What if Fortnite started using NFTs?
As we have discussed previously, NFTs have taken a massive hit through this crypto winter bear market. From a peak of $40 billion in late 2021, the NFT market today is worth little more than $44 million.
Understandably, as the crypto market shrank in value the hype surrounding NFTs began to fade away and such a drastic market pull-back has left many NFT investors questioning their investment decision.
Therefore the question remains, will the NFT market ever reach new highs?
Whilst this pull back may be a cause for concern in some circles, die hard crypto fans understand that at some point in the near future, NFT market value is sure to return to previous highs.
Aside from the predictable four year Bitcoin halving cycle which dominates the industry, many experts envision a future for NFTs built on utility rather than speculation.
‘non-fungibility’
At its heart an NFT is a digital certificate which proves both authenticity and ownership and, as the name suggests, these are the attributes which make each NFT unique.
It is this ‘non-fungibility’ which, when combined with cryptographical immutability (unhackable and unchangeable) that makes the future of the Utility NFT very rosy indeed.
From concert tickets to real estate deeds, Utility NFTs have a wide range of uses in an ever expanding digital landscape and none more so than in the world of video gaming.
For many years now, gamers have been able to purchase and use in game items. Whilst this activity has seen a massive rise in generated revenue in recent years, it is something of a walled garden in which value only exists on that particular gaming platform.
Now imagine a future in which every decentralised gaming platform is interconnected by a number of protocols which allow players to transfer their value across different environments.
A series of interconnected worlds where in-game purchases exist as Gaming NFTs and can be bought and sold on the open market. Such utility will undoubtedly drive demand for NFTs and change opinions on what has previously been viewed as simply works of digital art.
‘cultural phenomenon’
Fortnite is one of the most well known and popular games on the planet today. Released in 2017, Fortnite has been labelled a ‘cultural phenomenon’ and can count some 240 million active monthly players among its legions of fans.
With an average monthly player spend of over $45 million dollars it is clear to see why Fortnite continues to generate so much active interest.
So, imagine a scenario where Fortnite suddenly announce their players are able to register each hard earned item, skin or weapon as a unique Gaming NFT with associated real world value. With this in mind it is almost inevitable that the size of the Fortnite universe will ensure market forces elevate certain items above others and drive value to new all time highs.
When you consider that Epic Games recently made $50 million from NFL themed Fortnite skins in less than 2 months, the opportunity for investment in this nascent sector becomes apparent.
Appropriate Regulatory Frameworks
Despite advances in recent years, the standardization of protocols across the gaming industry is a complex and time consuming process and therefore it is difficult to say when we may see value migrating across platforms.
That being said, the gaming industry continues to show considerable interest in the adoption of blockchain technology.
The benefits of interoperability and cross platform transfers speak for themselves and many would argue that market demand and the technology to fulfil the vision is already here.
With those crucial factors already in place, the final pieces in the future gaming jigsaw include appropriate regulatory frameworks alongside collaboration by some of the industry’s biggest players.
Here at Project Lambo we are working hard to create the next generation of online gaming. By adopting the very latest AI, virtual and augmented reality technologies, we are crafting a world where players are not only rewarded for their hard work in the form of collectable utility driven NFTs, but through our virtual education academy players also have the chance to learn and develop real world skills as they play.
Our groundbreaking approach is leading the way in modern game design and provides a unique opportunity to invest in the gaming eco-system of the future.
For more information, be sure to download and read our whitepaper -
https://whitepaper.projectlambo.io/
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