5 biggest challenges faced by NFT Gaming Development in 2022
GameStop announced the opening of its eagerly anticipated NFT marketplace on July 11. Within 12 hours of its launch, the platform—currently available for public beta testing—was able to generate a trading volume of more than $1 million. Undoubtedly, users of blockchain-based games with NFT components are increasing despite the bear market. In fact, according to Dappradar, VCs invested more than $2.5 billion in blockchain gaming in the first quarter of 2022. This is the ideal time if you’re looking for NFT marketplace development services in the USA because both users and investors are flooding the market.
Development of the blockchain sector
According to recent statistics, the gaming industry is larger than the combined markets for music, television, and motion pictures, and it is growing by 10% annually. Every year, $100 billion is spent on renting items in the gaming industry out of the total amount of money spent there; soon, this will grow to a trillion-dollar economy based on web3.
However, the sector faces a few difficulties, such as the following:
1. Liquidity problems
The development of NFT gaming platforms in the UK and other countries revealed that the orders—requests for trades—that form the core of an NFT game are located at the center of the NFT marketplace. The first order is known as the maker order, and the order that fills it is known as the taker order. The maker orders are kept in an order book on any exchange, including the NFT marketplace, where they are kept in effect until a taker order is received. The market’s liquidity refers to how quickly a maker order is filled.
Most NFT marketplaces are continuing to develop their unique order books, which is separating the liquidity. This presents a significant challenge for many NFT games, and blockchains like Immutable X are putting forward solutions to it, like providing a global protocol level order book.
2. Large-scale blockchains
According to recent data, blockchain games are still seeing continued engagement despite the crypto winter. However, games running on protocols like WAX, Hive, BNB Smart Chain, Solana, and Ronin contribute most of the total number of transactions.
Because WAX and Binance Smart Chain are both high-speed, low-gas-fee chains, users are particularly drawn to these two out of the other five. Make sure you choose the appropriate blockchain to support your game if you’re looking for NFT gaming development in the UK.
3. An excellent user interface
B2C and B2B transactions are both a part of blockchain gaming. However, most games concentrate solely on a B2C-friendly user interface. The gaming interface must support instant in-game trades and a wallet to improve the B2C user experience. Additionally, for B2B, the game needs to be equippe with APIs that web2 companies can use.
4. Safety
DeFi has experienced hacks worth $1.4 billion in the first six months of 2022. As a result, blockchain gamers are much more aware of the games’ security features. Therefore, the game would not be hack by bridges thanks to blockchain development on platforms with features like zk-roll ups that are inherently secure.
We ensure that the games are only create on secure blockchains as one of the UK’s top NFT game development companies.
5. Design for scalable economies
Using blockchain technology and gaming, a very well-liked play-to-earn economy created. Gamers play games to unlock special features and produce distinctive NFTs that can be sell on the NFT marketplaces. This makes it possible for players to make money from their time playing games. Play-to-earn games gave gamers in many nations the opportunity to make a living off their hobby. But as games like Axie Infinity gained popularity, the initial game investment also began to rise. Famous guilds like GuildFi and Yield Guild Games (YGG) have started helping gamers who cannot afford to pay the upfront cost of such games. Because it enables players to borrow virtual characters to play the game or improve their gameplay, the initiative quickly gained popularity. More such initiatives are require for the cryptocurrency gaming sector.
Finishing it off
In the past few months, there has been a significant increase in both users and investors in the blockchain gaming sector. Now is it if you’ve been looking for the best time to enter the market. The industry is expanding at a rate never before seen.
The experts at RisingMax can assist you in achieving your business objectives if you’re looking for a NFT game development company in USA or anywhere else. Whether you want to launch a move-to-earn game, play-to-earn game, strategy-based game, or any other NFT game, we successfully transform your vision into reality because we offer business-oriented services.
