The Explosive Growth of the NFT Gaming Market

NFT gaming market size

Even if you are only just starting out in web3 and blockchain gaming, you have likely heard about how gaming and NFTs are going to transform the industry.

The entire NFT gaming market size is projected to hit a 20 billion dollar valuation by 2028, and those are likely conservative estimates. If traditional gaming is any indication, this is one of the hottest forms of home entertainment right now.

For anyone interested in seriously starting an NFT gaming project of their own, where do you even begin? Let’s start by getting a handle on just what this market looks like and how you can best prepare for this oncoming wave of opportunity.

What Are NFTs and How Do They Play a Role in Gaming?

NFTs, or non-fungible tokens, are special kinds of crypto tokens that are often associated with a media element, such as a social media profile picture (PFP) or piece of music.

Like other cryptocurrencies, NFTs are minted on various blockchains and are coded with smart contracts. In essence, this means that NFTs can be programmed with certain parameters, such as traits that relate to the image associated with them, or certain kinds of decentralized finance mechanisms. To date, some NFTs are used as containers to wrap various cryptocurrencies, and NFTs are also able to be staked for yield, which would involve additional smart contracts.

That NFTs will be used as an important financial instrument over the coming years is without question, but for many, the real value of NFTs rests within the gaming industry, where we are already seeing examples of how they will be used.

For instance, in the smash hit Axie Infinity (which has seen a deflation in value over the course of the last few months due to the bear market) uses NFTs extensively. The actual creatures you breed and battle with are NFTs, which means they can be traded on the blockchain and have a real world value associated with them. At the peak of the last bull market, many Axies were being traded for thousands of dollars, or several ETH at once.

NFT gaming market size

The benefit of using NFTs in gaming is extensive. For instance, gaming economies have been a thing for decades, dating back to the original World of Warcraft, Everquest, and beyond. When a digital or virtual item is valued in any way by a gaming community, gamers have always found ways to buy and sell these items, whether through the game’s natural economy or otherwise. Many accounts with rare items would be sold on places like eBay for thousands of dollars, because the demand is that high.

Naturally, this is a crude process that also almost always goes against the game’s terms of service (TOS), so people that engage in some of these activities run the risk of account bans.

Incorporating NFTs into gaming solves these issues by tying real world value into the item or character themselves. Imagine playing a popular game and acquiring an ultra-rare set of armor that only .1% of the game’s users has in their inventory. You would theoretically be able to sell that item to another player and gain real value in the form of crypto tokens in exchange for it. You could even trade it or sell it outside of the game itself, on open NFT markets like Opensea.

Beyond this, that piece of armor’s traits would be hard coded through a smart contract and will exist on the blockchain in perpetuity. That item could then theoretically be incorporated into other games or crypto platforms down the line. For example, some unrelated NFT projects can currently be staked in certain gamified protocols in order to gain various crypto tokens. Though these projects are unrelated, they are drawn under the same umbrella because a custom smart contract can be coded to accept all of them.

This is the power of crypto gaming and why the NFT gaming market size is set to explode over the next few years. Different game developers will be able to create breathable, organic economies that immediately translate into the real world.

NFT gaming market size

The Pushback Against NFT Gaming

Many in the traditional gaming sector have had mixed feelings about crypto gaming and NFTs. Because there is a lack of education in the space, many NFT projects are looked at as cash grabs or even scams. Gamers of a certain mind also reject the notion that real value should be tied into gaming items, however this viewpoint isn’t really supported by any evidence.

Most modern games are already deeply entrenched in some form or fashion with their own in-game currencies and tokens – they are simply not yet on the blockchain. People risk having their Fortnite accounts and IPs perma-banned just to get their hands on rare skins. Every day popular Battle Royale games rake in thousands as players scoop up new gun skins and other items. Even games that aren’t monetized in this fashion often have monthly subscriptions or battle passes of some kind.

NFT gaming market size

Gamers are already heavily relying on and using a system that is tied into a real world value system, it’s just not on the blockchain. Once it is, this system will actually better serve the gamers. For instance, right now if you own one of those rare Fortnite skins, it’s value is locked, you can do nothing with it. You can’t even give it away to a friend. At most, you could give your account away or sell your account, but that is against Fortnite’s TOS.

Once NFT gaming takes off however, that rare skin will easily be tradable on the open market and you could even make real world profit off of it, all without the (somewhat predatory) practices of these gaming giants getting in the way. How cool is that?

