That percentage means $50 billion in additional revenues so the clamor to build a digital presence is understandable.
Consumers are willing to spend on digital wearables because it satisfies the aspirational come-on without breaking the bank. For example, in September 2021, Balenciaga launched Fortnite “skins” priced at 1,000 V-Bucks (the currency used on Fortnite), equivalent to about $8. Meanwhile, Ralph Lauren is selling its winter apparel on Roblox for only $3 to $5.
Yes, physical items luxury items are selling for thousands of dollars but we are talking about millions of NEW customers. So the opportunities in the Metaverse could really propel the first movers to new heights.
This means that the native cryptocurrency for NFT trading is XTZ, currently worth $4 per 1 XTZ.
The process means that buying and selling NFTs is easier than ever.
One simply has to install the MetaMaskwallet extension and link it to an NFT marketplace. This Web3 integration is the key revolutionary step in exporting in-game assets into the wider world.
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Is OpenSea safe?
As with all the different crypto platforms, safety is always a concern (especially when dealing with potentially large transactions). OpenSea’s transactions, like all crypto transactions, are safely secured on the Blockchain. Specifically, Ethereum’s smart contract allows the platform to facilitate transactions instantly without any oversight from third party auditors.
OpenSea can also be described as a non-custodial market. This means that OpenSea does not hold any of your crypto funds on its platform, only moving cryptocurrency from one wallet to another when a transaction takes place.
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Now the trend is headed to more customization so the demand for wearables is as real as it gets.
One of Metaverse’s hooks is that it offers a more immersive and three-dimensional experience. So gaming platforms are the most obvious entry point. This is why in 2012, Diesel began selling clothing and furniture on The Sims.
In 2019, Louis Vuitton developed ‘skins’ — an in-game purchase that changes a player’s appearance— for players in League of Legends.
Now fashion brands are on the move to take over digital wearables through NFTs. Last fall, Dolce & Gabbana broke the fashion NFT sales record by selling out its latest collection for 1,885.719 ETH or almost $6 Million. Digital fashion sneaker brand RTFKT is now under the Nike umbrella.
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, Axie Infinity set the stage for the entire NFT gaming space. Headed by Trung Nguyen, Sky Mavis, the Vietnam-based team, pioneered a highly addictive NFT game that many now use as an income source. Presently, Axie Infinity boasts over 2.7 million active monthly players, exploding in popularity as of Sep. 2020.
Since then, Axie Infinity has become a mini-economy of its own, having generated $2.3 billion in revenue. In fact, its own marketplace is second to only OpenSea, at $3.94 billion total trading volume.
Axie Infinity is all about engaging in tactical, ability-based combat.
The player takes control of three Axies, fantastical, rotund creatures, which are also tradeable NFTs. Players receive Smooth Love Potion (SLP) as a reward for winning battles.
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This ZK Rollup scalability solution for Ethereum offers low fees and snappy transactions.
As you might have guessed, the cards are NFTs, traded on Immutable X marketplace. They are ranked by four tiers of quality: diamond, gold, meteorite, and shadow. Although smaller than the action/shooter market, TCG sector is still formidable, projected to grow annually by 7.8% from 2022 to 2026.
Presently, card gaming revenue sits at $6.46 billion, according to Statista.
Within that market, Gods Unchained is just getting started with over $17 million worth of cards exchanged. Next to tradeadable NFT cards is the GODS token, the game’s native coin. Players earn GODS by playing the game and winning tournaments.
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As you might imagine, such governance simulation can get complicated.
Simplified, players mine Trilium (TLM), the game’s native token. Trilium gives them DAO voting rights, staking, and weekly planetary elections. Based on their TLM pool, they exert their voting influence in picking council candidates, or they can themselves run for planetary council.
In turn, council members decide how the planetary treasury is distributed.
Essentially, just as one would think of real-world elections and national budgets, if they are tokenized and in space. While Trilium powers the economy, the gameplay itself revolves around NFT management: land, tools, minions, weapons, avatars, and even missions.
After an initial growth spurt in Apr. 2021, when TLM reached its ATH price of $7.19, the native coin has been trading well under $0.5 since.
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In turn, each section within a region provides different gameplay styles and objectives, ranging between PvE and PvP.
Such territorial division opens up a host of gameplay opportunities, as one biome lacks the resources of another. This facilitates both land ownership and caravan trading as the game’s key features. Besides land plots, all cosmetic items are NFTs, tracking down every gameplay stat as well as ownership.
Ember Sword is also set to be released in 2022, first on Mac and PCs as a standalone browser client.
DeFi platform Aloha is behind Surf Invaders. It’s a much simpler game when compared to the others on this list, but that also means it’s much simpler to get into it and earn from.
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Now, that first place has been taken by the previously mentioned Decentraland (MANA) at a $4.45 billion market cap, while The Sandbox (SAND) ranks at 4th place at $3.33 billion.
Developed by Pixowl studio and headed by Arthur Madrid, The Sandbox is an ambitious project to make a blockchain version of Roblox. To help with that goal, the game’s assets are 3D voxels. Unlike polygons, the most common form of 3D graphics, voxels are akin to pixels in a 2D bitmap.
This creates a unique look to voxel-based gaming worlds.
Contrary to first impressions, Minecraft doesn’t use voxels. Rather, The Sandbox is aligned with the Trove aesthetic.
The benefit of this approach is that 3D assets are much easier to create by a non-professional.
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This serves as the incentive to support the whole ecosystem.
There are 270 million AXS tokens in total, of which 21% is in the possession of Sky Mavis as a funding vehicle. For play-to-earn issuance, 20% of AXS tokens have been allotted over 4.5 years. Presently, 1 SLP is worth $0.0187, while 1 AXS is worth $75.45.
If one were to play Axie every day, it is possible to earn around $400 per month.
Suffice to say, Axie Infinity is a highly complex world. Each cog would warrant a long guide of its own, which is why this trend-setting NFT game became so widely popular.
2. DeFi Kingdoms
DeFi Kingdoms (DFK) is a newcomer to the blockchain gaming scene, released on Aug.
22, 2021. However, it was primarily launched as a decentralized exchange (DEX) for yield farming.
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These unique, non-fungible assets have great use in in-game economies, allowing gamers to own their items and profit from them.
Smart contracts holding NFTs have encoded transaction conditions. When such a transaction occurs, a cut of the profit goes to the development team. Likewise, the game’s native token appreciates in value if the game becomes popular.
NFTs can also be unique in-game items and assets, which players can sell to others for a profit.
Currently, that game is Axie Infinity, with 2.7 million active monthly players. The game also generates the highest revenue, at $2.3 billion.
Non-fungible tokens are unique tokens that are not substitutable with another.