At this point in time, the sheer size and influence of the gaming industry cannot be underestimated. By some industry accounts, the global gaming sector is worth $173.70 billion as of 2020 and this figure is projected to rise to $314.40 billion by 2026.
Needless to say, the gaming sector is only going to get more dominant and as it does, blockchain is going to play a bigger role in it. Blockchain-based games have already been on the scene for years, but the last year has seen NFTs also find their way into gaming.
NFTs and Gaming
Most of us might have heard about NFTs, especially as they’ve become immensely popular in the last year. NFTs are records on blockchains that represent a piece of media or an asset, whether digital or in real life. They also contain information on the ownership and transfer of ownership of the assets in question.
NFTs are all as unique as a fingerprint and thus, have seen a lot of use within entertainment, whether it is the tokenizing and selling of art pieces or their involvement in gaming. On the gaming side, NFTs are typically used to represent in-game assets. Instead of buying and HODLing NFTs, players can use them within games to make the experience more exciting.
Some games also offer users the chance to buy NFTs, whether to enhance the gaming experience or to potentially make a profit later on by reselling. There are also play-to-earn options where players can earn NFTs by completing challenges, winning rounds of games, and so on.
These NFTs can be used within the game or, once again, sold at a later date for a profit. This innovative application of NFTs in gaming has given rise to a new crop of NFT games, one of which is CryptoTanks.
All About CryptoTanks
As per its official release announcement, CryptoTanks is a play-to-earn gamified DeFi ecosystem that allows users to interact with NFTs and earn yield simply by playing the game with others.
At first glance, the game has a similar look and feel to the iconic ‘Battle City’ game, and for good reason. The game is designed to induce nostalgia in the player by allowing them to interact with a similar 8-bit pixelated interface. The game, which is based on both ETH and Polygon blockchain, allows its players to choose their tanks and play against others, winning real NFTs that can be sold for money later on.
The way the game works is that the tanks themselves are collectible NFTs each with its own characteristics and benefits. As a player makes use of the tanks and wins games, they receive a game rating as well as combat experience. These, in turn, can be used to add more features and upgrades to the tank in question which makes it more valuable as an NFT.
The tanks themselves can be bought on the official CryptoTanks website using STAR tokens. Alternatively, they can be bought second-hand in its P2P marketplace. For players who do not have the funds to outright buy one, there is the option of renting one from the CryptoTanks website.
There are different game modes, with some earning $TANK tokens that can be staked for a profit later on and some that only reward with game rating. This means that whatever a player wants to do with CryptoTanks, there is something available.
Why NFT Games are Beneficial
Games like CryptoTanks are helping to usher in a new era in gaming through a combination of innovative gameplay and the power of blockchain. In the case of CryptoTanks, it offers users four ways to earn money (renting tanks, staking $TANK tokens, selling their NFTs, and earning $TANK tokens). This raises the stakes in the games as actual money is involved and enhances the player experience.
Furthermore, it also helps players reconnect with their childhoods by bringing back one of the icon games of that time (Battle City). For the players, there is nothing to be lost but much to be gained. By playing CryptoTanks, players enjoy a world of benefit such as:
- The ability to customize their tanks and increase their market value as they do so. Eventually, there is the option to either rent or outright sell the tanks and create a virtual business venture of sorts.
- The staking options allow them to earn money from their existing $TANK tokens without having to do anything.
- A dedicated P2P marketplace for verified NFTs and tanks.
- The nostalgia of enjoying their favorite childhood game
As more projects like CryptoTanks come forward, the gaming industry will see an even greater influence of blockchain technology now and in the future. CryptoTank will be launching its own token sale in November 2021, and interested parties can stay up-to-date with the upcoming sale by visiting the Crypto Tanks website and signing up for their newsletter or subscribing to their social media accounts. Crypto Tanks can be found on Twitter, Telegram, Discord, and many more.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
