Is real-time reward the future of the blockchain gaming industry
It is believed that decentralized gaming experiences and the addition of blockchain have given rise to a new sub-genre called ‘Crypto-Games’ – thus leading to the rise of the industry. Crypto games are different from traditional games because these allow players to earn cryptocurrency or digital currency. These rewards can be traded, sold or used within the gaming ecosystem, creating opportunities for players to monetize their gaming experiences with real rewards. “Real-time rewards bring in a player reward experience that is targeted and instant. This also eliminates the need to advertise outside of the game’s ecosystem when a user is part of it. In that sense, it’s a win-win for both the players and the gaming company,” said Vikram Subburaj, CEO Director, Giottus Crypto Platform, to FE Blockchain.
It is understood that the incorporation of real-time prices can strengthen the structure of the gaming companies, increase their valuation and help raise capital. It is estimated that the online gaming market will grow the highest in Turkey, with an average annual growth of 24.1% by 2026, followed by Pakistan, with an increased rate of 21.9%, and India at around 18.3%.
While naysayers feel that the online gaming industry may not contribute to the global revenue system. This notwithstanding, “The gaming industry is swimming in cash,” noted Joost van Dreunen, professor at New York University. According to reports by Statista, a market research platform, revenue earned by India’s online gaming industry crossed Rs 100 billion in 2021 and is expected to cross Rs 153 billion by 2024. “With players able to trade directly with in-game assets and currencies. with each other, this peer-to-peer exchange of value creates new revenue streams outside of traditional gaming revenue models,” explained Vikas Ahuja, CEO of Metaverk.
It is believed that with the implementation of NFTs and cryptocurrencies supported by real-time prices, in-game transactions will create 9.6% revenue growth on mobile platforms in 2023.
With insights from Appinventiv, a mobile app
Follow us on TwitterFacebook, LinkedIn