The popularity of NFTs (non-fungible tokens) and play-to-earn type games is such that it is expected to double the number of users in Spain by 2023. their adoption in Spain should eventually exceed that of the United States and Canada.. They currently represent a growth niche for single tokens, where developers, investors, gamers, and the general public meet and demonstrate real-world applications for the crypto ecosystem. Experts are predicting huge growth for this sector, with major video game companies overcoming their reluctance and embarking on this new model.
These are essentially video games in which the players can receive rewards with real value.. These rewards take different forms, the most common being NFTs and game-specific cryptocurrencies. They can then be sold to other players, on exchanges or marketplaces, for a profit.
As the “Trading Guide” explains, “play-to-earn” type games were born by… by connecting the various digital assets of a game to the blockchain.. Any in-game good, such as a weapon or skin, can be minted as a non-fungible token (NFT) that can be stored and transferred between people, creating in-game economies.
A study by Crypto Head estimates that the the total capitalization of this market at $15 billion.while interest in gaming-related NFTs soared 717,000% in the year to May. The most popular have a market value of $1.25 billion, according to the study, and include Axie Infinity, Cross Link, Decentraland, DeFi Kingdoms, and MOBOX.
The key to this decentralized model is that “the the player owns his characters and items and can speculate with them or sell them“, explains Daniel Contreras, head of games at Belobaba CryptoFund. On the other hand, in traditional video games, the studios have the power and ownership of the game. This is why the expert believes that they are very attractive, given that the gaming community is already used to managing the economies of traditional games, where games usually involve coins. With NFTs and game tokens, each game has its own tokenomics that transcends the screen and reaches the real world, since they can be exchanged for fiat currencies.
Game developers Increasingly using NFTs and cryptocurrencies to create more attractive monetary incentives. “NFT games have their own digital asset-based economy,” he explains. “Potentially, players can earn two types of cryptocurrencies: native cryptocurrencies in the form of tokens or existing cryptocurrencies like bitcoin or ethereum.“, he explains.
These games have already taken off in countries like India and the Philippines, where people would be quitting their jobs to earn money on play-to-earn platforms..
As for adoption in Spain, it will more than double by 2022, according to Finder.com’s NFT Gaming Adoption Report.
Finder.com surveyed 43,312 people in 26 countries to reveal that 8% of Spanish Internet users have already used a “play-to-earn” type game.which places the country last in terms of adoption of NFT games. In fact, it is only ahead of Sweden (4%), the UK (8%), Germany (7%) and France (6%) and is well below the global average of 14% .
However, a 9% more Spaniards say they intend to try a platform this year.which means that adoption could soon reach 17%. With more Spanish adults planning to try gaming this year, “Spain will overtake countries like the United States and Canada to reach 18th place in adoption,” the report said.
“Adoption is likely to grow in Spain as more developers integrate cryptocurrencies into their ecosystems,” the report authors say.
Adoption of NFT games by country
India – 33.79%.
Hong Kong – 28.75%[19659014[19659014
United Arab Emirates – 27.27%[19659015[19659015
Philippines – 25.01%[1959016[1959016
Vietnam – 22.96%[1959017[1959017
Singapore – 22.68%[19659018[19659018
Malaysia – 19.43%[19659019[19659019
Brazil – 17.55%[19659020[19659020
Nigeria- 16.05%[19659021[19659021
Venezuela- 14.11%[19659022[19659022
Peru – 13.15%[19659023[19659023
Colombia – 12.68%[19659024[19659024
Argentina – 12.06%[19659025[19659025
Chile – 11.36%[19659026[19659026
Ireland – 11.31%[19659027[19659027
Mexico – 11.11%[19659028[19659028
South Africa – 10.20%[19659029[19659029
United States – 9.37%[19659030[19659030
Canada – 8.38%.
Switzerland – 8.37%.
New Zealand – 8.19%[19659033[19659033
Spain – 8.05%[19659034[19659034
United Kingdom – 7.55%[19659035[19659035
Germany – 7.40%[19659036[19659036
France – 5.75%[19659037[19659037
Sweden – 4.33%[19659038[19659038
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