6 Different Types of NFTs & Their Use in Gaming Industry
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As per the recent reports shared by Statista, revenue is expected to show an annual growth rate (CAGR 2023-2027) of 18.55%, resulting in a projected total amount of US$3,162.0m by 2027.
The NFT market is one of the billion-dollar companies, and with time, different NFTs have been introduced. The use of NFTs is expanding to the gaming industry and virtual worlds from augmented to virtual reality, which opens the door to new opportunities for players.
Types of NFTs in Gaming
With time, a lot more NFTs are being introduced, which has led to different categories of NFTs with different applications of each one. In this blog, we will look at the top 7 types of NFTs and how they are being used in the game industry. Let's take a look.
P2E Game NFTs
Gamers, it is for you! One of the most used NFTs is P2E NFTs, which are used in crypto or blockchain-based games. These types of NFTs represent the digital assets within the game, such as game skins, characters, weapons, and other game objects. Play-to-earn games enable players to purchase, sell, and trade objects within the games to achieve their game targets and utilize them in the game as per the requirements. P2E game NFTs are available in the game or at NFT marketplaces such as OpenSea - an NFT marketplace.
Axie Infinity, Decentraland, and Gods Unchained are the three most popular blockchain games that use NFTs and allow players to get ownership over the rewards and in-game assets. For example, the game Axie Infinity uses 'Axies' that are pets. Axis or pets are creatures that can be bred and battled with each other within the game. Sky Mavis charges a 4.25% fee to players when they trade Axies on its marketplace.