Blockchain became one of those groundbreaking technologies when it hit its peak in the year 2018. Cryptocurrency has revolutionized multiple industries ranging from finance to energy solutions. However, gaming is one industry that became much more immersive by engaging users with cryptocurrency. In fact, industry experts predict that blockchain has all the capability of blurring the boundaries, making games more realistic to the users.
The market witnessed $108million in venture capital investment in the year 2019 and consistently going towards increase despite few roadblocks. It is not surprising to realize that blockchain can soar up critical infrastructures and even the tech leader Bill Gates termed it as “technological tour de force”. NASDAQ’s CEO Robert Greifeld adds to the power of blockchain technology calling it the biggest opportunity for this decade.
Realistic Gaming- A New Chapter
Gaming became more immersive to the player thanks to the revolution in blockchain and cryptocurrency technologies. With online gaming becoming much of the norm, blockchain has made currency into liquid gold. Hardcore gamers are not stunned with online currency as much as other realms, but virtual currency led much boom in play to earn gaming. It is of no surprise that play to earn gaming is the tipping point for mass adoption in this year 2022.
Success Story of Fortnite
Designed by Epic Games, Fortnite became the highest grossing game title in history minting $2.4 billion in the year 2018. Play to Earn Gaming has been soaring up in numbers ever since and attracting more audience in both consoles and mobile domains. Blockchain games have been simple till date falling into two main categories namely decentralized or hybridized. In a decentralized model, the developer cannot alter the game to run from a main server. But in the hybridized model, the gaming assets are traded from both a central server and a divided marketplace. Interestingly, blockchain brings more value to cryptocurrency in both in-game assets.
Creating Simple Solutions
Play to Earn Gaming with blockchain offers simple solutions to some of the long-standing issues which were affecting the domain since years. The technology made gaming more secure, by keeping hackers and online-theft much away. The assets are now directly tied to the players instead of the game titles leading to reliability among the gamers. It also promises to give gamers a higher realistic experience, especially in racing game titles such as Decentraland. The trust between developers and distributors became stronger by recording sales in the blockchain. Some of the sureshot advantages with play to earn gaming are:
- Standardizing economic system of gaming
- Making a decentralized network of gaming leading to higher security
- Giving more value to the developers and value to their hard work
- Increasing cloud gaming by fixing high-cost, and low-revenue problems
- Encouraging healthy gaming competition between developers
- Incentivizing players by giving them a vote in the game development process
Josh Chapman, the managing partner of esports and video gaming firm Konvo Ventures specifically points out that gaming has been ahead in the industry in 40 years. The gaming industry has witnessed a sharp rise since 2018 and is expected to reach its tip in the year 2022.
Mass adoption has already begun in Play to Earn gaming with more users showing interest in online playing and strengthening reliability.