Craig Russo of Polyient Games is of the opinion that to get high rewards from digital asset investment, taking part in the NFT market is ideal.
Craig Russo who is the director of Polyient Games says the use of non-fungible tokens (NFT) is now rising in the blockchain industry because of its increased use and applications such as in sports where they have become useful for ticketing. They are also used in commercial services, and for effecting the exchange of properties.
Russo recalled that crypto users began to talk about NFTs in 2017 when CryptoKittie, which was based on Ethereum, came on board.
Because of the wide recognition it had then, Russo believes it is rewarding to be interested in the NFT. After all, it is also seen to solve needs present in blockchain.
About how NFTs can help the gaming industry perform better, Russo said:
“One reason gamers are gravitating towards blockchain is that – unlike traditional games – blockchain environments permit players to gain true ownership of their in-game items. This means blockchain games, driven by non-fungible tokens (NFTs) and digital collectibles, are unlocking an entirely new economic system that enables gamers to earn real money while they play. Fueled by these applications, the collectibles market has reached $370 billion.”
Relationship between NFTs and DeFi
Russo also believes that NFTs will soon become a “standalone asset within decentralized finance (DeFi).” He said its use for lending and fractional trading is coming up gradually and that is why Polyient Games and other companies in blockchain industry are getting more of it this time.
Unfortunately, Russo explains the reason why NFTs may not be widely accepted at this time:
“A lack of understanding about NFTs from both the public’s perspective as well as mainstream media is probably the biggest hurdle, but – based on the feedback we’ve gotten so far – we’re seeing more and more mainstream interest daily.”
How the pandemic affects NFT’s popularity
The way people do things have been affected with the presence of COVID-19 and this has also changed the gaming industry according to Russo. He said that in April 2020 alone, about $10.5 billion was spent in the U.S. by residents who bought games for their households:
“This renewed passion for gaming has also caused a spike in gaming stocks. As people continue to social distance, this trend will continue. And – as players discover blockchain games, powered by NFTs and digital collectibles, which offer an entirely new, fully-immersive gaming experience – they will continue to embrace blockchain games.”