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NFT-Focused Projects Continue Attracting Venture Capital Despite Market-Wide Collapse
NFT-Focused Projects Continue Attracting Venture Capital Despite Market-Wide Collapse Pixabay

In today's world - the real, non-metaverse world, that is - many assume that, because NFTs are tech-based and come hand-in-hand with an arsenal of confusing jargon, this should mean they're popular with the gaming community. On the contrary, out of all sections of society, they're arguably more familiar with the metaverse than anyone.

However, since their emergence around 2015, NFTs have been largely maligned by gamers. A recent survey found that almost three-quarters of gamers strongly dislike NFTs and consider them a 'negative' addition to their online experience.

At the heart of this lies a suspicion that has been colored by the controversial and at times trivial purpose served by NFTs in the art world. When gamers see that a pixelated image of a punk-inspired alien sells for over $20 million, we can't blame them for fearing that skins, maps, and weapons in their games might soon get sucked into a similar bloated market fuelled by cash-hungry companies.

Many therefore see the encroachment of NFTs into their gaming sphere as just another get-rick-quick-scheme. The metaverse has already mutated into somewhat of a money-pit; players pay thousands of dollars for gameplay-enhancing add-ons in Call Of Duty: Black-Ops, only to then be forced to start accumulating again from scratch when Call Of Duty: Vanguard came along. The new Diablo Immortal game is another prime example of just how much money can be spent on a game. It costs over half a million dollars to fully upgrade a character.

This attitude from gamers towards the current batch of NFTs is completely understandable. Modern multi-resource NFTs, however, is a different ballgame entirely - these can be implemented to solve these financial issues rather than being a part of the cold monetization of the metaverse, as many gamers assume.

Multi-resource NFTs are different from standard versions in that they can be used in a variety of contexts. It is the same as owning an ebook and being able to use it as an audio file and as a PDF file.

Similarly, for instance, if you own the multi-resource NFT of a particular weapon in Call Of Duty, then you no longer have to start from scratch when the latest version of the game is released. Instead, you will be able to equip that same weapon regardless of which version you are playing - and you can even use that weapon in other non-COD games.

Multi-resource NFTs are the pathway to putting the power back into the hands of gamers and away from greedy brands that simply want to squeeze as much cash out of users as they can through play-to-earn systems. When you own a multi-resource skin NFT, it can be context-dependent; when you load up Fortnite, it displays the Fortnite version of that skin, and equally, when you load up Elden Ring, it shows the Elden Ring version of it.

Another shift that the NFT world must embrace if it is to gain traction among the gaming communities is decentralization. Currently, the metaverse runs on a centralized server - this reveals one of the best-kept secrets about today's array of metaverses: they're not really metaverses.

Every metaverse out there is nothing more than a multiplayer game that has dressed up its usernames and passwords in a glossy NFT balance; they're merely games that are being run on one company's server. If that server goes down, then your experience will go with them.

If gamers are to engage with the positive possibilities that NFTs present, then they simply cannot be run on a centralized network - or use outdated NFT standards. At the end of the day, most people will not get involved if they don't get anything out of it. The solution is to run them on a decentralized network and make an NFT a little bit more valuable every time a player logs out. This makes NFTs generational wealth that you can pass on as a valuable heirloom.

Furthermore, it facilitates an open, peer-to-peer system where NFTs can be traded directly between players. This can also bring out the social benefits of game-based NFTs and can move us closer to a 'Global Item Economy.' This is where the future of gaming lies, and it requires NFTs to be at its heart.

In a Global Item Economy, the wonders of the aforementioned multi-resource NFTs are really brought to life. In this system, anybody can draw an NFT that is then compatible with other NFTs across all the ecosystems in the metaverse. For instance, Sarah could draw a blue sword for his Fortnite character, and because it is a multi-resource NFT, it can also be equipped in the context of Call Of Duty, Halo, and so on. Equally, somebody might want to buy that blue sword from Sarah. Because of the peer-to-peer, decentralized system, this is easily facilitated.

The modern NFT transforms the metaverse into a social, community-based experience where the primary aim is not merely to rip off gamers. But, unfortunately, NFTs in their current form are predominantly static images that sit around in our online wallets, gathering digital cobwebs.

But we stand on the precipice of a new dawn for NFTs and the metaverse. Through multi-resource NFTs that live on decentralized networks, we can plug the money drain that companies continue to try their best to widen and instead create a community-driven, social metaverse with gamers at its heart. It is now up to us whether we choose to embrace these advances and build a world that is reminiscent of Fortnite's Paradise Palms or whether we stay trapped in the traditional-NFT wasteland of the Cursed Forest.