Gaming in recent years
In the past years, gaming has risen beyond the boundaries of traditional consoles as we all know it and has become a global phenomenon. According to a Newzoo report, the global video game industry will reach a value of over $200 billion in 2023. year, which significantly exceeded expectations. This impressive expansion is driven by a number of factors, including the development of technology, the accessibility of games through mobile devices and streaming platforms, as well as the growing interest of users around the world. Furthermore, research suggests that this growth trend will continue to take off in the coming years, with predictions that the gaming industry will exceed $300 billion by 2026, and $600 billion by 2030. years. This incredible growth is not only the result of conventional game formats, but also new innovative trends such as crypto gaming, which combines the world of cryptocurrencies with the gaming experience to create a new, dynamic area of entertainment and finance, and according to some estimates, the crpyto video game market in 2022. it was worth more than $7 billion.
Source: cointelegraph
Gaming and blockchain
Blockchain is a technology that enables safe and transparent storage and transfer of data and values on a decentralized network, and has many advantages for the gaming industry, which were previously not possible or limited. Some of the examples are:
- Ownership and trading of digital goods: Blockchain allows players to own, buy and sell unique digital items, such as NFTs (non-fungible tokens), which can be rare, expensive and personalized. These items can be used in different games or platforms, increasing their value and utility.
- Gaming rewards and incentives: Blockchain allows players to earn cryptocurrencies or tokens while playing games, which they can exchange for fiat money or other digital currencies. This creates a new play-to-earn model, which motivates players to participate in games and contribute to their development and growth.
- Decentralization and Security: Blockchain enables games to be created and maintained by many independent members of a decentralized autonomous organization (DAO), rather than by a corporation or single entity. This makes games more resistant to attacks, censorship or downtime. Also, blockchain allows players to control their data and assets, and transfer them from one platform or game to another at will, which was also not possible before the advent of blockchain.
Source: cointelegraph
What are play to earn (P2E) games?
Play to earn (P2E) games are those that use cryptocurrencies and NFTs as an essential part of their game. Often, instead of buying a game, you buy things inside it, like characters, weapons, or whatever. These things are usually NFTs, which means they are unique and have their own market value. Also, many P2E games have their own tokens, which you can earn by playing or use them to buy other things. You can also sell tokens for real money or other cryptocurrencies. In this way, P2E games allow you to monetize the time and effort you put into the game, and have fun while doing it.
Source: cointelegraph
What is GameFI?
GameFi, short for Game Finance, is a term that refers to the integration of decentralized finance (DeFi) into the P2E gaming industry. This branch of gaming combines DeFi services such as “yield farming” and decentralized lending, thereby providing additional benefits to users of games for playing and earning. For example, NFT rental platforms allow owners of digital items to lend them to others. Smart contracts automatically construct and execute the lease agreement. Lenders can decide whether borrowers need to post a security deposit before borrowing their funds, as well as configure the length of the lease. In this way, it is possible to play games without buying digital items in the form of NFTs, but you can simply rent them, and the renter will make money in this way.
Source: cointelegraph
Who has the potential?
Crypto gaming is one of the fastest growing and most innovative branches of the gaming industry. Many crypto gaming projects attract the attention and investments of players and developers, but some of them stand out for their characteristics and potential. That is why we have listed for you several factors that can affect the success of the crypto game:
- Game quality and originality: they should offer players an interesting, fun and unique game, which differs from traditional games and takes advantage of blockchain technology. The game should have good graphics, mechanics, story and design, which attract and retain players.
- Play-to-earn model: They should allow players to earn cryptocurrencies or tokens while playing the game, which they can use to buy, sell or exchange digital goods, such as NFTs. This creates new value for players and encourages them to invest in the game and its development.
- Scalability and interoperability: they should be able to support a large number of players and transactions, without losing speed, security or quality. Also, crypto gaming projects should be compatible with other games, platforms and blockchains, to enable portability and diversity of digital goods and experiences.
- Community and Marketing: They need to build and maintain an active and loyal community of players, who participate in the game, provide feedback, spread the word and vote on future decisions. Likewise, crypto gaming projects should have a good marketing and promotion strategy, which attracts new players and investors.
Source: cointelegraph
Successful crypto projects
We have listed for you some of the most successful crypto games that meet these criteria, namely:
- Axie Infinity: This is the most popular and profitable crypto game to date, earning over $2 billion in 2023. year. Axie Infinity is a game where players breed, battle and trade cute creatures called Axies, which are NFTs. Players also earn the AXS token, which has multiple functions and is used both in-game and out-of-game.
- The Sandbox: This is one of the oldest and most successful crypto games, which was launched back in 2012. years. The Sandbox is actually a platform where players can create, play and monetize their own games and content, using voxel graphics and NFTs. Players also earn the SAND token, which allows them to buy, sell and manage their virtual lands and assets, naturally in the form of NFTs.
Source: cointelegraph
Conclusion
In today’s blog, you learned that gaming is one of the fastest growing industries in the world. This coincides perfectly with cryptocurrencies and blockchain technology, which have similarly experienced a huge increase in popularity in recent years. Developers naturally found a way to combine these two, seemingly completely incompatible areas, and that’s how crypto games were born. We have listed some reasons why one industry improves another and vice versa. There are many reasons, the main one being that the blockchain has enabled the monetization of digital items, which is of course unprecedented in the gaming industry. It will be interesting to watch how the confluence of these two industries grows in the coming years, so we’ll be sure to keep an eye on it. We hope you enjoyed today’s blog, and that you learned something new, if you have any questions feel free to contact us on our social networks ( Instagram , Twitter ).
