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The Unstoppable Rise Of Blockchain Gaming - Even In A Bear Market

By Daniel BeurtheCryptocurrencyJun 27, 2022 16:55
uk.investing.com/analysis/the-unstoppable-rise-of-blockchain-gaming--even-in-a-bear-market-200524392
The Unstoppable Rise Of Blockchain Gaming - Even In A Bear Market
By Daniel Beurthe   |  Jun 27, 2022 16:55
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Whether you're a gamer of profound knowledge and skill, or a Wall Street fund manager hardly able to care about concepts like decentralisation, your GameFi awareness should have a strong presence no matter what, and this article will give you a clear, descriptive outline as to why.

Blockchain gaming has gone through the roof of the cryptosphere in recent years - Filipino gamers making more, playing Axie Infinity, than their monthly salary can assure that this is, in fact, the case.

However, it is not just Axie Infinity that is enjoying its days of glory, but there is a large and immersive ecosystem of blockchain gaming that the majority of non-gamer NFT & crypto enthusiasts tend to miss out on or simply overlook.

From Greedy Game Developers To User-Owned Games

Games have had reward mechanisms and offered players ways to trade with others using them for decades. What could not have been explored without a sophisticated system like the blockchain was real-world monetisation that a player can experience.

We have seen the small beginnings of some of the first NFT games like CryptoKitties that only later rose to online prominence, but not many could have imagined such a relatively silly game to be a predecessor to an upcoming massive industry.

CoinDesk has reported that the number of active blockchain games in the world has doubled in the past year to around 400.

400 does not sound a lot, relatively speaking, but considering how recent the industry is, how hard it is to create, launch, and maintain such ecosystems, the value of the number just becomes higher.

Whilst Bitcoin, Ethereum, even NFTs, and a meaningful set of other leading tokens have recently experienced a downfall painful to many, blockchain gaming and its adoption had seemingly none of it - why is that?

For starters, if a blockchain game operates in ways where the underlying token prices hardly matter, which a lot of them do, it is natural that it will have very decent retention rates and keep the user attracted.

The Gaming Industry From A Bird’s View

However, what is also clear is that many traditional gamers have been against blockchain games, allegedly because they do not add much to the gaming experience. This is the point where most confident traditional games miss the opportunity - not seeing the big picture is what can stop a lot of good from happening, especially on-chain.

Today, a large portion of blockchain games is not just about holding, buying, or selling in-game NFTs, but about staking, farming, predicting, exchanging - features that make up entirely new, mostly safe rewarding structures never experienced before.

The blockchain gaming industry is projected to become an around 40 billion-dollar market by as soon as 2025 - this is why some of the most brilliant people are working in this space. Blockchain gaming, or GameFi/Play-to-Earn, is so exciting as it invites more than just monetary value to these new ecosystems.

Projects value and reward customers based more on pure skill than on the number of tokens they have brought from some exchange.

One might consider an industry where skills win and rewards actualise themselves incrementally a worthy place to be in, despite the backlash from those who aren't used to change, meaningful or not.

The Unique GameFi Features Making A Difference

Unlike in traditional gaming, GameFi allows people to actually own their achievements and the items they have acquired or won in a game - even if the underlying game goes under for whatever reason, the data of digital items remains on the public ledger, usually accessible via a wallet of sorts.

Most people, even NFT & crypto enthusiasts, are still confused about the main concepts and ideas coming from GameFi, and we have both a choice and an advantage.

Our choice is whether we wish to educate more people about GameFi or not, and our advantage is that we are very early to the party, arguably with the most potential for reward.

Despite these challenges, as mentioned above, even when the whole industry is undergoing a mass downturn, blockchain gamers seem like none of them are leaving their streams of fun and income.

Centralised platforms like Steam from Valve very visibly don't want to have less control over games and their users - the visibility appears in its recent confusion, wariness, and rejection of NFT integration into the games it hosts, despite encouragement from the public.

That being said, if Steam has put a ban on blockchain games, it is up to more independent platforms and innovators to host gaming NFTs and robust GameFi ecosystems for the betterment of people's entertainment and lives.

The Alternatives

SparkWorld*, an NFT gaming and predictions marketplace, is one of those outliers that do not seek power over the user. This project has invented the idea of a Fair Prediction launch, a mechanism that does not allow front-running and dividing NFT enthusiasts based on their initial monetary input.

SparkWorld*'s uniqueness shines in the fact that although the project extensively promotes decentralisation, it had to sacrifice a portion of it in order to host only the verified and high-quality NFT projects on its platform - the market has unfortunately been flooded with a substantial amount of shady projects that seek nothing more than their users' capital.

This can be avoided if next-gen marketplaces had a proper due diligence process, which SparkWorld* does.

On the SparkWorld* platform, participants can stake tokens in order to get a chance to make a prediction - a prediction on, say, the price of $AVAX at a given time, that, if accurate, can bring massive rewards in NFTs, tokens, and other digital valuables.

The Unstoppable Rise Of Blockchain Gaming - Even In A Bear Market
 

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The Unstoppable Rise Of Blockchain Gaming - Even In A Bear Market

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Blain Redwood
Blain Redwood Jun 28, 2022 15:47
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PolkaCity is out on the 16th, beta looks amazing.
 
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