When reNFTs emerged at the end of 2020, not only did the most avant-garde leaders and pioneers in the NFT space have this concept in their heads , but in fact NFTs themselves were still in their infancy: this was the time before BAYC, and when they launched The unfathomable wave of awareness, acceptance, and adoption that followed.
While NFTs themselves have been around for a while, in late 2020 they were still largely on the verge of blockchain consensus.
Since then, however, the growth has been rapid: the myriad of use cases and utilities for NFTs have captured the imaginations of Web3 and Web2 entrepreneurs like never before, and leaders of all industries seem to be expressing their concerns about the Metaverse implicit in it every day .
This naturally corresponds to the exponential growth in NFT sales and transaction volumes, with one specific use case leading the way and dominating the discussion and data points: blockchain gaming.
It makes sense that as of July, users of the casual mobile game Candy Crush have accumulated more than 73 billion hours of total playtime, which equates to more than 8 million years of cumulative playtime.
By joining NFTs, specifically Play2Earn launched by companies like Axie Infinity, players are able to earn financial benefits from their games and monetize time that would otherwise be spent pursuing purely recreational activities . As enjoyable as gaming may be, if there is an opportunity to make money while doing a hobby, I guess then there is no reason or argument why this shouldn’t be pursued.
The rise of NFTs and blockchain gaming has led to the rise of the NFT rental market, and for good reason: NFTs can be expensive, and the cost of building an Axie team can range from as low as a few hundred dollars to as high as thousands of dollars, depending on Depends on the quality of the NFT. The high cost has kept them out of the game and its ecosystem for many of Axie’s core users in the Philippines and Southeast Asia.
This is where the NFT rental marketplace comes into play: if a user wants…