How NFT Checkout Helps Games

Games are at the intersection of entertainment and digital asset ownership. A core component of what enables this is the use of non-fungible tokens (NFTs).

NFTs have emerged as a way to provide real-world utility to in-game items and collectibles, which already have a high demand among avid game players. Now, their intrinsic value and provable scarcity is also an attractive option for new entrants.

However, as groundbreaking as NFTs are, their integration into gaming has not been without challenges, particularly for newcomers to the space. The complexity of blockchain technology, the nuances of digital assets, and the intricacies of cryptocurrencies often pose significant barriers to entry.

Enter NFT checkout solutions – a beacon of simplicity in an otherwise complex domain.

This article explains how NFT Checkout, a product by Transak, helps web3 games onboard more players — both web3-native and non-web3-native users.

The Need for NFT Checkout in Games

The first generation of blockchain games focused heavily on the cryptocurrency and NFT aspects. As a result, the quality of gameplay and ease of access took a backseat.

Games, like Axie Infinity, were built around trading and earning from in-game assets rather than for sheer entertainment. This is partially because of the technological limitations back in the day.

The general population expects high-quality gameplay. The aspect of trading and earning from digital collectibles could be an additional feature, but should not overshadow the core gaming experience.

In the past, the process to acquire a game NFT generally involved the following steps:

1. Figure out the blockchain on which the game is built and its in-game currency.
2. Figure out how to buy its in-game currency — DEX, CEX, etc.
3. Figure out the required token to pay gas fees (and learn what is “gas”).
4. Look for the NFT within the game or on a different marketplace.
5. Top up the cryptocurrency wallet with all the required assets.
6. Buy the NFT from within the game or marketplace.

With Transak’s NFT Checkout, the process looks like this:

1. Choose the NFT they want to purchase.
2. Pay for the NFT using their preferred payment method.
3. Find the NFT in their wallet after payment confirmation.

What Problems Does NFT Checkout Solve for Games?

Transak’s NFT Checkout helps crypto and NFT games by dramatically improving the user experience.

The solution does this by allowing users to access the benefits of the digital collectible ecosystem via a familiar web2-like entry point.

Reducing the Complexity of Crypto Transactions

Traditional NFT transactions often require a good understanding of cryptocurrencies, including purchasing, transferring, and using them for transactions.

NFT Checkout simplifies this by allowing purchases with familiar fiat currencies.

Lowering Transaction Thresholds

Not every player is there to invest large sums of money. Many are school or college students, or adults looking to relax and enjoy the gaming experience without the pressure of high financial stakes.

Transak's NFT Checkout addresses this diversity in player intentions and capacities by significantly lowering transaction thresholds, and accommodating purchases as low as $0.01.

Eliminating Technical Barriers for New Users

Expecting gaming enthusiasts to understand blockchain technology, wallets, gas fees, and other crypto-related concepts in exchange for entertainment is unreasonable.

Transak’s NFT Checkout eliminates these technical barriers by taking care of it all under the hood.

Handling Security and Compliance

Handling cryptocurrencies and digital assets often involves security risks and compliance requirements.

NFT Checkout solutions can provide a secure and compliant way to transact, enhancing user trust and safety.

Transak’s team of professionals takes care of all security and compliance issues. We also provide chargeback protection — meaning, all chargebacks are on us!

Market Expansion

By simplifying the process of acquiring NFTs, these solutions can help expand the market for NFT games to include users who might otherwise be excluded due to the complexity of crypto transactions.

Transak does this by offering multiple payment methods to users from over 155 countries and across 5 blockchains (plus any other EVM-compatible chain).

Quick KYC

Gaming apps have the highest uninstall rates. This means new games have very little time to ensure maximum user retention. A lengthy KYC process does not play a constructive role in this goal.

To combat this, Transak’s NFT Checkout employs Lite KYC — a document-less KYC verification that can be completed in a mere 30 seconds.

Conclusion

The web3 gaming industry market cap is over $11 billion at the time of writing whereas the web2 gaming industry is valued at about $344 billion in 2023. This exemplifies the immense opportunity for blockchain games.

By easing usability, simplifying NFT acquisition, and enabling payments via familiar methods, web3 games can acquire users faster and cheaper.

Transak's NFT Checkout extends beyond mere convenience. It represents a pivotal shift towards a gaming ecosystem where the excitement of digital collectibles and the thrill of gameplay coexist seamlessly, without the technical and financial intimidations that once alienated potential players.

The potential of NFT Checkout promises to onboard a new wave of gamers into the web3 world. It even sets a precedent for how technology can be harnessed to bridge the gap between complex digital innovations and everyday user experiences.

Try Transak NFT Checkout today or read the docs.