Top Game developers, Ubisoft and EA run towards NFTs
The journey was imitated by Axie Infinity, the NFT game was able to generate approx. $3 billion in sales volume to date. Crypto gaming is picking up speed, more than 800,000 crypto wallets or accounts are now connected to different blockchain games. The games have seen a growth of 500% in the past year, leading to a tsunami wave of investment. In October 2021 the blockchain and NFT gaming startups were able to raise venture capital of $1.5 billion. The big-league game developers like EA sports have started bending toward NFT gaming.
Many high-end game developers have expressed interest in NFT gaming. Recently there was an earning call. The CEO of Electronic Arts (FIFA, Madden) says that NFTs are an important part of the future of our industry. Square Enix (creator of Final Fantasy) is going very bullish. There was an anime-based NFT digital trading card experiment that was sold out in a day. Japanese gaming giants say that they will focus more on blockchain games premised on token economies so as to be decentralized content.
The makers of Assassin’s Creed, Ubisoft, already have a game that uses NFT in the market. The NFT game was developed in partnership with Sorare (NFT Platform). It is a free-to-play crypto-based fantasy soccer league game One-Shot League and is thinking of investing more in blockchain gaming. Yves Guillemot, Chief Executive Officer, Ubisoft announced earlier this month that the company wants to be one of the vital players in the play-to-earn gaming market.
The New England Patriots, Andreesen Horowitz, and Michael Jordan ownership group participated in a $150 million funding round for Mythical Games, the creator of a cartoonish, FUNKO-inspired world called Blankos Block Party. Mythical, which was launched by veterans of game giants like Activation and EA, came together to develop Blankos as a platform that could connect to games for major developers. The CEO of Mythical commented that they are going to step into the space with one of them before too long. Continued to say that they want to place the right infrastructure in place to start boarding games with millions of players.
But there is always an exception that is not exciting about the future. Value, the company that owns the leading PC-game marketplace Steam, made a huge announcement that games that use NFT and Blockchain will not be allowed on the platforms. The mainstream games do not allow in-game item purchases with real-world value. A group of developers has written an open letter telling Value to reconsider. In other stories, Epic Games the creator of Fortnite, which is also a Steam competitor, has an open mind towards the run on NFTs or Cryptocurrencies.
Why does this matter so much? NFTs are growing rapidly and the current market cap is a $10 billion industry, and pretty much everyone on the planet is trying or looking for a way to participate. Gaming venture firms have come to a belief that they are a natural fit. The developers of some of the most famous games are accepting Crypto and integrating NFTs into their games, these will eventually grow into a massive crypto economy. Fun Fact: there are more than 3 billion games on the planet.