Game Developer has everything they need to gain profit from NFT Business. What matters to them is how they would implement it.

Gaming has already a step closer to entering NFT Business. But, it’s either I do not understand why they didn’t use the experience of making the game and featuring some that were already inside the game as references, or perhaps they want a fresh start.

Gaming has everything they need to create a good NFT Business, practically since they try to gain profit through selling premium items at Item Mall, a store that can only use premium currency to purchase it. Should Game Developer research deepens, they could lead other NFT Industries, and the developers would look up to how gaming works.

Let’s talk about how Game Developers would earn profit through NFT

Establishing Regulations Inside the game

Grigon Entertainment and Playwith Interactive, the Seal Online developers, have regulations regarding opening a stall. Whenever an item is sold at the player’s stall, the developer earns ten percent of the money as profit. But, if it was traded personally, the developer won’t charge anything to the player. The downside is that the stall was limited to Cegel, a currency inside Seal Online.

Game Developers should establish regulations when entering NFT Business. Not only would this give the developer and the game safety, but it would also give room for entrepreneurs inside the game to do business.

Setting up regulations inside the game can be tricky, especially when it comes to handling a rare item that can be worth real-life money. No one likes to be scammed, and some people want to earn money through trading inside the game.

For gaming to be global, however, they must comply with government regulations. Regulations such as tax, service, and necessary costs must be considered when establishing a business inside the game. Each country has its own regulations, and the game developer could adjust themselves to maintain the global market.

Sometimes it’s not hurt to learn from Game Developers who already have their game online worldwide.

One Developer for One Cryptocurrency

This strategy is somehow underrated, but if played correctly, game developers can become one of the best companies for handling Cryptocurrency and Blockchain.

Ragnarok Online, for example, their in-game currency is Zeny, and if they can create a Cryptocurrency that can affect the entire game created by Gravity, players would develop more strategies on how to handle the profits, and the Game Developer would also develop strategies on how to make more profits and keep the game running.

Creating a Cryptocurrency for gamers, however, is a challenging matter. Game Developers must set a certain amount of money and how much it can be converted into real cash. For example, a thousand Z-Cash could be worth US$ 100. But, as the demand rises, a thousand Z-Cash may rise to US$ 125. It is challenging, and yet, such currency can be used for everyone’s benefit.

The most interesting part is that such Cryptocurrency can be only used for the game developed by such a company. As such, keeping the flow in moderation would have value if businesses were inside the game. Using the Game Developer’s Cryptocurrency outside the game would be restricted only to publishers and company that owns the Developer’s license.

Keep the money circulating at all times

Circulating money determines how wealthy and prosperous the business is. If the circulation is fast, the business is sure to be popular. For the Game Developer itself, observing how the money circulates in-game would be one of the best references to set up and maintain the economy inside the game.

Consumer behavior inside the game ranged from Casual Players, Hardcore Players, PvP Players, Collectors to Merchant Players. Through my experience playing games, I know the economy inside the game, such as the price of in-game items between players fluctuating up and down, depending on supply and demand. When I don’t have time to set up stalls or I don’t want to keep my PC booted up all day, I put items I want to sell to the auction before logging off.

There were several recommendations to set up. The first is through establishing an auction that can sell items with Cryptocurrency. The Developers can take a small charge, albeit it would face some protest. The second is to establish stalls by selling items at a Cryptocurrency price. Unlike auctions, selling through players’ stalls would have a fixed tax of ten percent of the sales.

Circulating the money around the game is challenging, similar to foreign exchange, where the number of exchanges changes over the supply and demand itself.

The challenge would be how the Developer can utilize Cryptocurrency to build and maintain gaming infrastructure. Note that if the game closed, then the Developer must establish a digital warehouse to store any NFTs to preserve the value. Learning from the FIA’s game Delta Time’s closure, where 1–1–1’s worth of US$ 113,000 or 415.9 ETH during an active day, now it’s less than US$ 1 when the game closed.

My knowledge about NFT was limited, but I have ample experience when it comes to gaming. I hope this idea should give a gist or insight into how Game Developers would dive into NFT Business.

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How Game Developers Should Utilize NFT Business For Profits was originally published in FAUN Publication on Medium, where people are continuing the conversation by highlighting and responding to this story.