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Interview: How NFTs Are Transforming the Gaming Industry as Crypto

Interview: How NFTs Are Transforming the Gaming Industry as Crypto
Interview: How NFTs Are Transforming the Gaming Industry as Crypto

Since Ethereum rose to prominence in 2015, developers in the cryptocurrency sector have identified gaming applications as an ideal use case for digital assets.

Gamers have been familiar with micro-transactions and in-game tokens since the beginning of the last decade. Popular games, both on console and mobile platforms, feature in-game currencies that are widely utilized.

CryptoSlate interviewed Craig Russo (CR), the Director of Innovation at Polyient Games, to discuss digital assets, their integration in blockchain games, and what the future holds for such applications.

NFTs and Gaming

CS: What is Polyient Games? How does it fit into the expanding blockchain gaming ecosystem?

CR: Polyient Games is the first investment firm and venture ecosystem entirely dedicated to the blockchain gaming and non-fungible token (NFT) markets.

Our investment strategy focuses on startups building the infrastructure and applications needed to support the NFT asset class.

The Polyient Games Ecosystem is an upcoming collaborative network consisting of portfolio startups, stakeholders, and third-party organizations, providing unique tools, products, and services to support members while driving forward NFT adoption via the Polyient Games Vault.

CS: How is gaming being disrupted by blockchain technology?

CR: In the current system, items purchased within games are not freely transferable, meaning gamers are unable to take true ownership of these items.

With blockchain games, these items are linked to tokens that open up a new strategic framework that allows gamers to offset their gaming expenses or even earn money through dedicated gameplay.

CS: Why are more gaming companies exploring blockchain technology?

CR: Mainstream gaming is far from adopting blockchain technology, as there are significant steps remaining to onboard both publishers and gamers.

The current technical barriers are too steep for mainstream gamers to play blockchain games, and the incentives are not strong enough for mainstream publishers to incorporate blockchain technology into their well-established development pipelines.

Blockchain gaming is still very much an indie game category, but it is exciting to see some major groups like Ubisoft exploring these new technologies.

CS: What gaming companies are part of the Polyient Games growing ecosystem?

CR: We have been blown away by the interest and enthusiasm coming from the blockchain gaming community around our upcoming Ecosystem and are excited to share that several leading blockchain games have already agreed to join.

Some names we can share include Ethereum-based games Axie Infinity and Battle Racers. We have also invested in Vulcan Forged, the team behind the upcoming MMO VulcanVerse.

CS: How are blockchain games enabling gamers to earn real money while they play?

CR: By selling NFT items they collect or earn while playing the games on secondary markets. Some blockchain games are beginning to support competitive gaming where participants can earn crypto and NFT rewards for winning tournaments.

As blockchain gaming grows, these economic models will continue to evolve and will eventually introduce more liquid asset models that provide additional earning opportunities for gamers.

CS: What can you tell me about the upcoming Polyient Game Founders' Key Offering and other milestones?

CR: Polyient Games Founder's Keys (PGFKs) are a unique type of ERC-721 NFT that will provide ongoing rewards and perks to holders within the Polyient Games Ecosystem. The rewards will range from early access to new products and games, to drops of unique NFTs and low fees on transactions within the Polyient Games Vault.

In the coming weeks, we will officially announce the details around the upcoming sale of PGFKs and the initial features available in the Polyient Games Ecosystem.

Gaming subreddit adopts more tokens than r/Cryptocurrency

As CryptoSlate reported earlier, members of Fortnite's subreddit r/FortNiteBR embraced the forum's native BRICKS tokens, with over 12,800 holders, or 1 percent, of the Fortnite community, holding the tokens just three weeks after launch.

Interestingly, data from Reddit's dApp tracker showed r/FortNiteBR did nearly three times the number of ERC20 transactions than r/Cryptocurrency, compared with the latter's MOON tokens.

Interview: How NFTs can be the crypto market’s “killer app”
(Source: Reddit dApp Tracker)

The above figure indicates digital assets in gaming could have enormous potential, especially if a non-crypto forum was showing significant engagement and adoption of blockchain-based applications.

tags:NFT gaming Blockchain games Digital assets in gaming Crypto gaming ecosystem Play-to-earn NFTs
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