If you’re building a Web3 game, understanding the Non-Fungible Token (NFT) market is crucial. NFTs, which are unique digital assets that cannot be replicated or exchanged for another asset, have seen a significant growth in recent years. In-game assets have been a part of the gaming industry for a long time, but with the advent of blockchain technology and NFTs, owning and trading digital assets has become more accessible and valuable.
Ignoring this trend could result in missed opportunities for game developers and publishers. With that in mind, let’s take a look at some strategies that game developers can use when conducting primary research on the significant growth of NFTs and the latest trends in the market.
Market Research with Sales Volume
The first step to understanding the NFT market is to look at the sales volume. By tracking the sales of digital assets on various platforms, you can gain insight into which categories are most popular and in-demand. This initial research should help you understand the profit potential of a particular game concept or genre.
One platform that provides a comprehensive overview of the NFT market is CryptoSlam. This website tracks the sales volume of NFTs across different platforms and despite the fact that not every NFT project listed here is gaming related, we can see how gaming NFT projects compare to other categories. At the time of writing, Guild of Guardians Heroes is listed at #3 in terms of sales volume. This indicates that there is a high demand for gaming NFTs and that this category is performing well in the market.
Annual Growth Rate and Global Demand
With the rise of blockchain technology and its use in various sectors, the global non-fungible token market is expected to grow at a 34.5% rate from 2024 to 2030. By understanding the annual growth rate and global demand for NFTs, game developers can make informed decisions about their projects and target markets. This data also highlights the potential for long-term success in the NFT market.
NFT enthusiasts in recent years may have noticed a shift from traditional collectibles to digital ones. With the rise of social media and online marketplaces, digital assets have become more popular than ever before. This trend is expected to continue as technology continues to advance and more people embrace the concept of digital ownership. The use of NFTs may become the norm in various industries, including gaming.
Evaluating Market Trends Within The NFT Ecosystem
By researching the largest market share each NFT game currently holds, developers can evaluate current trends in the NFT ecosystem. This information will allow game developers to better understand what users are looking for and tailor their projects accordingly. For example, if there is a high demand for trading card games, it may be beneficial for developers to incorporate this feature into their game.
Additionally, by keeping an eye on emerging NFT categories and popular projects within those categories, developers can stay ahead of the curve and potentially tap into new markets. See what the top selling NFTs have in common within the gaming industry. Are they needed for gameplay or simply for collection purposes?
Don’t be afraid to experiment and see what resonates with your target audience. This is made possible with the help of Helika. As one of the top gaming analytics platforms with expertise in the Web3 industry, we know how to tailor insights that will help your project succeed. Our data analytics can provide valuable information on market trends and how your specific games can stand out in the crowded NFT space.
For developers building blockchain games, our on-chain analytics elevate the Web3 experience by providing real-time data on player activity and in-game transactions. By understanding how players interact with your game, you can make smarter, data-driven decisions to refine your design and create a more engaging experience. Contact us to discuss how Helika can support your NFT game development process.
Average Price and Floor Prices of NFT Collections
Another powerful tool for game developers is understanding the average price and floor prices of NFT collections in the market. This information can give insights into what users are willing to pay for certain types of NFTs, as well as help developers determine a fair price point for their own NFTs.
The average price helps developers gauge the overall value of a particular NFT collection, while the floor price represents the minimum price for an NFT within that collection. By analyzing these prices, developers can identify popular and high-value collections, as well as potential gaps in the market for new and innovative NFT games.
Academic Research For Business Purposes
As a more detailed approach to understanding the NFT market, academic research can provide valuable insights for business purposes. Through in-depth studies and analysis, researchers can uncover patterns and trends within the NFT industry, as well as identify potential opportunities for growth.
Many research companies and market leaders often pushout reports and studies on the current state of the NFT market, providing valuable information for developers looking to enter or expand in this space. These TLDR style reports, also known as “Too Long Didn’t Read”, present key takeaways and findings in a concise and easy-to-digest format, making them an essential resource for developers.
NFT Market Size Per Region
On top of studying the overall NFT market, it’s also essential for game developers to understand the market size per region. By breaking down the data by geographic location, developers can identify potential target markets and tailor their NFT games accordingly.
For example, if a particular region has a high concentration of users interested in sports-related NFTs, a developer may consider creating an NFT game centered around that theme. This targeted approach can help capture a larger audience and increase the chances of success for the NFT game.
The Asia-Pacific Region is known for their booming eSports industry, so a competitive approach to NFT games may be more successful in this region. South Korea and it’s culture of gaming may also present unique opportunities for developers to tap into this market. If your game is designed for an Asian market, choosing a popular blockchain within the region may also be a strategic move.
Latin America has also shown growth in the adoption of NFTs, with Brazil leading the way. If your NFT game has a focus on music or entertainment, this region may present potential opportunities for growth. This culture is known for their vibrant music scene and passion for soccer, so incorporating these elements into an NFT game may resonate well with users.
When it comes to the market in North America, United States and Canada represent a significant portion of NFT users. This region has a diverse population, so there are opportunities for developers to tap into various interests and preferences. The American market for NFTs is also highly influenced by popular culture, so incorporating elements from popular media or celebrity endorsements may be successful in attracting users.
Major Players In The Gaming Industry Entering Into The NFT Space
There are many major market participants entering into the NFT space, including established players in the gaming industry. For example, gaming giant Ubisoft recently launched its own blockchain-based game called Rabbids Token, which utilizes NFTs for gameplay and trading.
Another major player is Atari, which has teamed up with blockchain platform Enjin to create a series of NFT games based on classic Atari titles. These partnerships demonstrate the growing interest and investment from established gaming companies in the potential of NFTs.
Of course, new players are also developing their own NFT-based games and platforms, such as Larva Lab’s CryptoKitties, Axie Infinity, and Decentraland. These companies have seen significant success in the NFT market, with some virtual items selling for thousands of dollars.
Final Thoughts
Overall, the NFT market in the gaming industry is still in its early stages, but it is rapidly growing and evolving. With major players from both the blockchain and gaming industries investing resources into NFT games, it’s clear that there is potential for this market to continue expanding.
With better analytics from partners like Helika, developers will be able to more accurately target and engage with potential users, leading to even greater success in the NFT gaming space. Combined with insights that reduce buying pain points, we can expect to see more innovative and engaging NFT games and platforms in the near future.
