NFT in Games: Where's the Real Asset and Where's the Marketing Wrapper

"Players own their items" is the main slogan of web3 gaming. In practice, there's a chasm between NFTs and real ownership, and the size of that chasm determines the price of the "asset."

What You Actually Own

An NFT is a blockchain record linking to an item. The item itself - its image, characteristics, utility - lives on the game's servers. The studio shuts down the servers - you're left with a record of a sword in a game that no longer exists. It updates the balance - your legendary item becomes junk. Ownership without control over the environment of use is a license, not property.

When an NFT Does Have Value

• Liquid secondary market: the item can be sold right now, without the studio's permission - that's already more than classic gaming offers.
• Scarcity with mechanics: limited issuance of items that provide an advantage or income within a live game.
• Portability is still a myth: "an item from one game working in another" doesn't exist in practice: balances, engines, and rights are incompatible.

Game NFTs should be valued the way skins are valued: the price holds up based on the game's active user base and nothing else. The game dies - the collection dies, and the blockchain will only preserve the obituary.