NFTs and You: Enhance Your Revenue with New Technology

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NFTs and You: Enhance Your Revenue with New Technology

August 31, 2022•4 min

WHAT ARE NFTS?

NFT stands for Non-Fungible Token, which means it is not interchangeable. For example: one dollar is the same as any other dollar. If you swap someone a dollar for another dollar, and you’re getting the same thing in return. They're interchangeable. That’s not how NFTs work. Each NFT is its own individual digital asset. Purchasing an NFT is the equivalent of buying the deed to a specific digital asset in a limited quantity. It could be 1 of 1 or 1 of 1,000. The ownership certificate exists as a unique, certified link - or token - on a digital ledger or blockchain. These digital assets can exist in almost any form: images, videos, audio files, or something even more abstract. It could be an emote, weapon, skin for a character, or any other item. Virtually anything you can imagine can be an NFT.

WHY BOTHER WITH NFTS?

NFTs can be a lot of work, but there’s a lot to gain from including them in your game. The revenue you can gain from NFTs is astronomical. While not every game can reach the lofty heights of some of the NFTs out there, it’s already a $20 billion marketplace. The NFT market grew nearly ten-fold from 2018 to 2020 and shows little sign of slowing down. An NFT-based game, Axie Infinity, has sold over $3.56 billion in NFTs. While not every game will achieve that level of success, it certainly highlights how it is an exciting time to jump into the NFT space. NFTs, the blockchain, the metaverse… these are the wave of the future, and it’s here now. Being an early adopter, getting in on the ground floor can get your gamers used to the idea that you’re at the forefront of technology. When something new comes along, they should stick with you because you’re going to always be ready for whatever comes next.

HOW WE CAN HELP

So, now that you know what NFTs are and why you should sell them, how can you take advantage of them to grow your game and revenue? Traditionally, you have to go to an exchange to purchase an NFT and potentially buy an intermediate currency to purchase the NFT before having it sent to your wallet.

Admittedly, it’s all a bit complicated, but that’s why we’re here. At Xsolla, we’ve developed a way to add NFTs to your existing store and allow your players to purchase them with whatever payment method they desire, with over 700 methods available depending on their location. We take the difficulty out of this new form of digital collecting. That means that your players can easily and seamlessly purchase NFTs directly from you without needing an intermediary or complicated purchase methods. They can load up your store, add the NFT to their cart, and pay with their preferred method. No technical knowledge is needed; no messing around with the blockchain. Just like buying any other in-game item or currency, it just works. Best of all, you’re in complete control. It’s your store, so you decide how it works. What to sell, when to sell it, what it’s worth. It’s all under your control. Players don’t need to leave your ecosystem to purchase NFTs for your games. It works the same way that you sell your in-game items, virtual currency, and subscriptions, but it now has an added upgrade for NFT Checkout.

WHY US?

Blockchain and NFT technologies are still evolving, and game developers are seeking ways to engage with emerging digital commerce. As a valued games industry service provider, Xsolla intends to collaborate with blockchain games to allow users to purchase NFTs safely and securely. We make it easy for your players to buy NFTs with the currency they want, with no complicated steps. Just add it to the cart and pay. It couldn’t be easier. As governments continue to respond to the increasing use of blockchain technology and NFTs, the laws governing this area will also continue to change. Xsolla is here to ensure you’re always compliant with whatever tax laws and new regulations go into effect anywhere in the world. We worry about it so you can focus on your game and your players.

GETTING STARTED

NFT Checkout starts with your Xsolla Publisher Account, an easy-to-use, all-in-one control center enabling you to set up and manage every Xsolla product you need to optimize and monetize your games. If you’re an existing Xsolla partner, log in to your Publisher Account and go to your Project or contact your Account Manager. If you’re new to Xsolla, simply register for an account, and fill in the required details for your Project. For advanced how-to instructions or technical assistance, please contact our integration team via online chat - we’re always happy to help!