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NFT’s Are Everywhere but Not Everyone Knows What to do With Them

By Nicolás Brandoni | Tue, 07/19/2022 - 16:00

NFTs are hot. Everybody knows that. From video games to esports to the world of art, they are everywhere. But just like every new hot thing before them, nobody is quite sure what to do with them. Well, some people do. There are certainly a lot of scams and money-grabbing schemes out there. There are also a lot of collections and tokens that will probably be worthless not long from now. However, there is also potential. Here are some impressions on where things might be going with NFTs in gaming, esports and art.

Gaming

Recently, it was announced that blockchain game “Grit,” by Gala Games, was going to be published on the Epic Games Store. This would make it the first game based on that technology to be included on the platform. It would also be a major step for blockchain games, which haven’t yet hit the mainstream and aren’t particularly popular with gamers.

Epic’s move is understandable. The market for NFTs in video games can be very promising. Digital wearables, customizations and avatars are already being traded in in-game markets and on gaming platforms. Counter Strike: Global Offensive is famous for the high price people buy and sell skins for. It isn’t much of a stretch to imagine those same items being traded in markets outside of the gaming world.

Not everyone seems to agree that this is a good idea, though. Gabe Newell, president and co-founder of Valve, recently banned all games based on blockchain and anything NFT related. While he explained that the reason was due to the abundance of NFT-related scams, such as the Evolved Apes fiasco,Steam has also stopped accepting cryptocurrency as payment, claiming volatility was an issue.

Even though there have been objections to NFTs in the gaming world, they’re mostly against the money-grabbing schemes and pay-to-win models out there, nobody really objects to being able to buy and sell their NFTs in real-world markets.

It remains to be seen whether Epic’s foray into blockchain gaming will be successful but it seems clear that NFTs are here to stay either way, and gaming companies might as well take note of that.

Esports

So far, NFTs haven’t had a stellar performance among the esports community. The craze has come mostly from NFT enthusiasts. The issue is that most NFTs that are offered today are just collectibles; they don’t offer any other benefit to the owner of the token.

Now, imagine that getting an NFT from a collection can give you VIP access to esports competitions. Or that you get … insert your examples here. If the benefits are tangible, then people would be more interested in NFTs. That way, they would be more than a potential investment (that’s not why fans follow a league) or bragging rights. They would be an experience.

Art

Perhaps most people identify NFTs with art (those who even know what they are, that is). One of the main arguments behind them is that they help artists remain in control of their art, encoding certain rights in the token so that they can get their due whenever the work of art is sold. This has led to a thriving NFT art market which, in some cases, has led to almost ridiculous excesses (such as the bubblish Bored Ape collection) but has also given many artists the possibility to live off their art. This has given rise to a new art market, which partially emulates the physical one, with online platforms replacing art galleries, such as the metaverse-like Spatial.io.

I imagine digital art as the new paintings that people hang on their walls. Instead of a frame, there will be a screen, or perhaps even a holocube. Will digital be the dominant art medium in the not-so-distant future? Will we have moving, animated art mounted on our walls? A couple of years ago, it would have sounded like science fiction. Today? I’m looking at what NFT display screen to buy.

Photo by:   Nicolas Brandoni