Gaming has emerged as the most optimistic use of NFTs today, according to Devin Finzer, CEO of OpenSea.
At Blockworks’ Permissionless event, Finzer highlighted that gaming has emerged as the most optimistic use case for NFTs today, followed by the digitization of physical objects and the tokenization of assets on the blockchain.
Finzer’s recent statements about non-fungible tokens resonate at a time when the NFT market is looking for new ways to adapt and evolve following the digital art boom of 2021. With the growing adoption of blockchain-based gaming and the Play-to-Earn (P2E) model, NFT tokens are finding a new home at the intersection of entertainment and the digital economy.
NFTs transform the user experience in digital games
According to Finzer, the utility behind NFTs is what will truly make the difference in their future success. Instead of focusing solely on speculation, the focus has shifted towards practical and more functional applications. He explained that gaming, in particular, has proven to be fertile ground for the implementation of NFTs, as they allow players to own and trade digital assets in a secure and transparent manner.
Blockchain-based games have gained popularity, offering players the chance to earn cryptocurrency while having fun. They have also demonstrated how NFTs can be integrated into game mechanics, allowing users to own characters, land, and other digital assets that can be bought, sold, or traded within the platforms. According to Finzer, this approach is transforming the way players view and value their gaming experiences, turning leisure time into an opportunity to monetize and generate revenue.
The versatility of NFTs in today's crypto market
Since the rise of NFTs in the digital art world, the landscape has changed dramatically. Although crypto collections such as CryptoPunks and Bored Ape Yacht Club, which captured the public's attention in 2021, have seen demand and price for their NFTs decline, the reality is that this market has continued to evolve. Finzer stressed that today, NFTs do not only represent art, but are also used to symbolizing asset ownership within games, representing digitized physical items on the blockchain, such as event entry tickets, and in asset tokenization, including real estate. This transition has been crucial to keeping NFTs relevant in today’s market.
NFTs have proven their versatility in adapting to market and consumer needs, allowing for greater security and transparency and making it easier for users to have full control over their assets. Furthermore, the unique capabilities of this class of tokens to represent physical assets on the blockchain is also changing the way businesses interact with their customers. For example, brands can create unique experiences for consumers by offering NFTs as part of marketing campaigns or product launches. Gucci, Hermès Paris, Puma and Mattel are some examples of this.
The evolution of NFTs has also led to a rise in the creation of platforms that facilitate the buying, selling, and trading of these assets. OpenSea, as a leader in this space, has been constantly working to improve the user experience and the integration of new technologies that allow for greater functionality, explained Finzer.
Innovation and growth opportunity
Devin Finzer’s statement about gaming being the most optimistic use case for NFTs highlights a significant shift in the perception of these digital assets.
As the market continues to evolve, the gaming and developer community is driving innovation in the NFT space. This will not only benefit gamers, but will also offer new opportunities for businesses looking to take advantage of this emerging technology.
