Games are one of the most popular NFTs. Many companies have entered the NFT market, and it is expected to become popular in the future, but there are quite a few people who argue that it will not become popular. What is the reason?
Are NFT games not popular?
The main reasons why NFTs are claimed to be unpopular are as follows.
lack of legislation
There is a problem that the legal maintenance is not in place for the reason that NFT does not spread. The legal framework for NFTs is not in place, and those who actually invest in them are not protected under the law. NFT fraud is also quite prevalent these days, so you have to invest at your own risk no matter what.
It is said that NFT has a high threshold to start. The reason is that you have to know virtual currency and NFT. Most people don’t know these things. In order to lower the threshold of NFT, it is necessary to increase the popularity of virtual currency.
balance of supply and demand
NFT is an emerging industry, and the balance between supply and demand has collapsed. There are very few NFT buyers and the demand for NFTs is not very high. Perhaps for that reason, the balance is broken, so we have to increase the demand side more.
possibility of loss
NFT is both a business and an investment. Investing can lead to losses, so many people don’t invest because they don’t want to be hurt. Also, NFTs are affected by cryptocurrencies, so many people dislike cryptocurrencies with high liquidity.
Why NFT games are so popular
It is said that NFT games will become popular in the future. There are the following grounds for this.
The NFT market suddenly expanded explosively around 2020. The global NFT transaction value has tripled in one year, from $24.5 million in 2019 to $82.5 million in 2020. and $17.6 billion in 2021. It was said that if this trend continued, it would become a ridiculous market.
Source : 調査結果 (caa.go.jp)
However, NFT trading volume has declined since mid-2021. It is said that the NFT bubble burst due to the rapid expansion of NFT. It will be interesting to see if we can grow from here.
new gaming experience
Gaming geeks always want new games. It is said that NFT games will not decline because of the new gaming experience. It is said that curious gamers are unlikely to withdraw from this market because it offers a new gaming experience.
Large companies enter
Recently, large companies have entered the NFT game. Square Enix and Sony are entering the NFT market one after another. Since large companies are entering the NFT game market, it is said that the market will be activated in the future.
NFT has many uses
NFTs have many uses. After purchasing, you can resell it or use it as a hobby. From now on, it is said that NFT will become popular because the usage of NFT will further expand.
Bybit’s NFT Marketplace
Bybit has an NFT Marketplace. If you open an account, you can actually enter and trade, so let’s try it.