Blockchain technology is transforming the world forever. This industry has become so much more than buying and selling bitcoin or any cryptocurrency. In recent years, several industries, ie healthcare, supply chain management and banking have implemented blockchain ledger technology and modified their processing more efficiently.

2020 was a year of transformation for almost every industry due to the global pandemic. Specifically, the rise of the mobile gaming sector has blown minds. From modest beginnings to the mobile gaming industry becoming the world’s largest industry!

Recently, a nexus of NFTs and virtual gaming is becoming a reality. However, digital ownership has it’s own hurdles & benefits. NFTs work on blockchain, but unlike cryptocurrency, NFTs cannot be exchanged with an identical NFT.

Virtual Reality NFT s are Changing The Game

Gamers have always been passionate about collecting in-game gear such as skins, weapons, or armor to strengthen their in-game character. Many games offer players the option to buy these collectibles. In conventional gaming, game items are limited to a particular game. If somehow there are bugs in the game or the game is hacked, the player no longer has access to his or her purchased gear. We often come across players complaining about changes in games and losing their in-game assets.

But using NFT-based artifacts, you can carry your gear from one game to another, and you can sell it under your ownership. The Virtual Reality NFT Technology also allow gamers to monetize their gaming time. NFTs can be highly lucrative.  One recent example is a user who purchased a Virtual Formula 1 racing car in F1 Delta Time for $110,000. In the future, NFTs may enable gamers to use the same avatar in different video games.

Using NFTs can offer access to premium content, and in Sensorium Galaxy Metaverse, issuing tickets as semi-fungible tokens can be easily sold if not utilized.

Not only for collectibles but developers can now sell limited-edition entire games as Virtual Reality NFT s. These games can be in limited supply with rare, unique collectibles. It can take the gaming industry ownership definition to the next level. 

You can consider the Axie Infinity game that features digital land and assets.  A buyer spent 41.5-million-dollars worth of cryptocurrency to purchase nine plots of land in the game.

Another virtual real estate platform, “22,2 Decentralized,” offers multiple opportunities for gamers.

The VR / NFT gallery supports creators by allowing them to add their artwork to the gallery in virtual reality. Other users can view it in VR or buy NFT tokens.  These galleries can provide more avenues than ever before for virtual artist to showcase their workpiece. Here is an example gallery created by the Spatial app

Conclusion

Today’s VR NFTs space is in it’s infancy. Therefore, there are still many challenges, and there is much to explore. But this is what makes the space so exciting. NFTs will be an incredible step for digital artists who want to make money directly from their assets. But, in case if NFT virtual world becomes a norm, then it will introduce faux scarcity and creativity limitations which is not good because there should be a pure and unlimited expression of creativity. They fear that using NFTs can turn the metaverse into another world with a class system of HAVEs and HAVE NOTs. This would ruin the entire metaverse.

Virtual Reality & NFTs have great synergistic potential, and we can expect exponential leaps in the technology as independent artists finally have a chance  to make a real income from their work.

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