Cryptocurrencies and blockchain technology are two of the most revolutionary concepts in the world at the moment. Both have been able to disrupt entire industries, changing the way processes are being run and value is being sent.
For concepts that are so interesting, crypto and blockchain haven’t quite been able to crack the gaming space. There is a general awareness that crypto and blockchain can help games become more interactive and fun, but no one seems to be actively exploring the opportunities for now.
Moving into 2022, there’s a general feeling that games in the crypto world will be even bigger. Everyone has seen the success of games like Decentraland and Axie Infinity, and they would like to build on that success to hit even bigger heights going forward.
Trends rule everything
For as long as it has been in the limelight, the gaming industry has been known to chase trends. Decades ago, everyone was into consoles and large setups. But, recently, it has been more of a shift towards different trends. Twitch and more have disrupted the space with video game streaming. Fortnite, League of Legends, and more have made games more interactive with the battle royale system. And on and on it goes.
Many of these trends have a logical pattern – a game is a wild hit and makes so much money, so everyone else wants to be like it. But, blockchain and crypto are making an entrance into the scene and it is interesting to see how things will shape up to be.
In recent years, investors have already thrown hundreds of millions at game companies that are looking to incorporate blockchain technology and cryptocurrencies into their ecosystems. Now that concepts like non-fungible tokens (NFTs) are in the mix, investors are salivating even more.
How crypto gaming usually works
The entire gambit of crypto gaming platforms is simply the gamification of your experience. Essentially, these games have their ecosystems and set of rules. Players come in and play the game, and they get rewarded for finishing tasks and leveling up.
But, instead of just giving rewards that are only valuable in the game, players now have the opportunity to earn. Think of it this way; if you play a game and get a reward (perhaps a new skin or a new weapon), it is only valuable to you and the people who know its value.
With crypto gaming, these rewards can take on a value of their own. So, they could be NFTs – tokens that are unique and which represent something actually valuable in the game. If you like, you can hold on to this NFT and keep it. Or, you could decide to sell it on an NFFT marketplace. NFT mania is currently gripping the world, and you could just get lucky enough to sell your game NFT for a sweet price.
Crypto gaming uses the play-to-earn model to attract players. Why simply play when you can play and actually earn money? For some platforms, there are even in-app marketplaces where you will be able to trade your NFT. This way, people who understand the value of these NFTs will also be able to contact you and pay you for your NFTs.
Growth opportunities abound
While crypto gaming didn’t especially take off in 2021, there have been different pointers to the fact that it is very much alive. The success of games like Decentraland and Axie Infinity – both of which are raking in millions of dollars already – means that many people are attracted to the play-to-earn model. So, there is a lot to be excited about when 2022 rolls by.
One aspect that has investors talking is the metaverse and how crypto gaming platforms can take advantage of it. The metaverse promises to be an expansive and immersive environment where participants can be free to express themselves and be creative, and gaming companies could take advantage of it.
Creating a metaverse-based gaming environment where players get rewards is an attractive concept, and some games already inhabit that space. Axes Metaverse – a game developed by Azur Games – has recently captured the attention of players thanks to its seamless gameplay and combination of NFTs and the metaverse. Players can get NFTs as rewards, and they get to explore the game’s iteration of the metaverse. That is definitely interesting.
Of course, this doesn’t mean that other games can’t do the same. All they need to do is find something that makes players want to come to their platforms, and they can sell that.
Crypto gaming is also attractive to companies looking to sell. One of the primary benefits of the metaverse is that it will offer an abundance of marketing and engagement opportunities. Companies understand the potential of this, and they know how much games attract members of their target market.
Nike and Adidas are prime examples of this. Both companies are building their iterations of the metaverse, and they will allow participants to sample some of their products using their online avatars. When a metaverse-based crypto game gets popular enough, there is no doubt that brands will line up to advertise on its platform. This means greater revenues and an even more seamless opportunity to grow.
2022 is poised to be an even bigger year for crypto than 2021 was. With several facets of the industry making waves, gaming could take a giant leap forward as well.