NFTs and Play-to-Earn are two ways that gaming companies can use to generate revenue. They differ in the types of games that they’re used for, but both have their benefits. The next few years will be pivotal as these new business models emerge, with EA’s CEO speaking about NFT development only weeks ago.
NFTs are digital assets that live inside a blockchain and can be used as currency, rare collectibles or disposable items. EA and Take-Two have announced they will support NFTs in their games. This is the first step towards the adoption of these new types of digital assets by major corporations fueling speculation on what other companies might do next to follow suit with this trendThe “nfts art” is a piece of artwork that was created by EA and Take-Two. The piece of artwork was made to show support for the use of non-fungible tokens, which are digital assets that can be traded or transferred across different platforms.
A number of high-profile gaming firms are starting to take note of the blockchain behind the scenes in the NFT world. Battle lines are being formed, allegiances are being proclaimed, and plans are being made. Electronic Arts, a corporation that is ideal for NFT integration, is the latest game developer to choose a side.
Despite the fact that rumors about EA’s plans have been circulating for some time, this is the first official show of support for the non-fungible universe. EA CEO Andrew Wilson alluded to play-to-earn as “the future of our industry” during a recent earnings call. However, he also said that the technology is still in its infancy and needed additional improvement.
In a statement that echoed EA’s, Take-Two CEO Strauss Zelnick likewise expressed his support for NFTs. He said that he is a “huge believer” in the technology and indicated interest in further developing it, but he also stated that a comprehensive assessment of its advantages is required.
This has been an eventful couple of months in the gaming business, with a lot of major firms revealing their views on crypto gaming. EA and Take-Two have joined Epic Games and Ubisoft in endorsing the technology. Steam, on the other hand, discreetly updated their Ts & Cs, thus forbidding the feature without announcing it.
The technology is being approached with caution by all of the gaming businesses involved. However, thus far, the signals are encouraging.
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