Rising From the Crypto
Crypto games such as Bitcoin Dice are online games designed with blockchain technology or use cryptocurrency for payment. Most crypto games encourage the development and ownership of non-fungible tokens or NFTs. Unlike centralized games in which the developer’s control all in-game assets and currency, crypto games’ things are decentralized, which means the user owns them entirely.
As it turns out, one of the most generally neglected features of blockchain’s several significant use cases is gaming. Most people associate blockchain with bitcoin, decentralized applications, and, if they do their homework, possibly even DeFi.
However, as the gaming industry shifts its focus to in-game assets, blockchain can solve various associated issues, including the elimination of fraudulent items, the creation of scarcity, and the encouragement of more purchases by making items transferable across games.
However, as the popularity of NFTs continues to rise, blockchain gaming is swiftly becoming one of the industry’s fastest-growing categories. A non-fungible token, or NFT, is any digital file kept on the blockchain. Non-fungible means that each token is distinct. This implies that once minted, they cannot be reproduced, edited, or modified. Because owners of digital assets can be confirmed, people can finally claim ownership of their digital assets.
The crypto gaming business is becoming an increasingly important aspect of the greater blockchain space. Since its debut, this rising business has garnered a great deal of interest. In terms of valuation, the crypto gaming sector was estimated to be worth $3 billion in 2021.
However, investments in this area exceeded $2.5 billion in the first quarter of 2022 alone. Given the extent of financial commitment, supporters anticipate an increase in revenue. According to some estimates, this industry will be worth more than $39.7 billion by 2025.
Although research into crypto gaming demographics is limited, it is evident that gamers are the primary target users. According to a recent survey, millennials are the largest age group, accounting for 38% of crypto gamers aged 21 to 38. Fifty-five percent of all millennials who possess cryptocurrencies are already gamers.
With 22.6 million cryptocurrency holders, Asia-Pacific is a prominent player in this business. This was followed by 5.9 million Europeans and 5.8 million Middle Eastern and Africans. Surprisingly, North America has the fewest cryptocurrency gamers, with only 3.3 million. This statistic is pretty similar to that of the overall gaming market.
Crypto gaming also allows gamers to earn money. This is known as a play-to-earn approach, and players can implement it in various ways. For example, consider the game Axie Infinity. Users can purchase Axies, level them up, and then sell them for a higher price.
Players can also compete against their Axies for SLP and AXS, Ethereum-based crypto gaming tokens. This offers an entirely new element to the industry: the idea that gamers can earn cryptocurrency while playing games. According to Worldwide Asset Exchange, this is an excellent move because three out of four gamers desired, they could utilize their currency on other platforms.
Crypto gaming is still a new notion fraught with ambiguity, doubts, and uncertainties. However, as more game studios enter the field of crypto gaming in the future, misconceptions about blockchain will be dispelled, and mass awareness will be developed. Furthermore, the emergence of new gaming platforms such as BetFury Crypto Casino and shifting client expectations are expected to break boundaries and propel the blockchain gaming sector to new heights.
