Some years ago, only a few nerds knew anything about blockchain gaming. Millions of people worldwide are participating in the new blockchain-based gaming ecosystem. Of these millions, few are quitting their jobs to game full-time.
Furthermore, if you use social media apps, you won’t be new to the concepts of NFT, Metaverse, and cryptocurrencies. Even if you don’t, essentially, understand what these concepts entail, you’ll have seen them a couple of times.
Fundamentally, these concepts are premised on blockchain technology. Since its 2009 popularity, thanks to Bitcoin, blockchain technology has grown to disrupt several industries. The revolution began with finance. However, in a bid to aid the technology’s adoption, experts believed that blockchain needed gaming.
The gaming industry is one of the world’s legacy industries. Unlike several other sectors, innovation and evolution in gaming are always slow. But now, the advent of blockchain technology in the industry has sped things up, opening opportunities. Though there are still some limitations to mitigate, blockchain gaming companies are pulling all stops to take the industry to its next level.
Through such industry-wide passionate efforts, blockchain games are all the rave. Consequently, the rest of this article explores everything about the blockchain gaming industry’s popularity.
Understanding Blockchain Gaming On Fire – Why It is?
Any game that uses blockchain technology in any part of its operations is a blockchain game. A blockchain gaming platform can either be built on the technology or leverage it for its in-game technology.
Blockchain games can also be called crypto or NFT games. These names can be used interchangeably since they depict decentralized games designed to give players ownership. Like cryptocurrencies, blockchain games are, technically, assets to the players.
The design of these games is to create financial benefits for players. To the experts who ideated blockchain games, valuable incentives will drive more people to adopt the underlying technology.
Blockchain is about giving power and governance to the people. Unfortunately, many people don’t understand this. But through gamification, people can better relate to different blockchain concepts and their direct impact on life.
So far, leveraging blockchain for the gaming industry has been successful. As a result, the online gaming industry is projected to attain an estimated value of $25 billion by 2025.
Though, the recent rapid growth of blockchain games wouldn’t have occurred without the growing participation of people in the crypto space (through non-gaming activities). The internet is now laden with numerous information about blockchain technology and its products. More people are now coming to the light of how concepts like NFTs, Crypto coins, tokenization, etc., can transform their lives. Consequently, the quest to maximize the borderless digital economy created by blockchain intensified.
So, while the initial plan was for gaming to aid blockchain’s adoption, the reverse has become prevalent – blockchain revamped gaming. Now, the expectations from gaming are different. Rather than seeking entertainment and occasional prize contests, players now look forward to sitting all day playing blockchain games to earn some money.
NFTs, Play to earn, Yield farming, Metaverse, bitcoin, tokens, etc., are concepts heralding the new dimension of gaming. Thanks to these concepts, the incentive system set up is why blockchain gaming is on fire.
Blockchain Gaming’s Popularity: The Role of Play-to-earn, NFTs, And Metaverse
Blockchain games are also video games, but with a bit of twist differentiating them from traditional games. Players can own the items in conventional games – characters, utilities, etc. – because they are NFTs. However, earning these NFTs is based on players’ activities – called play to earn. The process of playing to earn can either occur on mobile devices like android or in a virtual reality called Metaverse.
Play to earn games allow players to accumulate rewards from activity. The concept of play to earn became virally popular thanks to blockchain gaming companies. However, before blockchain games, play to earn existed.
For instance, players can accumulate rewards in games like Super Mario, Call of Duty, etc. Sadly, the rewards in such games have no real-world value. Players can’t even withdraw such rewards; they belong to in-game developers.
Blockchain play to earn games change such industry reality. Now, players can accumulate utilities and rewards in-game, then transfer such collectibles in and out of the game. Moreover, playing to earn in blockchain-based gaming also facilitates players to trade their in-game assets for fiat currency. So, if Super Mario accumulated coins on the blockchain, you can exchange them for money.
NFTs are Non-fungible tokens. If an item is an NFT, that means there’s only one of its kind. For an item to be an NFT, it must be minted. The minting process assigns a unique identifier and metadata to the item. Whoever owns the identifier owns the item.
NFTs can be used to represent real-life assets in the digital world. However, one of the most common use cases is the in-game characters and utilities. The characters in blockchain games are NFT, the same as the rewards. Hence, they belong to the players.
Outside gaming, NFTs have become very popular. Artists are minting and selling their works as NFTs; musicians sell music as NFTs; athletes sell video clips as NFTs, etc. The popularity of NFTs has gotten more people interested in blockchain gaming. Blockchain games are an unending source of NFTs, which players can earn and trade for money on exchange platforms. Hence, the growing popularity of blockchain-based gaming.
Blockchain gaming and Metaverse are getting further meshed into one another. Before blockchain gaming’s popularity, virtual reality has always been the future of gaming. As a result, companies like Meta (formerly Facebook) invested heavily in developing Oculus and other VR/AR efforts.
Though the advent of blockchain didn’t hamper the VR/AR work done so far, it modified it. Now, building virtual reality platforms on blockchain births the Metaverse. The Metaverse, however, takes virtual reality further. Unlike traditional VR, where everything in-game belongs to parent companies, metaverse players can own properties. Everything in metaverses is NFTs. Hence, ownership and ownership transfer are attributes.
Such a novel economy is exciting and opens up unprecedented potential and opportunities. Major corporations and banks are buying properties in metaverses like The Sandbox, Decentraland, etc. Audacious moves as such depict trust in the nascent ecosystem. The display of confidence by large corporations subconsciously nudges more people into being a part of the rave for fear of missing out.
Blockchain gaming is all the rave, especially in India. However, many enthusiasts believe it is only a part of what to expect from Web3. However, tech giants like Elon Musk and Jack Dorsey believe web3 is a marketing ploy. While the contradictory opinions and uncertainties around the internet’s future continue, every blockchain game development company is hard at work at building a new sustainable gaming ecosystem. One such company is CoinFantasy, building the world’s first decentralized fantasy gaming platform for the crypto-stock market based on a play-to-earn economy.
Frequently Asked Questions
Blockchain gaming is the process whereby games are developed on blockchain technology. Blockchain is a decentralized ledger infrastructure designed to be immutable and away from the control of the government or any central entity. Blockchain gaming follows these ideals and facilitates ownership for participants.
The gaming industry has been very resistant to innovation. However, the advent of blockchain in the industry disrupted the fundamental technology and economy. Before, developers owned everything. Now, players can own items and make money from them. Players can also have ownership stakes in the platforms.
There are several blockchain gaming companies out there. Combined, these companies have been able to ship over 400 blockchain games. Different games offer varying incentives and experiences. Some are mobile games, eSports, Fantasy sports, etc. One of the best blockchain games out there is CoinFantasy.
You can make money on every blockchain game. However, not all blockchain games are very profitable. So, try games like CoinFantasy, Axie Infinity, etc. Unfortunately, though, Axie Infinity has expensive buy-in. Hence, go for CoinFantasy.
Yes, you can earn a decent living by playing blockchain games. Many people are quitting good-paying jobs to play blockchain games full-time. Again, though, it’s best to retain your day job while playing to earn extra income. To make more money with blockchain games, understand its business.