The gaming industry is one of the biggest markets in the world with rapid year-on-year growth. According to a report published by DFC Intelligence (a leader in market analysis for the video gaming sector), the number of video game consumers was around 3.1billion by mid-2020. This means around 40% of the global population play video games, with mobile users accounting for almost half that figure. The gaming industry generated over 180 billion dollars in revenue throughout 2021and for 2022 estimates are around the 200 billion mark. With the arrival of web 3.0 and the adoption of blockchain technology by other booming industries, game developers are working round the clock to revolutionise the way we play video games. The focus of this article is on Crypto gaming, specifically its advantages and disadvantages over traditional video games.
What are Blockchain games?
Simply put, blockchain games are video games that include elements of blockchain technology. This means that they are decentralised, having no centrally controlled server. The use of blockchain technology also grants users real ownership and full control of any assets they earn or gain throughout the game. Utilisation of blockchains varies from game to game. Some games only use blockchains to prove ownership of in-game assets allowing players to buy and sell items to use during the game, such as a special sword in a fighting game. Other developers build and run their entire game on the blockchain. This means that every node verifies a choice made in-game, making cheating virtually impossible. Alongside NFTs, which are currently at the top in terms of trading volume, blockchain games are a leading sector in the cryptocurrency space with play-to-earn games becoming an increasingly popular model in new releases.
What is play-to-earn?
The play-to-earn model has been around for a few years now. It is a type of game that lets players earn...
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