A couple of years ago, everyone thought that NFT gaming was the way forward. This is obviously due to the effect that Axie Infinity had when it boomed in terms of user count and non-fungible token (NFT) valuation.
The hype has died, of course, as the game’s publisher Sky Mavis failed to balance the in-blockchain economy, at least for the time being. Make no mistake: Axie Infinity has made a mark in history, and it will take long before a gaming company exceeds what Sky Mavis has delivered.
Fast forward to 2023, and all tokens issued by Sky Mavis, not to mention all Axie NFTs, have tanked in price. From an all-time high (ATH) of around $165, Axie Infinity (AXS) is currently trading at $6.43, as per CoinGecko. Likewise, Smooth Love Potion (SLP), the token obtained as a reward for winning games in Axie Infinity, is now only worth $0.002, down from its ATH of $0.40.
The same narrative can be said about all other NFT games; in fact, some are even worse. Now, is there any hope left for NFT games? If so, how will NFT games rise again? Should you still invest in NFT games?
Failed Experiments by Mainstream Publishers
PC Gamer published an article explaining how Web2 gamers have “bullied NFTs out of mainstream games,” citing instances of how mainstream game publishers tried to incorporate NFTs into their games, with little-to-no success.
As pointed out by the article, gaming giant Ubisoft released NFTs for Ghost Recon Breakpoint, which are now worth virtually zero today. The game did not see an update recently, while Ubisoft said that it was all just an experiment.
Other gaming studios backed away from their initial plans of launching NFTs after meeting great resistance from their fans. Even the gaming-based social platform Discord abandoned the idea. It was as if their respective gaming communities practiced the principles of Web3, albeit against NFTs.
Too Early To Tell
It is easy to say that NFT gaming is dead, but it is not gospel truth. Overall, the crypto market is in bear season, and NFT games are also affected. What is more, the NFT market is also way below its golden age.
Leading NFT games are still building. Axie Infinity launched its Origins gameplay last year. Recently, it launched its Homeland gameplay, although it is still in its earliest stage.
Meanwhile, AAA games to watch out for such as Star Atlas and Illuvium are making significant progress toward their upcoming respective debuts.
It would not be wise to advise people to invest in NFT games at the moment, especially those who are looking for safe options. Crypto is the newest kid on the block, and it is the most volatile financial market right now. Hence, only those who have bigger risk appetites should consider investing in NFT games.
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