Music NFTs take gaming to new levels

The GameFi industry has grown since 2020, with some estimating a market capitalization of $55.4 billion by February 2022. While others have a much lower estimate of around $3 billion, one thing is certain: the industry is growing rapidly from scratch and is poised to continue. development. The key, however, is not the daily or month-to-month market value, but the increase in users who seem to be extracting value.

Games are created for people to have fun. But the rise of “gamification” refers to the application of game principles to tedious but often value-enhancing activities. For example, many educational activities can be boring until you join them. Technology can be applied to complex classes in math and science, but it can also be used to help students learn how to navigate a large university campus. For example, an Arizona State University scavenger hunt shows users how to learn about the campus by directing users to signs around ASU’s Tempe campus for a virtual experience or a real-world visit.

But one aspect that is often overlooked when building virtual or augmented reality activities or other immersive experiences is the role of music.

In-game music

One of the most underrated aspects of games is music. Everyone always thinks about images, stories and technical performances, but sometimes we forget about the music. Sure, all of the above factors are crucially important, but music is what enhances the in-game experience and makes it more realistic and memorable.

Related: GameFi developers can face huge fines and hard times.

“Music is probably one of the most underappreciated but most influential parts of any game. When it’s done right, you won’t even notice that you’re affecting the music, but when it’s done wrong, it’s very obvious. The games we focus on are the emotions we want the user to experience. It sounds simple, but in reality, finding the right array and options is extremely time-consuming,” said Corey Wilton, co-founder of Mirai Labs.

An example of an in-game skin selection from Mirai Labs

Studios often get sample packs or purchase an audio file from a website and modify it as desired. For example, sound packs for a particular genre usually offer five to 10 options and are tailored to the tone of the game. Most developers, if a casual or mid-sized studio ships a lot of titles, they will stack up to hundreds over time. But the limitation of this approach is that the artist behind each song receives a small fraction of the contract amount.

The reason for that is economic: studios buy audio in bulk for much less than if they bought individual songs. Although the upside to them is the low price, the downside is that their search is often infrequent. Similarly, the issue for artists who produce songs is that they get some interest in the sound, but the downside is that they are not paid for their individual contributions – instead, they are paid at a discount based on where they are in the audio package. He rests.

Music Source Revolution.

Virtual tokens (NFTs) have the potential to change the way music is collected and created for games. Instead of relying on large contracts that take forever to approve, GameFi leaders can buy individual music NFTs, or agree on a fair split of revenue and commission a group of artists who work together on NFTs. Once done, NFT will be instantly plugged into the game and the artists can get paid for their content created based on the popularity of the music. This can be implemented through ratings and other feedback methods.

Classical music NFTs have a special role to play. From Wagner’s “Ride of the Valkyries” to Carl Orff’s “Carmina Burana,” there is simply no substitute for the sublime nature of classical music.

Related: Crypto developers must work with the SEC to find a consensus

Fortunately, adding music NFTs to games is not a stretch. Digital assets are already being traded in games. One project – Blueberry House – has created more than 10,000 properties that people can buy to express themselves and use in games and online communities.

Source: Blueberry House. Submitted by Catherine Manuel

And music NFTs can also create value for non-blockchain based games. The difference is that the creators buy NFTs on the blockchain and find a way to pay the artists.

“I work hard to remember that the end user wants ease of access (i.e., downloading and creating an account), games that are quick to start and learn but hard to master, the ability to make quick purchases if you want to spend money in-game, and a game that’s highly engaging and keeps you coming back for more. If you can’t implement these basic game design elements with blockchain, you’re creating a recipe for self-defeat,” added Wilton.

Christ A. Mekridis He is an entrepreneur, economist and professor. He serves as COO/CTO for Living Opera, a Web3 multimedia startup, and holds academic appointments at Columbia Business School and Stanford University. Christos holds a PhD in Economics and Management Science from Stanford University.

This article is not intended for general information purposes and should not be construed as legal or investment advice. The views, ideas and opinions expressed herein are solely those of the author and do not necessarily represent the views and opinions of Cointelegraph. The author has not been paid for any of the projects mentioned in this article.

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