Can Games Be the Driving Force Behind Blockchain and Cryptocurrency?
Blockchain and cryptocurrency have unique properties such as safe and irreversible transactions, inflation protection, high-yield, low-cost global fund transfers, and so on, but these benefits will not promote their widespread adoption, so how can the blockchain be promoted further? Chains and cryptocurrencies have become topics of discussion among industry professionals. Due to its technological, entertaining, and mainstream audience, gaming has successfully attracted the attention of crypto developers. Especially now that e-sports and NFTs are popular worldwide, the field of multiplayer online games, such as Axie Infinity, Splinterlands, Roblox, Fortnite, Minecraft, Animal Crossing, and others, has become one of the primary methods of blockchain and cryptocurrency promotion. All the major game platforms have become popular projects in crypto it seems.
Online games will become the mainstream practical application of blockchain technology.
According to a report from the NFT tracking website DappRadar, BigONE discovered that more than one million digital wallets were connected to decentralized game applications every day in October of this year, accounting for 55% of the entire blockchain industry. Online games are behemoth platforms that use blockchain technology.
Although online games account for more than half of the blockchain industry, the non-blockchain game industry has grown rapidly. Global video game revenue is expected to rise from $178.4 billion in 2021 to around $268.8 billion in 2025. Why aren’t game developers incorporating emerging technologies like blockchain, cryptocurrency, and NFT into their titles?
According to new research, a future based on blockchain technology has piqued the interest of game developers.
According to a recent research report released by blockchain researchers, approximately 58% of the 197 video game developers surveyed in the US and UK stated they expect or are already starting to apply blockchain technology to their games. According to BigONE, this research demonstrates that blockchain, crypto technology, and NFTs are the future of video games. These technologies have begun to improve the player experience by allowing players to earn revenue, which is why BigONE believes that games can become the primary reason for blockchain and cryptocurrency promotion. This marriage of gaming and DeFi is also about the wider adoption of crypto for people who have yet to try their hands at buying and selling Bitcoin, for example. “Crypto has been looking for a mass market use case,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, told CoinDesk. “Gaming is a sector that people have been hyping up for a long time. It’s the first area of crypto where the average Joe without a huge understanding of crypto or blockchain can participate.”
What are the advantages of video games that combine blockchain and crypto technology?
Why is it thought that the use of blockchain and crypto technology in the gaming industry is beneficial? BigONE believes that doing so will benefit video games by making them more innovative and exciting, as well as allowing players to share the game. The method of earning profits is consistent with the current global economic downturn and reflects the value of video games. It is becoming popular to reward players to encourage more players to accept the game via network effects. It is also an example of blockchain, and crypto technology being used successfully in a game.
Most game developers indicated that they would consider using blockchain, cryptocurrency, and NFT in new games, and more than half of them plan to achieve this goal within the following year. Simultaneously, according to industry data, blockchain and crypto technology will be mainstream in video games over the next two years. NFTs will most likely become the standard configuration of all electronic games by then. Although many people are unaware of how to participate in blockchain games with cryptocurrency and NFT functions, this is changing. If you enjoy video games, you can look up BigONE, as mentioned in the previous article. You can wait a little longer for those games because they are getting closer and closer to us.
Gaming and the metaverse
Because despite the frictionless use of crypto, with low fees and decentralized P2P structures, the reality is that the commercial first movers in the metaverse space from gaming have their own proprietary currencies. What makes crypto so attractive to the metaverse community is that it can be automated, without any centralized intervention. It also means that crypto-driven DeFi has long term attractions, allowing game developers and players to invest time and money knowing the underlying blockchain platform won’t change without community consensus. “Today, only a tiny fraction of online users and gamers even have a crypto wallet, and almost no brands and games issue NFTs. But irrespective of multi-month dips in the blockchain/crypto/NFT economy, we see more of these groups embrace blockchain-based experiences each month. This produces a virtual cycle that drives more users to register a wallet, mint an NFT, or integrate crypto assets”, concludes Ball. The future of a decentralized gaming-driven metaverse as an inter-connected set of worlds is inextricably bound up with crypto and blockchain it seems.