NFTs can pave the way for mass adoption of web3 gaming

Published February 1, 2023

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.

Release ID: 501222

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