Discover why owning digital assets is crucial in Web3 games and how it can unlock a whole new world of opportunities for gamers and investors alike. Don’t miss out on the exciting world of NFT gaming and its potential for digital asset ownership.
In the world of gaming, digital ownership is an important and underrated factor that is often overlooked. With the rise of Web3 games and the popularity of NFT gaming, gamers are spending as much as $100 billion on digital assets, propelling it to even greater heights.
Mark Zuckerberg’s Metaverse-driven company announced it’s pulling away from the digital assets market. The decision was said to likely be because of dire market conditions, especially for the crypto market.
This bear market isn’t going to go anywhere anytime soon. So, let’s take a refresher on why digital assets even matter in the first place.
Digital Assets and its Potential
Digital assets are pretty simple to understand, they are items that exist solely in the digital world.
They can take many forms, such as in-game items, virtual real estate, digital art, and more. These assets are unique and can be owned and traded just like physical assets.
In a recent tweet, Derek Lau, VP and Game Director of leading Immutable Games expressed his views on why digital asset ownership is important in Web3 games.
With the rise of blockchain technology, digital assets can now be verified and authenticated through non-fungible tokens (NFTs), making them even more valuable and secure. Digital assets are becoming increasingly popular in the world of gaming and art, and their ownership is crucial in unlocking a whole new world of opportunities.
Currently, the model of gaming for people is that they are basically renting their in-game digital assets. This is different from owning, and gamers are missing out on the benefits of owning. For example, people are willing to spend much less renting than buying. Coincidentally, the real estate market is also 10x larger than the rental market.
Comparing Real Estate with Digital Assets Market
In the real estate market, owning enables multiple layers of business models such as Real Estate Agents, Property Managers, and Mortgage brokers.
Real estate agents help buyers and sellers navigate the complex process of buying and selling properties. Meanwhile, Property managers help landlords manage their properties and tenants. Mortgage brokers help buyers secure financing for their properties.
In contrast, owning in-game assets enables Marketplaces, Market Makers, Aggregators, and more.
Marketplaces allow gamers to buy and sell their digital assets, creating a secondary market for these assets. Meanwhile, Market Makers help facilitate trades in the marketplace, ensuring that there is liquidity and that buyers and sellers can find each other. Aggregators help gamers find the best deals on digital assets, making it easier for them to buy and sell.
Financialization
In short, allowing people to own digital assets enables the entire market to grow immensely. The key factor to this is financialization – leverage, lending, fractionalization, investments, and more will all happen on top of the underlying demand for in-game assets. This creates a whole new world of opportunities for gamers and investors alike.
Final Thoughts
In conclusion, owning digital assets is important in Web3 games. It allows gamers to fully own and control their in-game assets, creating a secondary market for them and enabling a whole new world of opportunities. As the popularity of NFT gaming continues to rise, owning digital assets will become even more important.