The Possibilities Are Endless For NFT Gaming

This is just a taste of what the possibilities are when it comes to gaming and NFTs, but it does display why the NFT gaming market size is set to expand tremendously over the next decade. It’s difficult to say just how big it will all get, but if you are a game developer, NFT artist, or project coordinator interested in this market, you need to make sure you are starting on the right track.

This means analyzing your proper target audience, developing a NFT brand or game that truly speaks to your market, and nailing those blockchain fundamentals, such as tokenomics and security.

This means you need a sound web3 go to market strategy, and we can help. If you are interested in learning more about the size of the NFT gaming market and where your project might fit in, please reach out to us. Our crypto experts will be able to help you with insightful cryptocurrency market insights and NFT knowledge that will ensure your project has what it needs to succeed.

How to Properly Prepare For Your NFT Launch

NFT launch

So you’ve caught wind of the success others are having with launching their own NFT collection and you want in on the action?

Even if you know your way around Web 3, there’s a lot that goes into NFTs and what determines a successful project. If you want your NFT launch to go smoothly, there’s a few steps you should take to prepare.

Below you will find some helpful tips on how to approach launching your own NFTs, no matter what chain you are on or what niche you are trying to target.

Step 1. Know Your Audience

Not all people who are into crypto are into NFTs. Even the NFT community itself is divided in terms of what they prefer. Some are in it solely for the art, others want NFTs with money-making utility, and others only care about the community or brand involved.

So before you even begin to formulate a project, you want to know your audience. Who are you marketing these NFTs to and is there room to build a community off of it? The success of your project could rest on whether or not people will want to get behind the idea.

NFT launch

There is a misconception in traditional finance circles that because NFTs are hot, any brand can spin up a collection, launch a project, and expect it to flourish. Yet NFTs and crypto in general are built off of community and shared values. Anything that even smells “corporate” is a turn off and could destroy the legitimacy of your project.

So what do you do to vet a market and actually collect the necessary data in order to prove you have a solid foundation?

You should consider blockchain consulting services like the kind we offer here at ISA Group. Our knowledgeable crypto experts know the industry and can help you structure your NFT project from the ground up with a data-driven strategy.

It takes a certain degree of unique understanding of the NFT markets to properly analyze the potential audience for any crypto project and then take that data and turn it into something useful. One thing you don’t want to do is to fly blind and just randomly launch an NFT project. This is a surefire way of creating something that will likely fall flat.

NFTs are a powerful community-building and brand-building tool, but you have to start off by collecting the right data on your target market. Do you know what your future community will even look like? How are you planning on attracting new investors to the project, and what is your plan for community management and engagement? Can you speak the lingo and connect with NFT investors?

You have to ask all of these important questions if you really want to get to the heart of what your project will be about and what kinds of value you will offer would-be investors.

Step 2. Target The Right Blockchain

Not all Blockchains are created equal, nor are they all suited for NFTs.

Going for the largest market with the most money to spend? Ethereum is probably your best bet.

Want a super niche market with a community that is obsessed with good art? Fantom might be your cup of tea.

Solana, another popular chain, has a thriving NFT scene driven by cheaper gas fees. Worth considering if you want to target a large demographic but don’t necessarily think your audience has the stomach for the gas fees and general high prices often found on Ethereum.

Other options include the Binance Smart Chain, Cardano and Avalanche, among others. The bottom line is that you should make sure you are hosting your NFTs on the right blockchain before launching. Is your target audience on the chain you are building on? Will they support your project if you decide to launch on Opensea vs. a place that’s more niche and respected among hardcore crypto folks?

A savvy consulting agency for NFTs and crypto can help you make these kinds of decisions.

Step 3. Focus on the Community

You can’t really get away with dropping an NFT collection and then riding off into the sunset. You have to make the time to connect with your audience before and after launch.

Specifically, before the launch of your NFT project is even set to occur, you want to be actively engaging with your target audience on every possible front. Especially on Twitter and Discord where crypto natives usually spend their time.

This is not an exercise left to the same old underpaid social media intern. Be sure you are ready to make an investment into people above all else – the actual NFT collection is secondary to this. Make plans to hold giveaways, art contests, ask for ideas from your community, and anything else that you think might engender trust. You will also want to map out a roadmap for your project and post it for your community to view – well before your NFT launch is set to mint!

This way you are establishing a solid foundation and will give yourself the best chance possible for an NFT launch that is as smooth as possible.

