective, coming up with other ways to brand NFTs.
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