Can Unity’s New Asset Store Help NFTs Enter Traditional Gaming?

Traditional gamers have tried their best to prevent non-fungible tokens from entering mainstream gaming. A few have tried but failed every time. To this date, not a single conventional game has seen successful NFT integration. This scenario can change as Unity, a gaming software development company, has announced collaboration with multiple companies operating in the digital asset sector to give a push to decentralization in gaming.

Will Unity’s Move Meet Community Backlash?

According to the press release shared by the company, they have joined hands with prominent names including MetaMask, Solana, Immutable X and more. They have added a whole new section for decentralized applications and added their partnered products there. This will allow the users to connect their digital asset wallets to the platform easily. Moreover it will enable smart contract development, NFT trading and more on the network.

Games including Escape from Tarkov, Pokemon Go, Monument Valley 2, Beat Saber, Call of Duty: Mobile and more currently use Unity engine. The move might catch several eyes but we must not forget how traditional gaming has discarded digital assets like NFTs in the past.

Ubisoft, a French video game publisher, released an NFT initiative for Tom Clancy’s Ghost Recon Breakpoint dubbed Digits. The move was met with a massive backlash from their community, making their move a huge failure. Gamers believe that incorporating non-fungible tokens into mainstream games will take out the essence from gaming.

Furthermore, experts associate NFT minting with negative environmental impact. In 2021, Sega, a Japanese gaming company, released Sonic The Hedgehog NFTs during 2021. Users got disappointed over the fact that a game focused on raising awareness regarding toxic mechanical wasteland is going against its own values.

U Stock Price Analysis

The company has lost over 70% value in a year. U stock traded at $30.44 at the publication time, a 2.7% gain since its previous close. Bollinger bands do not show any major fluctuations in price. The stock nearly missed the golden fibonacci level during mid-February and has constantly fallen excluding yesterday.

Moving Average Convergence Divergence (MACD) highlights a sellers’ dominance while the relative strength index (RSI) points to a reversal from the oversold zone. The company missed their latest earnings estimate by mass, meanwhile they generated a better than expected revenue.

Considering NFTs have not gained much traction in traditional gaming, this is a brave step for Unity. Their counterparts, Ubisoft, have already witnessed the blow in the past. Hopefully, Unity will successfully dodge the bullets they’ll face along the way.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.