NFT Gaming On The Rise As Cross-Chain Solutions Debut to Link the Metaverse Into One Ecosystem
(Photo : Image by ExplorerBob from Pixabay )

The world is moving from traditional forms of ownership to digital ecosystems through emerging technologies such as Non-fungible tokens (NFTs). This upcoming cryptocurrency niche now accounts for $14.6 billion of the total crypto market cap as of press time. It has also given rise to the concept of 'the metaverse', an augmented reality (AR) world that depicts the fundamentals of today's real world.

With NFTs gaining momentum, more stakeholders from various industries are interested in the possibilities of existing in a virtual world. One sector that appears to be blending quite well with NFTs is the gaming industry. The latest Dappradar report shows that blockchain-oriented games dominated the market, marking 55% of the active blockchain users in October.

NFT Games Spurring the Metaverse Adoption

So, what's behind the NFT gaming boom? Well, there are many reasons why this market has been growing at an exponential rate within the past year. For starters, the shift to digital ecosystems has changed most people's views on the potential of building a metaverse. Additionally, NFTs are resonating with more stakeholders than any other crypto niche; the gaming and entertainment industries are at the forefront of NFT adoption.

That said, NFT games such as The Sandbox have witnessed massive growth, with users flocking the platform to explore the opportunities in the metaverse. This blockchain-built game introduced a play-to-earn model, enabling gamers, artists, creators and brands to earn a passive income from the NFT ecosystem. At the core, The Sandbox is a virtual world consisting of spaces dubbed LANDS where users can build and showcase their NFTs.

As it stands, this NFT gaming ecosystem has over 15,000 users coupled with the support of over 750,000 fans across various social networks, including Discord, Telegram and Facebook. In addition, The Sandbox also enjoys the support of heavyweights in the crypto industry, such as Atari (the iconic gaming company), Square Enix and Dapper Labs (Cryptokitties creator).

With The Sandbox raising $93 million in its latest funding round, the project's Co-founder and COO Sebastien Borget is optimistic about disrupting the long-standing dominance of centralized tech companies such as Facebook and Twitter in the content creation space,

"We are creating this open metaverse. We are positioning the Sandbox against those giant tech companies who are claiming the metaverse to be theirs, offering an alternative where users are first,"

Linking the Metaverse Into One Ecosystem

Despite the newly found success, NFT gaming ecosystems like The Sandbox are not exempt from the inherent blockchain challenges. One of the biggest shortcomings is the inability to transfer digital collecticbles/metaverse items from this platform to other NFT ecosystems built on different blockchain networks. Essentially, players have limited opportunities to realize value from their NFT collections across multiple blockchain networks.

Thanks to the fast-evolving nature of the crypto industry, we now have cross-chain solutions to support the transfer of value between blockchain networks. Cross-chain blockchain platforms such as Wanchain feature interoperability solutions that allow Dapp innovators to transfer value between blockchain networks. This Layer-1 chain introduces an ecosystem where users can integrate private and public blockchains, creating a seamless feedback loop.

As for NFTs, the Wanchain ecosystem introduces a cross-chain solution, enabling NFT owners to transfer their digital collectibles across multiple networks. NFT innovators who choose to build on Wanchain can also access other features within the crypto ecosystem, including DeFi protocols offering decentralized banking solutions. It is also noteworthy that Wanchain leverages its native token WAN for decentralized governance and network incentives.

Following the emergence of such cross-chain solutions, the NFT space is well on track to becoming a single ecosystem. This means that users will be able to transfer their digital collectibles from one gaming platform, such as The Sandbox, to other virtual worlds, including Decentraland and Axie Infinity.

Wrap Up

NFTs may still be a foreign concept to many, but one thing's for sure, these digital collectibles are gradually shaping the concept of a virtual world. It is no surprise that the trend has caught onto celebrities in Hollywood and the NBA, such as rapper Snoop Dogg and NBA star Steph Curry, who are both invested in the metaverse.

Per the adoption trends, this cryptocurrency niche will likely integrate with more industries in the near future. American Billionaire Mark Cuban, a big NFT enthusiast, recently told the Delphi podcast that they are considering to turn the Dallas Mavericks tickets into NFTs, allowing fans to buy and resell the tickets as digital collectibles,

"With the [Mavericks], we're trying to find a good option for turning our tickets into NFTs. We want to be able to find ways so that not only can our consumers, our fans, buy tickets and resell them, but we continue to make a royalty on them," said Cuban.

Going by these developments, it is only a matter of time before NFTs become mainstream assets. Cross-chain solutions will play an integral role in spurring this adoption as users can transfer value without being limited in one blockchain network.

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