NFTs have become a hotly debated topic. With many gamers viewing NFTs as a negative addition to the gaming environment and executives at Ubisoft saying players don't understand NFTs, the addition of NFTs into the industry has gone poorly so far.
Regardless of this, GameStop has confirmed it wants a piece of the metaverse pie, announcing it is partnering with Immutable, an Australia-based blockchain startup. This news comes after GameStop quietly launched an NFT page back in May 2021, suggesting this plan has been in the works for a long time.
With recent news suggesting that GameStop would create an NFT marketplace, it was only a matter of time before GameStop confirmed it itself. Along with the announcement of working with Immutable, GameStop announced some key points about how the marketplace will work. First off, the marketplace will operate using Immutable's own cryptocurrency Immutable X (IMX). In return, Immutable has guaranteed GameStop up to $150,000,000 in IMX with certain stipulations dealing with GameStop's continued success. Secondly, the website is open to creators from gaming studios, Web3.0 developers, metaverse game developers, and others depending on their intentions. Lastly, the marketplace will create NFTs for video games only.
For those still confused about what NFts are, NFTs, or Non-Fungible Tokens, are basically pieces of digital art. Like physical works of art, though fakes can be made, the original work of art is unique and thus holds value. Many argue that NFTs hold no value because they are digital images, and thus can be copied and pasted. However, the reason NFTs can hold value and are unique is because they hold a one-of-a-kind digital signature. NFTs have scarcity and value because only one original image or digital product exists.
Though gamers have rallied against NFTs, there is a possibility that NFTs could be beneficial for developers and gamers. Much like blockbuster movies' increasing budgets, AAA video games can become a money pit depending on what kind of profit they turn. Microtransactions were developers' most recent response to this problem, and while some were predatory, others don't hinder players. NFTs could become the next step in the era of cosmetic purchases, allowing players to gain access to souvenirs or collectibles that are entirely unique.
There is the possibility that NFTs could hurt games rather than help them, but like with microtransactions, it will most likely become a case-by-case basis. Gamers will have to carefully wait and see whether this new gaming trend will continue and whether it will help or hurt experiences.