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NFT’s And The Severe Backlash From Gamers

NFT’s And The Severe Backlash From Gamers

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The game industry is excited about NFT’s, but the gamer community is not amused.

Polygon’s Ryan Wyatt went candid on NFT’s and its future in video gaming. Let’s check out his thoughts.

Polygon Studio’s CEO Ryann Wyatt shared his candid insights on NFT’s and their future in the video game industry. Wyatt also talked about the backlash NFT’s face from the gamers and discussed the reasons behind it.

The gaming industry is excited about NFT's, but the gamer community is not amused.
The gaming industry is excited about NFT’s, but the gamer community is not amused.

Ryann Wyatt was formerly working with YouTube and Polygon Studios roped him in to lead its “media hub”.

The media hub is designed to facilitate, support, and invest in web3 entertainment projects. Wyatt has a rich experience of 14 years in the game industry and closely followed the obsession with NFT’s, blockchain, and Gamefi.

He also noticed how talented and skillful developers left the gaming giants like Riot Games and Activision Blizzard to “pursue this ambition of being an entrepreneur and build blockchain games.”

Video: NFT’s In Gaming… Are We Doomed?

While in an interview, Wyatt shared his thoughts on the recent trendy phenomenon of the NFT in the video game industry and why it is still facing severe backlash from gamers.

According to Wyatt, the people talking about crypto are more crypto natives and have less understanding of gaming. Despite this gap, crypto people are addressing the gaming audience which is causing problems.

Moreover, the backlash owing to the environmental impact of NFTs, scams, and money grab tactics is also rife among gamers. When asked about the backlash, Wyatt regarded the criticism as justifiable.

He reiterated that a lot of blockchain games have put money before fun and entertainment which has made the game no less than boring.

He further added that the recipe for a no-nonsense and acceptable NFT lies in thriving first and third-party markets based on games that have token systems. The importance lies in the utility of NFTs in accordance with what gamers want.

Wyatt added, “By no means should it be stretching across the games industry. People should think about it as just serving a subsection of it.”

The gaming industry is excited about NFT's, but the gamer community is not amused.
The gaming industry is excited about NFT’s, but the gamer community is not amused.

In the interview, Wyatt also stressed the dynamics of the Counter-Strike Global Offensive game and how its billion-dollar worth of market thrived on skins and cosmetics.

He carried on with the example and added that what if these CSGO skins also acted as NFTs? “There’s clearly appetite for liquidity.

Those marketplaces validate it,” Wyatt says. The games that benefit the most from NFT‘s are those “where the point system turns into tokens, the marketplace is free and thriving, and it does not impact in-game dynamics at all.”

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NFT’s And The Severe Backlash From Gamers

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NFT’s And The Severe Backlash From Gamers

P2E News, short for “Play-to-Earn News,” is a category of updates and information within the broader spectrum of Crypto News, Web3 News, NFT News, and Blockchain News. These terms are all interconnected and represent various facets of the rapidly evolving digital landscape.

Play-to-Earn (P2E) is a gaming model that has gained immense popularity within the crypto and blockchain communities. In P2E games, players can earn cryptocurrencies or NFTs by participating in the game, often through activities like completing quests, collecting items, or trading assets. P2E News covers developments, announcements, and trends related to these innovative gaming experiences that allow players to monetize their in-game efforts.

Crypto News, on the other hand, focuses on the broader world of cryptocurrencies, including Bitcoin, Ethereum, and a multitude of altcoins. This category encompasses news about market trends, regulatory changes, new blockchain technologies, and updates related to various tokens. Crypto News is a fundamental aspect of the blockchain ecosystem, as cryptocurrencies serve as the primary means of value transfer and exchange within the Web3 space.

Web3 News is an umbrella term that refers to the next-generation internet, often characterized by decentralized applications, blockchain technology, and smart contracts. The Web3 ecosystem seeks to provide a more user-centric and decentralized internet experience. This category of news covers developments in decentralized finance (DeFi), non-fungible tokens (NFTs), and various other applications built on blockchain technology. For the ultimate and best play to earn games list, check our friends of playtoearngames.com.

NFT News focuses on Non-Fungible Tokens, unique digital assets that are indivisible and represent ownership of a specific item, artwork, or collectible. NFTs have gained prominence in the art world, gaming industry, and entertainment sector. NFT News keeps enthusiasts informed about NFT sales, new projects, and partnerships within the NFT space.

Blockchain News pertains to the foundational technology behind cryptocurrencies and Web3 applications. Blockchains are decentralized ledgers that record transactions across a network of computers, ensuring transparency and security. Updates in this category might include innovations in blockchain consensus mechanisms, interoperability between different blockchain networks, and industry applications beyond cryptocurrencies.

In summary, P2E News is a niche subset of Crypto News, Web3 News, NFT News, and Blockchain News. It focuses on gaming experiences where players can earn cryptocurrencies or NFTs, while the other categories encompass a broader range of topics within the decentralized digital landscape, including cryptocurrencies, web3 technologies, NFTs, and blockchain advancements. Collectively, these categories shape the landscape of the digital economy, offering insights into how technology is revolutionizing various aspects of our lives.