Interview: How NFTs can be the crypto market’s “killer app” 🚨 This article is 5 years old...
Interview: How NFTs can be the crypto market’s “killer app”
3 min read
Updated: Feb. 18, 2021 at 9:59 pm UTC
Image by taha reggui from Pixabay
Ever since Ethereum gained prominence in 2015, developers in the cryptocurrency space have considered gaming applications as a perfect fit for digital assets.
Gamers have been exposed to micro-transactions and in-game tokens since the start of the last decade. Popular games, both on computer and mobile, feature in-game currencies that are extensively used.
CryptoSlate caught up with Craig Russo (CR), the Director of Innovation at Polyient Games, discussing digital assets, their fit in the blockchain games, and what the future holds for such applications.
NFTs and games
CS: What is Polyient Games? How does it fit into the expanding blockchain gaming ecosystem?
CR: Polyient Games is the first investment firm and startup ecosystem wholly dedicated to the blockchain gaming and non-fungible token (NFT) markets.
[Our] investment strategy is focused on startups building the infrastructure and applications necessary to scale the NFT asset class.
The Polyient Games Ecosystem is an upcoming collaborative environment 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 Marketplace.
CS: How is gaming being disrupted by blockchain technology?
CR: In the current system, items purchased within games are not freely transferrable, meaning gamers are unable to take true ownership of these items
With blockchain games, these items are pegged to tokens that open up a new economic model that allows gamers to offset their gaming expenses or even earn money through diligent gameplay.
CS: Why are more gaming companies embracing 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 far too steep for mainstream gamers to play blockchain games and the incentives are not strong enough for mainstream publishers to begin incorporating blockchain technology into their well-established development pipelines.
Blockchain gaming is very much still an indie game category, but it is exciting to see some major groups like Ubisoft exploring the new technologies.
CS: What gaming companies are part of the Polyient Games growing gaming ecosystem?
CR: We have been blown away by the interest and excitement coming from the blockchain gaming community around our upcoming Ecosystem and are excited to share that a number of leading blockchain games have already committed to joining.
Some names we can share include Ethereum-based games Axie Infinity and Battle Racers. We have also invested in Blockade Games, the team behind the upcoming MMO Neon District.
It's #EatYourVegetablesDay! ? Did you know carrots are good for your eyes? ? With better vision, it'll be easier to keep your eyes on the finish line. ?
Play now: https://t.co/zQL2rPXrTK or on @decentraland (66,-22)
Register for the Duel Cup Open: https://t.co/ZeVoGTmjFS pic.twitter.com/Caz5D1yeDj— Battle Racers (@BattleRacers) June 17, 2020
CS: How are blockchain games enabling gamers to earn real money while they play?
CR: By selling NFT items they level-up 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 expand and will ultimately introduce more liquid token models that provide additional earning opportunities for gamers.
CS: What can you tell me about the upcoming Polyient Game Founders’ Key Sale and other milestones?
CR: Polyient Games Founder’s Keys (PGFKs) are a unique type of ERC-721 NFT that will provide lifetime 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 reduced fees on transactions within the Polyient Games Marketplace.
Thank you to everyone who submitted a $PGFK design! We are blown away by the quality of the artwork and will be launching public voting in the coming days so our community can help choose a winner from our favorite options.
Stay tuned!https://t.co/rKpQvq5Sm6
— Polyient Games (@PolyientGames) June 18, 2020
In the coming weeks, we will officially announce the specifics around the upcoming sale of PGFKs and the early 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 almost three times the number of ERC20 transactions than r/Cryptocurrency, compared with the latter’s MOON tokens.
The above metric indicates digital assets in gaming could have massive potential, especially if a non-crypto forum was showing significant engagement and adoption of blockchain-based applications.