Ready to market your NFT collection or prepare for your project launch? Let our NFT experts here at ISA Group guide you through everything you need to know and help you collect relevant data so you can construct a rock-solid project. Our consultation services will shine a light on all things Web 3 and demystify the space for you, so you can focus on what’s important: building a great project for your community and brand!

SampleCon Speech

During May of 2022, the latest edition of Samplecon was held in Pasadena, Ca. With attendees from 16 different countries and 240 guests, it was the biggest yet. Jacqueline Rosales, the President of ISA initiated the convention 9 years ago. She returned to the Samplecon stage to, once again, disrupt the consumer market research spaxw. This time her mission was to educate her colleagues about the future of the world wide web; Web 3 and how it’s ecosystem will change the world, let alone the marketing research industry. She brought to stage Craig Obligacion Wilson who is a Metaverse and NFT expert that worked for Unigrid, a decentralized cloud service. They shared their thoughts on how Web3, in particular NFTs will change the world.

Below are some of the top quotes and facts from the interview.

“Adidas…the first NFT collection 24 hours sold out. How much money did Adidas make on that collection $23 million.”

“And now in web three, it's the ownership economy. It is anybody can contribute. Anybody can own the data."

– Jacqueline Rosales, President, ISA

“I think the one thing that's gonna blow some heads in here…is that the consumers own the information, that the consumers have the right to sell it to you, versus you pay them for it. It's a little bit of a different strategy. It's very bottom up or as I like to call it, C2B instead of B2C. And that C could either be consumer, customer or community. It is the community that's making the decision… for Web3.”

“So, Blockchain is a digital ledger. I also like to think of it as like a digital timeline, where all the information is encrypted, so it can't be changed. It can't be accessed. It's always there. It's also like a moment in history. It's always there can't be changed. And then it's peer to peer. So, all this information gets spread, everywhere, anybody can access it.”

– Craig Obligacion Wilson, SME, ISA

Jacqueline Rosales, ISA President, to Present on How Web3 Will Transform the Insights Industry at SampleCon 2022

Jacqueline Rosales, President of Los Angeles-based Insights firm ISA, will be taking the SampleCon main stage once again, this time speaking about the multitude of ways that web3 technologies will revolutionize the insights industry. SampleCon, the only industry event dedicated to market research sampling, will be hosted in Pasadena at the Langham Hotel, May 16-18, 2022. Jacqueline will be speaking on May 17 and sharing her perspective with senior leaders about why the sample industry needs to be embracing the Web3 movement.

“In my 25 plus years in the Insights space, I have always been enthusiastic about being the first to enter emerging markets and seize new opportunities,” said Jacqueline Rosales. “With more Fortune 500 companies diving in to Web3 daily, we need to understand that if the insights industry is unable to adapt to emerging technologies, they will be left behind.”

The May 17 presentation, titled, “We’re Not Early, We’re Late: Why the Sample Industry Needs to Embrace Web3 Today”, is one of Jacqueline’s many recent public appearances centered around the topic of web3. She will be joined on stage by Craig Obligacion Wilson, Unigrid’s “utility knife”, who runs their community, writes their blog and acts as the North American face of the company. Unigrid is a decentralized cloud service building towards revolutionizing the web by sharding the internet. Jacqueline was recently featured on Unigrid’s “The Future of Web3 in Corporate America” panel. She was also featured panelist on the “Exploring Revolutionary Tech” panel at the NewFriendshipTech convention, an invitation-only event that ran parallel to NFT LA in March 2022.

Jacqueline, a serial entrepreneur and sought-after thought leader, spearheaded the web3-focused insights practice at ISA. In March of 2022, ISA announced the official launch of their web3-focused insights division and the addition of two subject matter experts to the team, Garret Hand and Garry Liu. To learn more about the web3 team at ISA visit: https://isacorp.com/web3/

SampleCon was launched in 2013 with a goal of creating an open forum for discussion of topics in the sample industry – becoming the first convention with a sample industry focus. The conference has grown exponentially since its beginning but continues to provide the opportunity for leaders across the sample industry to gather, network, share and debate industry challenges and successes in a collaborative environment. ISA was one of the original founding members of SampleCon.

In addition to Jacqueline, ISA will be represented at SampleCon by Dan Parcon, VP of Sample Services, Jeff Spitzer, Senior Director of Sample Services, and Ruvin Spivak, Assoc. VP, General Counsel – Material. If you are interested in meeting with any of the ISA team members during SampleCon, contact gbuffolino@isacorp.com

ISA Announces Launch of Web3-Focused Insights Division and Expanded Team to Support

ISA onboards a team of Web3 experts to support clients’ go-to-market strategies.

