The video game industry and the crypto space have risen in popularity during the previous decade. To begin with, the gaming industry now accounts for a multi-billion-dollar business that generates more income than the entire music, TV, and film industries combined.
On the other hand, the crypto space has risen from its humble origins. Back then, 10,000 Bitcoin (BTC) could only be used to purchase two pizzas. Now, Bitcoin’s value is worth more than $65,000 a coin.
As we progress through the digital era, we see crypto gaming as the next big thing when it comes to video games. While this sounds highly complicated and a little concerning, it has the potential to be one of the most significant breakthroughs in gaming.
With all of this in mind, you might be wondering what crypto gaming is. Here is all you need to know about crypto gaming, including how and why it could be the future of gaming.
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You might want to learn more about how crypto gaming works first before anything else.
Trends in video gaming
The video game business and its gamers are constantly looking for the next big thing to get into. In fact, the battle royale genre has experienced an explosion in popularity over the last few years, with games such as Fortnite and Call of Duty: Warzone being played by hundreds of millions of players worldwide.
The emergence of augmented reality games such as Pokemon Go, which provided millions of people with an excuse to get out of their homes while searching for their favorite Pokemon in the real world, came just a few years before that.
Before that, there was also an increase in the popularity of multiplayer online battle arena games (MOBAs), such as League of Legends. These trends occurred during the decade of the 2010s, showing that the latest trend is just the hottest new toy for a brief period.
Cryptocurrency and video gaming
Aside from gaming, another trend has taken over the internet, particularly on social media, which is cryptocurrency. With the increasing number of people who have purchased a cryptocurrency coin or token, there is a chance that you have either invested in it already or are considering doing so.
Even though Bitcoin has slowly gained popularity over the past decade, it saw a significant increase in traction during the COVID-19 pandemic. It is unclear whether this is due to the stimulus checks or because people have more time to research cryptocurrency while at home.
Nevertheless, popular cryptocurrency coins such as Bitcoin and Ethereum are now worth more than ever. In addition to that, many altcoins such as Dogecoin and Shiba Inu have also grown to become some of the most significant coins on the market today.
Returning to video games, and more specifically, the ones described earlier in this article, you will note one persistent feature in common: they are all free-to-play games.
This means that gamers can complete the entire game without investing any money. Developers can accomplish this by incorporating microtransactions into the game, typically products such as character skins.
Games such as Fortnite have earned billions of dollars, showing that this business model can be highly profitable. Moreover, this can also be applied to how crypto gaming will most likely function in the future.
What is cryptocurrency?
Cryptocurrency can only exist because of the blockchain, a digitally distributed and decentralized public ledger that exists across a network. Since cryptocurrencies are not regulated or controlled by specific countries, governments, or financial institutions, their value has skyrocketed in recent years.
It is estimated that thousands of coins and tokens exist in the crypto world, with Bitcoin and Ethereum being the most well-known. However, many more coins and tokens have garnered popularity, such as Shiba Inu.
NFTs and its role in P2E gaming
Coins and tokens are not the only currency that can be purchased and sold on the blockchain. Recently the NFT community has gained popularity and opened up a new market that will play a significant part in the crypto gaming or P2E industry.
Non-fungible tokens or NFTs are digital assets with proof of ownership that cannot be duplicated or stolen. Many of the NFTs sold are digital art pieces, while some may incorporate music or other digital objects.
Now, back to the gaming industry. Let’s take a closer look at how NFTs contributed to the success of video games.
When you have purchased something through a microtransaction in a video game, such as buying a skin in Fortnite, you do not own the skin.
The skin you have bought is just attached to your Fortnite account. When Epic Games, the developer of Fortnite, suspend your account, you will lose access to the skin. Moreover, when the servers go offline, the skin will be removed.
This is an example of how games like Fortnite may prosper if incorporated with blockchain technology. Players might genuinely own their things in-game if they used the blockchain, giving them real-world worth. Thus, this would allow the skins to be traded or transferred amongst other gamers.
This is the most natural approach for games to integrate blockchain technology. Microsoft is already out in front when it comes to large, established enterprises that are just getting started with blockchain technology.
Microsoft formed a partnership with Enjin, a well-known company in the cryptocurrency gaming world, to bring NFTs to the popular Minecraft game.
Players can earn NFTs by participating in a browser-based game, which can be transferred to the MyMetaverse Minecraft server. While the blockchain and NFTs have not yet found significant adoption in Minecraft, this is an excellent proof of concept that demonstrates how crypto gaming could function if it were to become more generally adopted by both gamers and developers.
Another application for NFTs could be in a game similar to Pokemon, in which you gather characters and utilize them to construct and train a team of monsters for combat. Players might own their characters through the blockchain, which could then be exchanged and sold; the possibilities are virtually limitless. In fact, there are a lot of P2E games that have similar gameplay to Pokemon.
P2E games and their rising popularity
The release of various P2E games in different genres has already occurred. There are a number of these games that make use of specific tokens that are explicitly intended for crypto-games, such as Decentraland, Axie Infinity, and The Sandbox. Many of these games are available on the Ethereum blockchain.
At least for the time being, these coins are consistently among the best-performing tokens on the market every day. You can store them in your crypto wallet or trade them and profit from your actions.
However, while it will take many hours to earn anything close to a respectable amount of money through P2E games, they compensate you for your time spent playing rather than the other way around.
The bottom line
The popularity of crypto gaming and the metaverse, which has become the latest internet buzzword, has resulted in several tokens in the space. This has led to a broader range of applications that are now slowly covering the gaming industry.
It’s impossible to imagine what the future of crypto gaming will look like if the trend continues at its current pace. Although there’s still an ongoing debate about cryptocurrency’s integration with video games, it’s impressive to see both industries moving forward consistently.
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