Brand Story
01 Feb 2023, 11:59 GMT+10
The global Web3 gaming market is projected to grow from USD 4.6 billion in 2022 to USD 65.7 billion by 2027 a CAGR of 70.3% during the forecast period. This will be driven by increasing affordability and accessibility for users. Today though, the high cost of NFTs has been a major barrier to entry for many players.One World Nation (OWN) is a play-to-earn gaming Cryptoverse built on Polygon. It is revolutionising the way players access and purchase Non-Fungible Tokens (NFTs) within games. They have been working to solve issues around entry and access with two major initiatives :1. Borrowing Marketplace - Marketplace that allows players to borrow NFTs for free.2. Buy Now, Pay Later (BNPL) - Buy NFTs for a fraction of the total price.BNPL has been a major driver of growth in the Web2 e-commerce space, with a 300% increase in users in the US alone over the last three years. This model has also been shown to drive brand loyalty and retention in the Web2 space, something that Web3 games really need. With the BNPL service, users can buy the Cryptonite NFTs for a downpayment as low as $19, which is just ~15% of the total price of the asset. The balance payment for the NFT is automatically recovered from the game earnings of the user.BNPL has attracted the interest from both NFT buyers and sellers within the ecosystem:1. Affordability - Buyers love the convenience and affordability that BNPL offers. Players who only played with rented NFTs started buying NFTs to become OWNers. More than 600 NFTs have been bought through BNPL with the NFT sale amount crossing $55,000.2. Faster sales - Sellers have seen a reduction in 'time to sell' by nearly 5 times.The users cannot sell or transfer the NFTs bought via BNPL unless the full payment is made which typically takes ~ 30-40 days. This helps ensure the seller is protected against any potential default. So, in a way, the NFT itself is the collateral. BNPL is a major step towards OWN's larger goal of onboarding 1 billion users into the crypto ecosystem, and the company is excited for the journey ahead. With the BNPL model, OWN is making it possible for players to own their favourite NFTs and participate in the games they love, without breaking the bank.2022 was a complete rollercoaster for the crypto industry plagued with declining token prices, major collapses, and hacks. 2023 is touted to see the NFT gaming industry transition from adolescence to adulthood. Through all the volatility and FUD, we believe that new trends will emerge and web3 gaming and NFTs are here to stay. Market recovery, more adoption from larger Web2 companies and both tech and game modelling innovations will bring about new and exciting NFT and Web3 Gaming projects and trends. All of this will be spearheaded by making the assets affordable and accessible.
Original Source of the original story >> NFTs can pave the way for mass adoption of web3 gaming
Get a daily dose of The US News news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to The US News.
More InformationMENINDEE, Australia: After recent floods and hot weather, millions of dead fish have washed up in southeastern Australia, which authorities ...
BOISE, Idaho: Under a bill passed by the Idaho Legislature thios with a veto-proof majority, the state will allow firing ...
SACRAMENTO, California: The state of California and generic drug manufacturer Civica have announced a 10-year partnership to produce affordable, state-branded ...
CHEYENNE, Wyoming: A Wyoming bill outlawing the use or prescription of medication abortion pills, which was passed by the state's ...
DENVER, Colorado: The Southern Nevada Water Authority has voted to accept a $2.4 million grant from the US Bureau of ...
WASHINGTON D.C.: The US government has reported that the exceptionally wet winter in California this year will offer relief from ...
NEW YORK, New York - A hike in official U.S. interest rates of 0.25 percent, and a jump in inflation ...
SEATTLE, Washington: In a memo to staff sent this week, Amazon CEO Andy Jassy said the company plans to cut ...
DETROIT, Michigan: Due to leaking brake hoses and windshield wiper arms that can break off, Ford is recalling more than ...
NEW YORK, New York - Wall Street continued its advance on Tuesday as investors continued to weigh up the health ...
WASHINGTON D.C.: The US State Department has issued a travel warning regarding dangerous fake pills sold at pharmacies in Mexico, ...
FRANKFURT, Germany: The German Automobilwoche magazine has reported that as part of its efforts to switch to selling electric vehicles ...