Insights firm ISA announced today that the company is launching a Web3-focused division, to support client’s growing needs for insights and data related to the $25 billion dollar industry.

ISA has emerged as an early leader in Web3 insights, having already partnered with multiple Fortune 500 brands to provide data, insights, and strategic consultation, allowing them to achieve rapid and sustained growth in Web3. The ISA Group is among the first research firms, if not the first, to pay incentives to respondents in cryptocurrency, as well as among the first to conduct focus groups on Clubhouse. For those who want to connect with The ISA Group, members of the Web3 team will be attending NFT|LA, March 28-31.

“Over our forty-year history as a company we have built a reputation for helping clients successfully adapt to disrupted markets and seize new opportunities,” said Jacqueline Rosales, President of ISA. “We offer access to key audiences – consumers, collectors and creators – expert consulting and innovative approaches other insights firms don’t have. We understand that brands who don’t evolve and expand their legacies in the Web3 space, are at risk of getting left behind.”

Rosales herself is partnering with clients on projects in entertainment and gaming, bringing her passion for technological innovation and sharing her vision for the possibilities of Web3. She is confident that research and insights can drive key outcomes for brands. To support the expansion of ISA’s Web3 division, two experts:  Garry Liu and Garrett Hand, have joined the team.

Garry Liu is a bi-lingual, restless reinventor who has translated his work experience in the creator economy into a community-centric focus on the NFT and crypto space. He has a passion for cultivating self-sufficient communities and building trust through sincere community outreach. Garry has utilized his knowledge and passion to educate creators and corporations on how to enter and navigate the Web3 space. 

As a current full time NFT and crypto currency investor, Garrett Hand brings insight and creativity from thousands of hours studying the blockchain. Having made the majority of his recent income through the NFT and crypto space, he has been able to bridge the knowledge of a full-time investor to a part time advisor and consultant for up-and-coming projects in the space. Garrett has helped creators access the best utilities and strategies to innovate NFT projects.

 

The ISA Group Announces Two Key Promotions, Supporting Expansion of Community and Analytics Offerings

Jennifer Holland promoted to Vice President of Research & Analytics; Julie McClammy to Director, Research & Analytics Division.

Insights firm ISA announced two major promotions today that will support the continued expansion of ISA’s Full Service Research & Analytics Division. Jennifer Holland will assume the role of Vice President of Research & Analytics and Julie McClammy will serve as Director, Research & Analytics, effective immediately. In their expanded roles, Holland and McClammy will focus on delivering strategic research and analysis to ISA’s growing roster of blue chips clients, including Fortune 500 brands like IBM, insights firms, public policy and public health organizations, and the nation’s top colleges and universities.

These promotions tie in to the larger company goals of expanding community services, servicing clients like IBM, and offering clients high-level thought partnerships.

“Jennifer and Julie have both played a critical role in the success and the growth of ISA and we are thrilled to promote them to these roles,” said Jacqueline Rosales, President of ISA. “When our company pivoted in early 2020 to assisting public health officials with measuring the spread of COVID-19, Jennifer led these vital studies and continues to oversee Covid-related projects today. Julie has been directing our Full Service team since joining us in 2019. Julie designed and managed the first-ever in-home usage test with cannabis products containing THC in 2020. These are just two examples of their ground-breaking work and commitment to high-level thought partnership.”

In her new role, Jennifer will be focusing on expanding market share of current clients in the Full Service and Community space, driving marketplace expansion, and partnering with the Material team and clients to diversify and expand service offerings. Jennifer has 25+ years of experience in market research and brings with her a passion for connecting consumers and businesses using insights and data. She has a focus on assisting clients in meeting their research objectives and guiding them through the correct methodology and sample planning, while coordinating research services support. Jennifer has worked with clients in a myriad of industries including CPG, QSR, Healthcare, Public Policy, Energy and Utilities.

In addition to delivering comprehensive insights to her clients, Julie will be working closely with senior executives across the larger Material organization to design thorough and precise research studies. Julie will continue to manage the Full-Service/Community Insights Research Team in her new role. Julie has 35+ years of experience in market research, emphasizing advanced analytics and segmentation. She is a visionary in pursuit of research excellence, innovation and quality. She inspires internal consultants to maximize impact through intelligent design and strategic analysis and consults with clients on sampling, weighting, and cross-cultural comparability. Julie also has diversified experience in all phases of consumer market research, as well as experience in Entertainment Marketing, PR and Promotions measurement.