NFTs Different Outlook in two different Industries.
NFTs have had its fair share in the market for the past couple of years. However, its relationship with the masses is more like a love-hate type. Some have vehemently criticized NFTs while others have embraced the idea.
A clear divide exists between two different industries; gaming and music. Gamers, developers, and big gaming companies’ overwhelming majority haven’t approved of NFTs.
On the contrary, the music industry and music community is enjoying and even supporting NFT\’s. But why is that so?
One of the most glaring and ever-present reasons behind gamers not approving the idea of NFTs is the perennial battle between devs and gamers of how games are monetized.
The gaming community does not want to spend too many bucks on a single game. But the devs have constantly come up with new ideas to monetize the game like subscriptions, loot-boxes, and micro-transactions.
The same was the case with NFT\’s, gamers rejected the idea and termed it as yet another way to milk more money from customers. Additionally, the community regards NFT\’s as replete with scams, hazardous to the environment, and more.
The resistance from gamers is so strong that many companies have reversed their decision to launch NFTs projects like Team17, and EA.
However, that is not the case with live entertainment especially in the music industry and the music community. The idea isn’t new in the music industry and the collectible business has always flourished a lot.
Fans are always happy to buy concert merchandise and even digital collectible items.
Moreover, the idea of souvenirs is also being embraced easily and NFTs are considered as both investment as well as souvenirs.
Another important perception is that music NFTs are the work of rising artists and buying their stuff supports them. In the case of video game NFT\’s, huge corporations and wealthy developers are behind NFTs.
The future of the internet is still quite confusing and gives a look of the wild west where there is a lot of room for regulation.
NFTs is just one example, some hate it while others embrace it.
So, what side are you on?
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