TL; DR Breakdown
- The online gaming industry is experiencing an evolution through blockchain-based play-to-earn games.
- This expanding addition to blockchain games appears to be the future of the gaming industry and a boost to crypto adoption.
Recent research shows that the gaming industry will see a boost of over 9% in the next five years. Over the past few years, online gaming has seen an enormous increase, owing some of its popularity to the COVID-19 pandemic. Play-to-earn games are not being left behind, catching the attention of many gaming enthusiasts as a way to garner extra coins.
The period that multitudes were under lockdown led to a significant increase in the number of gamers globally. Furthermore, the growing innovations in technology and internet connections are an additional driver to the ever-booming industry. Play-to-earn games are an eye-opening innovation for the blockchain industry and a probable push to its mass adoption.
If you are not familiar with them, play-to-earn games accumulate rewards for your participation. Moreover, some tournaments have huge stakes, ramping up the excitement involved. These blockchain-based games could be the change gamers have been waiting for, offering decentralization, scalability, unbiased inclusion, among other advantages.
Big names in play-to-earn games
Every gaming enthusiast might be aware of the big names debuting in the play-to-earn space. One such blockchain-based game is AxieInfinity, which has managed to stay on the lips of many since its launch. The game allows you to capture Axies to battle other monsters in the game. It offers options to play against other players or the game metaverse.
The Ethereum-based game is making impressive headway, managing over 90 000 ETH from in-game trade. Additionally, the most expensive Axie traded on the platform was worth 300 ETH. Currently, it boasts over 250 thousand players daily.
Other notable names within the space include Gods Unchained, Thunder Run, Decentraland, The Sandbox, Block Farm Club, Epic Hero, to mention but a few. Notably, the games offer more than entertainment and earning, standing as spaces for developers to imbue their ideas.
NFTs play a vital role
Notably, NFTs are at the center of play-to-earn blockchain game functionality. The tokens primarily represent the rarities players gather during their online experience. This factor presents itself as an added advantage to the play-to-earn games as the NFTs craze is still ongoing. The same is a gateway to broader crypto adoption as many aims to get NFT art rarities.
Nonetheless, it is wise to understand that cryptocurrencies also play a significant role in reward systems and in-game trade. All the same, it is undeniable that NFTs are a key to blockchain games’ progression in the crypto and gaming industry at large.
As it stands, there is more for online gamers to enjoy with this booming addition. Moreover, it is the push most gaming-based companies need to embrace blockchain technology. All the blockchain world has to do is wait for the positive results from play-to-earn games.