Blockchain technology is currently being embraced by businesses all over the world, opening the door for its introduction into any industry. The decentralized structure of blockchain is revolutionizing how businesses and operations are managed worldwide. NFTs are also providing a quantum leap in the technologies we now utilize, despite Bitcoin. The Play to Earn NFT platforms have taken the place of the conventional Pay-to-Play games in the gaming industry. The adoption of cryptocurrencies to pay for the in-game assets and NFTs in place of untradeable digital data initiated a new evolution in the gaming industry with blockchain. Although some players and developers are opposed to the usage of blockchain in gaming platforms, blockchain is gradually becoming a significant element of the gaming business. What is going on nearby, and what do you need to know about it? Let’s start now!
The beginning of everything!
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After the release of Cryptokitties, the public became more familiar with the idea of integrating blockchain technology into games. The in-game item (Kittens) in this blockchain-based game is converted into NFTs. This popularized the idea of turning in-game things into NFTs so that their ownership could be traded on an NFT gaming marketplace. As of now, all classic games demand that players buy particular accessories like elixirs, weapons, maps, and weapon skins. They are merely digital files or metadata that the game developer has on hand.
Although the player can utilize these products after purchasing them, they are not actually his or hers. This was made feasible by the idea of NFTs, which unlocked doors for a new level of gaming experience with the Play to Earn NFT games.
This idea has become popular in today’s games, creating a trend in the gaming business. Axie Infinity and other NFT gaming platforms report having over 3 million active users. The game is chosen for its ability to provide players with passive revenue in addition to amusement.
For many gamers, the passive income quickly turned into genuine income. Many gamers in the Philippines and Vietnam quit their professions to play to make money for their games since these games offer the players ample rewards. Several people who are not gamers or crypto aficionados were also invited by these networks.
The position of developers and gamers
So how is the gaming business adjusting to the new developments brought about by blockchain technology? We must consider this from both the perspective of game producers and players in order to respond.
The use of cryptocurrencies and Non-Fungible Tokens in games was the major topic of debate at the most recent GDC (Game Developers Conference 2021). Unexpectedly, the developer vote on this resulted in a negative outcome. It is known that 70% of the developers who took part in the conference cast ballots opposing the use of blockchain in the gaming sector.
On the other hand, a lot of gaming companies are actively taking part in NFT-related events, establishing their own NFT gaming markets, and more, raising hopes for the widespread use of blockchain. Many companies are actively launching their NFT platforms, including Gamestop, Ubisoft, Square Enix, and others.
On the other hand, the introduction of NFTs, which are replacing digital game products, benefits gamers financially. They are free to rent them out when not in use or exchange them whenever they wish. Some players believe that the incorporation of blockchain will disturb their current gaming experience, despite the fact that some gamers are delighted about NFTs in games because of the passive income they receive through these games.
This happened with Redactle, which revealed the use of NFTs in the game. The gaming community expressed severe outrage in response. In response, the developers vehemently denied that they would use NFTs to appease the players.
The market’s state and statistics
The NFT gaming platforms had the greatest daily active user wallet counts even after the crypto market crisis. Axis Infinity has 3 million players globally, did you know? Data form numerous resources also shows that the demand in the NFT gaming business was constant even during the crypto downturn.
Also, in 2021, the Play to Earn NFT games generated an investment of 2.5 billion. Developers anticipated a low investment ratio in 2022 due to the collapse of the cryptocurrency market, which had a negative impact on NFT games. Yet, due to the popularity and reach of these games, 4 billion dollars were invested in just the second quarter of 2022. The number will even exceed 10 billion at current rate, which is a 75% increase from the previous year.
Gamers are also constantly growing in number and will eventually number billions.
You should have been able to determine the present state of the gaming business from the statistics mentioned above. The data demonstrates unequivocally that 2022 will be the year in which players compete for NFT games. It should be mentioned that news about blockchain and NFTs is widely available in the gaming business.
A better gaming experience is always a fundamental demand for a gamer, whether they are playing traditional video games or play-to-earn NFT games. In-game products offer a new and flawless gaming experience overall, and with NFTs, players also receive prizes. Blockchain thus provides gamers with all they desire and even more, as well as the chance to profit from the time and effort they invest in playing games. NFT games are superior than traditional games in every sense since there is more to it.