Play & Earn: How cryptocurrency is taking the gaming industry in a whirlwind?
Blockchain technology is making inroads into a variety of industries, from banking to healthcare, but probably its most transformative effort has been in the gaming business. The blockchain gaming industry grew from a zero-value market size to $3 billion in 2021. It is also expected to climb to $39.7 billion by 2025. The blockchain gaming sector has attracted over 1.5 million different gamers worldwide, thanks to NFT (Non Fungible Tokens) creation capabilities, free-to-play and play-to-earn models.
Blockchain gaming refers to games based on blockchain frameworks or games that use blockchain technology to enable NFT creation, trading, and ownership. The intersection of the blockchain and gaming worlds has provided new prospects for the gaming business. Blockchain games are decentralized, as opposed to previous, highly centralized games in which the game producers controlled all assets and cash. Blockchain games strive to give its players in-game assets that have worth outside of the games. Cryptocurrencies and NFTs are used in blockchain games to purchase in-game assets that can be exchanged for cryptocurrencies and real-world money. As a result, once a gamer wins an NFT award, they obtain complete ownership of these assets, which may be exchanged and sold both within and outside of the games.
It’s easy to see why play-to-earn gaming has grabbed the crypto world by storm. Participants in this unique adult-oriented gaming business are rewarded with cryptocurrencies or NFTs simply for playing games that they would normally play for free. Axie Infinity, the most popular play-to-earn gaming platform at the present, allows players to accumulate “Axies” that can be used across the company’s universe of games. From then, the firm leverages Blockchain to reward its participants for taking part.
However, it’s important to note that play-to-earn gaming isn’t really “free” at first. Axie Infinity needs three Axies to get started, and these Axies are not cheap. As you can see from the game’s Marketplace Dashboard, you may need to spend $1,000 USD or more to achieve this criteria.
Capabilities for NFT Generation in Gaming:
The ability to generate NFTs and cryptos in blockchain games has captivated millions of players worldwide. Because these NFTs are not limited to games, they may represent both digital and real-world objects. As a result, NFTs have a diverse set of applications and use cases that appeal to gamers. Gamers may earn NFTs, swap them with other players, and even transfer them to other compatible games via blockchain technology. The powers of NFT and coin creation have the ability to create gaming economies. Their one-of-a-kindness, trustless environment, interoperability and security are enticing numerous developers and game platforms to enter the blockchain gaming market.
Why Crypto-Games are better:
Blockchain games are designed with economics in mind. Naturally, creators will be driven to provide value-added experiences that benefit players, which will drive new game design ideas. That being stated, these are the most significant changes that crypto games offer to regular gaming:
The Ability to Earn Money While Playing:
The Play-To-Earn philosophy allows you to earn real money while playing. During games, users are rewarded. In-game cash may be swapped for NFT goods and vice versa. A player can sell various assets on bitcoin platforms.
Transparent and unchangeable transactions:
The blockchain allows for agency and trust. Every transaction takes place on an immutable ledger. Players understand that their digital possessions will persist forever outside of the game’s realm and can be sold and exchanged on various secondary platforms. UFO Gaming, for example, uses the Ethereum blockchain to keep a secure, immutable log of transactions.
Personal possession of in-game assets:
Blockchain games provide a level of personal ownership not before seen in gaming. Smart contracts and NFTs will allow complete ownership of in-game assets while being safeguarded by all of blockchain technology’s security and transparency guarantees. Players in UFO Gaming’s first game, Super Galactic, may mint their own in-game assets (such as characters, skins, and weaponry), sell them, or simply use them for gaming.
Some Well-Known Blockchain Games:
Here are some of the most popular blockchain games with a play-to-earn model in 2022:
This game can be described in three words: Blockchain Candy Crush. However, instead of jewels and diamonds, this game employs symbols representing numerous cryptocurrencies. You get 1 cryptopop for every 10 points you get in a game. Because of its simplicity, this P2E game is quite popular. It is suggested for those who are new to P2E gaming. With Cryptopop, you may effortlessly earn enormous quantities of cryptocurrency.
To begin playing Axie Infinity, you must first purchase three Axies. Then, in the Axie metaverse, your Axies must face other players’ Axies. All assets in Axie Infiniti are non-fungible tokens, like in other blockchain games. Axie Infiniti, produced by Sky Mavis, has taken the blockchain gaming industry by storm.
These are only the tip of the iceberg. Other fantastic P2E games on the market include Gods Unchained, Splinterland, Alien Worlds, and many more.
This adorable NFT game lets users keep, breed, and sell virtual kittens. This game is based on Ethereum, one of the most recognised open-source blockchains. In-game purchases may be made with ETH tokens. So, if you like cats, this is one P2E blockchain game you should play!
Future of Crypto Gaming Industry?
Because of the sensory and economic benefits that crypto games provide, gamers are flocking in droves. When gaming project creators and fans realize how valuable the web3 sector can be for everyone, this fulcrum will enable a constant change.
New communities will emerge, driven by members, to offer new meaning to web3 technologies as the globe shifts toward their use.
Finally, it’s not only about usefulness. It is also about usability. The finest games will not only be the old classics, but also new ones with more than enough features and capabilities for players. That is all that matters, and it will keep gamers interested in crypto games and their associated communities.
The gaming business is all about advancement. When it comes to market worth, this is how it reached several billions. Because the business loves trends, it is obvious that Bitcoin will have a future in the sector. In other words, it will continue to have an influence and will help to build the crypto gaming sector.