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NFT creates new gaming business model

A Taiwan-based data analytics service provider has released its 2021-2022 Non-Fungible Token (NFT) Market Report, showing that NFTs combined with games are becoming a new business model. However, as the global cryptocurrency market declines, so does NFT trading.

Big Data Company used KEYPO’s public opinion analysis system to survey posts and internet volume on Facebook, YouTube, Instagram, news media, forums, etc. from January 1, 2021 to April 30, 2022 was carried out.

Using data from Nonfungible.com, the report found that games will account for the highest proportion (77%) of global NFT sales in 2021, followed by collectibles (16%), art (3%), utility NFTs (2%), and metaverse related (2%). The percentage of games he has increased from 44% in 2020 to 77% in 2021. In terms of total transaction value, collectibles account for the highest percentage (48%), followed by games (30%), art (16%) and utilities. NFT (3%), and metaverse related (3%).

Source: Nonfungible.com, August 2022 Edited by DIGITIMES Asia

Source: Nonfungible.com, August 2022 Edited by DIGITIMES Asia

Discussions about NFTs in Taiwan began to surge in November 2021 and peaked in January 2022. This surge was fueled by influencers and celebrities joining his NFT circle and the popularity of ‘The Bored Ape Yacht Club’ (BAYC or Bored Ape) in Taiwan. the world of crypto. NFT’s popularity has dropped slightly since January, but the monthly average he remains higher than in 2021.

Prior to this surge (January 2021 to October 2021), NFT topics on the Internet in Taiwan featured keywords such as blockchain, cryptocurrencies, and cryptography. Most of the discussion was on technical aspects and focused on the art category. As the discussion heated up, keywords such as buying, collecting and trading began to emerge. Among them, NFT’s “game” category emerged as one of the popular keywords. Many companies have released their games on mobile that claim players can play and earn money. This shows that NFTs and games are merging to form a new business model.

NFT’s three main marketing approaches include increasing exposure, retaining loyal customers, and expanding existing groups. Adding metaverse elements and game experiences is one way to retain customers. You can also provide access to different demographics by combining NFTs with brand stories and crossing over different areas.

However, the recent global crypto market downturn has also affected NFT trading.Reported by asian finance OpenSEa, the world’s largest NFT trading platform, reported monthly trading volume increased from $2.6 billion in May to $700 million in June, a far cry from the $5 billion recorded in early January. pointed out in July. The average unit price of NFTs also fell from $1,754 at the end of April to $412 at the end of June. Quoting Gauthier Zuppinger, co-founder of Nonfungible.com, the report notes that the crypto bear market is clearly affecting the NFT market.


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