How NFTs for content creators can help gaming creators and professional eSports athletes
As video gaming has become more popular, professional eSports tournaments have followed. These competitive events draw large audiences of gamers and spectators who enjoy watching skilled players compete for prizes and recognition. But as the industry has grown, doubts have arisen about its sustainability. Many in the community worry that oversaturation will cause a decline in demand for new games or eSports broadcasts, which could eventually lead to lower viewership and smaller prize pools. However, there is one aspect of the industry that could help to mitigate these risks: non-fungible tokens (NFTs). In this article, we explore how NFTs can help content creators within the gaming world and promote growth in professional eSports tournaments.
The Internet has been a fantastic tool for ingenuity and invention. Traditional content providers are not properly compensated for their work, which is a big problem. NFT (non-fungible token) specialist Kayvon Tehranian explains how NFTs can change the game. In his famous TED Talk, he discusses all about NFTs, how they work, and how they help creators regain power and economic control while advancing the next phase of web development. According to Kayvon, this new technology will enable the protection of intellectual property rights in a way that has not been possible before and give content producers the respect they rightfully deserve. (https://www.youtube.com/watch?v=22O6a87-GcQ)
What are NFTs?
NFTs are a class of digital assets that allow the online representation of a certificate of ownership. These assets are protected and stored in blockchain technology, making them impossible to copy or illegally remove. They are therefore the perfect choice for digital content creators who want to guarantee that the work is originally owned by them.
NFTs can represent any kind of digital content, including movies, music, images, and articles. As a result, they serve as the perfect vehicle for content creators to monetize their efforts and provide viewers with new ways to interact with them.
NFTs have the potential to completely transform the Internet, but they are still in the development phase. They could contribute to regaining economic and political sovereignty for digital creators and advance the next phase of the Internet's development.
NFT as part of eSports:
NFTs are one of the latest breakthroughs in video games and provide a special way of generating revenue for content producers. NFTs provide game designers and content producers with new sources of revenue that, unlike other types of digital commodities, are untouchable.
This also means that more players will be able to access these digital products as there is no lengthy download process required before playing the game. In addition, it allows users to stockpile their preferred digital goods. Game makers with NFTs can create a new universe where all you see is NFTs that can be owned by anyone else in the world. As a result of their ability to profit from their work, those who create Internet material have more power and authority.
NFTs have several potential applications. They can be used to give tangible ownership to in-game items by being attached to tangible products, enabling the authentication of commodities, or by being attached to digital goods to produce demonstrably rare digital artwork.
The use of NFTs can open up several opportunities, especially for esports fans. NFTs can actually be used to open doors to exclusive clubs, channels and spaces hosted by eSports teams. This would allow backers to form a bond with the teams they support and the sense of community that makes eSports communities flourish. It will turn into an online resource for continued fandom, membership, benefits, and access.
General changes in NFTs
our attention is being drawn into virtual worlds as part of the overall trend of digital evolution. This method is quite effective—perhaps even excessively effective. As virtuality grows farther removed from reality, NFTs create a link between the two.
Gaming is typically done online. Despite the industry's increase in popularity, there is currently no solid foundation for the real-world value of digital goods. NFTs provide that foundation, safeguarding the distinctiveness of digital items. Obviously, this is simply a piece of technology, but it does provide new opportunities for creating engaging gaming experiences and enduring consumer relationships. It's actually preferable to think of the overall improvements brought on by NFT for gaming and esports as a continuation of digital evolution — nothing too radical, but a logical progression of the good steps already achieved.
NFT acting as an income generator
When done right, NFTs provide esports teams with a long-term and consistent revenue stream that helps bring much-needed stability to the organizations' financial situation. For example, NFTs can be used to tokenize Esports products as NFTs, allowing holders around the world to access fresh drops of goods every year. As a result, the global reach of esports teams will increase and new, long-term revenue streams will be generated.
Even video game clips of historic and memorable esports experiences can be uploaded and converted to NFT.
Another obvious but very essential example is providing real value game items, achievements, and awards. According to a 2021 survey of over 2,000 gamers, 63% of gamers want virtual items that have real value that can be bought, sold, and traded. And 64% of them said the feature would encourage them to play more.
Achievements in games as a service
The ability to add virtually any digital object to the blockchain and turn it into a non-fungible token is another fantastic feature of NFT technology. Hero outfits, characters, player symbols, films, or soundtracks anything that you can think of can be turned into NFT.
NFTs provide game inventories a new level of value, encourage players to come back, and enhance the gameplay overall.
For gamers, the chance to genuinely gather in-game items with real-world value can only be alluring. Imagine your two-year-old collection of Fortnite skins and gear was truly worth several thousand dollars. There is a real possibility for committed gamers who do amass expensive and uncommon in-game goods to begin making money from their passion in a new way.
Each in-game object you earn in your gaming account is given a special identity thanks to NFTs. Your NFT, or tokenized assets, will be accessible outside of the game and can be kept in your online bitcoin wallet. Then you can use them in another game, put them up for sale on a website, or exchange them with another player. It's only a matter of time before the technology appears in one of the popular games that are already on the market.
The use of NFTs in the gaming industry could help to create a more secure and transparent system for both content creators and professional eSports athletes. What do you think about these tokens? Do you see potential benefits for using them in this way?