Among the many applications that blockchain has gained prominence in the last decade, one of the most interesting and fastest growing is certainly that related to the gaming industry.
This has been particularly the case since the explosion of NFTs and decentralized finance (DeFi), which has provided a means to earn money by playing one’s favorite video games.
The gaming market in the world, how it has changed after the use of blockchain
In the form of revenue, the gaming industry is bigger worldwide than the film and television industry combined.
The gaming market was valued at USD 198.40 billion in 2021 and is projected to reach a value of USD 339.95 billion by 2027, registering a CAGR of 8.94% from 2022-2027.
The total number of players would passed the fateful mark of 3 billion last year. The Asia-Pacific market leads the way, mainly due to the high popularity of mobile gaming.
The case of Axie Infinity, record numbers
It is enough to see the exponential success achieved in just a few months by one of the most popular blockchain games currently on the market, Axie Infinitythe game developed by the Vietnamese company Mavis in 2017, which now has millions of fans worldwide.
It is an NFT-based online game centered on breeding and combat between online players, who earn native tokens by performing certain in-game actions.
According to the latest available data, the blockchain gaming market was already worth $3 billion in 2021.
It is projected to grow to $39.5 billion by 2025. More than 1.6 million players around the world try their hand at some blockchain game, such as the wildly popular Axie Infinity.
According to a report from DappRadar, as of January 2022, there were 398 active blockchain games, up 92% from the previous year.
Also according to the report’s data, the number of wallets carrying out transactions for game-related products has increased to 1.4 million. The report also mentions that venture capitalists invested $4 billion in blockchain-based games in 2021, up from $80 million a year earlier.
In short, a real boom that subsided a little early in 2022 because of the big one the decline in the crypto market.
The main difference between regular and blockchain games is that while the former is controlled by a third-party authority, the latter is decentralized.
Thanks to NFTs and crypto, the concept of play-to-earn was born, which precisely allows the player earn tokens or credits just by playing or perform actions with other players.
The big news about games to make money
With the use of blockchain games, players can earn money for time, skill and effort spent on games. This is a real revolution from the concept of a video game that assumes that the player somehow pays to download or even just to play.
In blockchain-based games, players can earn rewards such as cryptocurrencies, weapons, avatars, skins, coins, etc.
And they get full ownership of these resources. These resources have value beyond the scope of the games, and players can monetize their gaming skills. Some players have already made these games one significant source of income.
And that is why the video game giants are jumping into this important niche, such as Ubisoft, which launched its NFT gaming platform, Ubisoft quartzin December.
Microsoft acquired Activision in a $68 billion deal especially to launch into the promising world of NFT and metaverse games.
By the end of 2021, the company had said it was ready to implement blockchain on the Xbox game console.
According to recent research, about 61.4% of major game developers believe that blockchain will be true revolution for future gamesand most of them say that they have already studied to implement it on their video games.