November 11, 2021
4 Things You Need to Know About NFTs and Gaming

There has been a lot of hype around NFTs and the gaming space recently and we wanted to share some of what we have learned so far. It can be overwhelming to get a good grasp on what exactly an NFT is, as well as its place in gaming. We’re here to give you a glimpse into the NFT space and give some insight on how we here at ggLocators are looking to help both candidates and clients!

What is an NFT?

NFT, or “Non-Fungible Tokens”, is part of the Ethereum cryptocurrency. What does that mean exactly? In a nutshell, NFTs are tradable digital currency in the form of art. Normally, when you trade one bitcoin for another, you’ll end up with the same thing. With NFTs, however, you’ll always end up with something different. To purchase an NFT, you must go through a blockchain. This is a database that’s commonly used by cryptocurrency systems and is the system that ensures security and trust without the need for a third-party application.

What do NFTs look like?

There are many different types of NFTs, and they vary from music to art to games. Any type of digital content can be sold and traded as one. Smaller artists and more popular content creators have all started creating content to turn them into an NFT. Artist “Beeple” sold a short video for $6.6 million. Yes, you read that right. Other types of NFT’s include this Gucci Ghost artwork that sold for $2000, or this game called CryptoKitties that offers one-of-a-kind digital cats you can buy and trade. It doesn’t just stop with art, however. ANY digital content could be sold as an NFT, as seen by Twitter co-founder Jack Dorsey selling his first-ever tweet for over $2.9 million.

How does it affect gaming?

With the range of types of NFTs being so wide, it’s a no-brainer that creators and developers would invest in. For example, if you purchase a shield in a game, you only get the shield in the context of that game. With NFT enabled content, however, that content you purchase in-game could turn into transferrable assets and could be exchanged for money or other digital assets. It’s because of this new space in gaming that the industry is still collecting its bearings on them. EA CEO Andrew Wilson was cited saying that “play-to-earn” games are the future of the industry, even though it’s early and new to the industry as a whole.

Why are ggLocators interested in NFTs?

We deal with numerous clients in the gaming industry, each with their own unique style they add to gaming. We’ve recently been awarded several key searches with clients that are interested in breaking into the NFT space. With that, we’ve been able to make two placements in the NFT world – a Creative Director of R&D and a Director of Game Design and currently searching for a CTO in the space. While it’s new territory for a lot of the gaming industry, we can’t wait to dive in and explore that space with you all! Contact us today to connect about how you can be a part of NFTs in gaming, we would love to chat more with you!