What are the chances of NFT projects in 2024? Let's look at past events, views and opinions.
In 2022, the NFT gaming community has become even more niche and riddled with scams.

2022 will be the year that NFTs begin to proliferate in the world of video games. Companies such as EA, Ubisoft, Square Enix, Zynga, Niantic and Take-Two Interactive have all said at one point that they are discussing ways to add NFTs to their games. The idea was that non-fungible tokens would replace everything from loot boxes to character skins and even the characters themselves. But none of this happened in the end.

Unfortunately for the studios that were salivating at the idea of ​​getting in on the cryptocurrency action, players largely rebelled against it. Most NFT integration plans have been a disaster. The controversy surrounding NFTs in the gaming world has been so great this year that they even became part of the plot of the Apple TV show Mythic Quest this season.

But it's not just gamers who are ditching cryptocurrency this year. The crypto market itself also went bankrupt. The promised Web3 revolution that much of Silicon Valley was maniacally chattering about in 2022 not only never happened, but actually went up in a puff of speculative smoke due to a series of major economic crises. And the world of blockchain technology as a whole is looking so bleak that investors are again wondering if the whole space is gone forever.

Minecraft Team Says NFTs and Blockchain Are Blocked
But members of the NFT gaming community (yes, it still exists) now believe that the somewhat humiliating rejection of NFT mainstream adoption may eventually allow the technology to find its own way to fit into the world of gaming. But without all the hype, developers and players who still believe NFTs have value face a much more difficult task. They need to actually figure out what an NFT video game looks like and why someone would want to play it.

You've probably already heard what an NFT is, and if you still don't understand it, it's probably because it sounds pretty meaningless. But contrary to popular belief, most NFTs are not the images they represent. Instead, the simplest way to think of it is as a digital receipt.

You buy an image of a monkey, and that transaction is encoded into the NFT forever. When you sell an NFT again on a marketplace like OpenSea, the next owner is registered on the blockchain and so on. This allows traders and investors to bid on pieces of content for huge sums of money without any real regulation. But this also means that an NFT can represent anything. And that's why several major video game studios have jumped at the chance to try and integrate NFTs into their upcoming releases. But this technology has many problems.

The NFT market is rife with scams, pumps and dumps, and a special type of crypto racket called rug pulling, where an NFT project is announced, investors buy it, and then the founders run off with the money. It is also believed that some NFT artists are anonymously bidding on their work in order to either launder money or at least artificially inflate the price. And we haven't even mentioned the environmental impact of all this, which requires some pretty powerful computing power.

Interest in meme funding surged following last year's GameStop rally and then the auction of Beeple's $69 million NFT project two months later. It's suddenly common to see people like Elon Musk promoting dogecoin live on SNL, or Jimmy Fallon and Paris Hilton discussing which million-dollar JPEG monkey they bought for their Twitter avatar.

Why Celebrities Are Buying Bored Ape NFTs
But things have undoubtedly turned sour. Ethereum's profits for the entire year, the cryptocurrency most commonly used for NFTs, were wiped out, sending its value back to where it was at the start of 2021. Celebrities like Fallon and Gwyneth Paltrow, who promoted NFTs last year, are currently suing. And three recent massive market crashes have sunk the entire crypto landscape. And the NFTs that did manage to launch in video games this year didn't go smoothly.

Ubisoft was the first AAA video game studio to announce NFT integration. At the beginning of the year, the studio said it would begin giving away blockchain-based in-game add-ons called "Numbers" in the game Ghost Recon Breakpoint. The announcement sparked an uproar on Twitter, with players accusing him of shamelessly extorting money.