Online gaming is one of the biggest industries as billions of dollars worth of games are purchased online every year. And a huge amount is further spent on buying in-game purchases. Mobile apps are being the latest trend as gaming on Android devices like smartphones and tablets are the real deal now. Businesses now are betting big on online gaming as this is already a multi-billion-dollar industry.
EA is one of the biggest game publishers in the world and offers great games especially related to sports like Basketball, American Football, and Soccer. EA has recently told its investors that it is betting on NFTs to be the next big thing for the gaming industry. EA is now famous worldwide for its gaming and which city is given in will taste like Dubai and Doha have many die-hard fans of games published by EA.
So, what are NFTs and why are people getting excited by them? Read on as I discuss this in detail. And how the gaming industry will eventually benefit.
Non-Fungible Token
The non-fungible token is a way of owning any original digital image or file. It can be termed as the certificate of the ownership of digital assets. As you cannot own anything digital as it is non-fungible, the certificate of ownership is now becoming the next big thing and especially gaming enthusiasts are going berserk.
Fungible items can always be easily interchanged like a 10-dollar bill that you can give to anyone and get two 5-dollar bills. But non-fungible items are those which cannot be interchanged with anything. This can only be true in certain cases like a famous painting which you cannot replace with anything even if you can come up with thousands of copies.
When it comes to digital assets like images, NFTs are one of a kind as they can be bought and sold just like any other piece of property, even though there is no tangible form. So, they are rightly being crowned as the certificate of ownership for virtual or physical assets. That is now even at work can be organized to create a Digital Certificate of ownership, and thus can be sold.
Just like cryptocurrencies, their record can also be stored in a ledger known as the blockchain. There is no way that this record can be accessed or changed because it is maintained on several thousand computers. NFTs can also contain smart contracts so that a person can get a cut of any future sales or commission.
So, are NFTs can get you big bucks or everything is so far just being materialized? It is for real and read more for all the information in this concern.
The worth of NFTs is Rising with Each Passing Day
In February 2021, an animated GIF of Nyan Cat 2011 sold for more than 0.5 million dollars. And musician Grimes sold some of her digital art for more than 6 million dollars. Now, this is some serious money that is involved and the reason for EA to be very enthusiastic about this is understandable. Twitter founder Jack Dorsey promoted an NFT of his first-ever tweet and the bets were north of 2.5 million dollars! So, all in all, this is some serious stuff and is going to take off in the coming few years.
Digital Art is for Everyone to Use
If you think that people don’t copy digital art and NFT makes it impossible for them to use it, then you are wrong. There is nothing stopping people from copying and sharing anything that has been put on the internet. Even when Instagram doesn’t have you copy the image, people take a screenshot of the image, edit it and then publish it again as an image. So, there is no way that NFT will stop this practice, but the owner will take a token that will prove that they are on the original work. That’s about it.
So, will it last for some time before it can be termed as a bubble? Surely, many people think this way and industry pundits like David Gerard thinks so. They believe that NFT is a bubble right now and it may burst anytime. But for the time being EA is thankful that its games will make it easier for anyone to buy any digital asset. And the ownership makes it more feasible for them.
Why is EA so Optimistic About This?
EA makes the FIFA football series which uses card packs so that players can collect them in the ultimate team mode. EA chief executive and rural setting believe that any of these will make the franchise very popular. The players go beyond just 11 on 11 football and also want some memorabilia in the form of NFT.
Games industry analyst Piers Harding-Rolls said NFT and Blockchain games are the future as these can be termed disruptive forces within the game sector. All major publishers will be interested in this format and that is why EA has taken the lead. Sports collectibles market, games like NBA and NFL are making waves and that’s one of the strongest points why NFTs are here to stay.
When the news broke about a 12-year boy who made 200,000 pounds by selling NFTs, it was seen as a surprise. But now there is every way that people can make more money than that, even if we are not a celebrity. And it is not limited to just EA sports as most of the top game publishers will be active in the NFC market within a few months. This will make it tough for EA, but healthy competition is guaranteed.
Final Word
What is your stance about NFTs? Do you think that it will emerge as something very big in the coming few months? And what will be the role of any app developer Dubai in making cool gaming apps to compete with EA and other big players in the market?
If you want to ask any question that is bothering you or just want to offer your feedback, please use the comments section below.
