Some years back, experts thought of gaming as a significant driver for the future of blockchain technology. Subsequently, skill, time, and financial investments were poured into the new niche. So far, this sector of the entertainment industry has delivered on expectations. Crypto games have caused about 41 million more people to own cryptocurrencies.
However, will the current trend be sustained? Will the $321 million industry (as of 2020) continue?
Furthermore, mobile gaming has been influenced the most by the introduction of blockchain. The prevalence of mobile gaming blockchain platforms is because the infrastructure needed for the optimal functioning of crypto games is only easily accessible to iOS and Android devices.
Despite clear evidence of growth, relevance, and continuous stakeholders’ investment, some still see blockchain’s gaming presence as a passing tide. This leaves the big question of whether blockchain gaming is the future of mobile games.
What are Blockchain games?
Blockchain games can also be called crypto or NFT games. These games feature cryptographic technology in either the entire or part of their gameplay. Blockchain technology in the gaming industry serves as the fundamental underlying technology or powers the in-game economy.
Either way, blockchain games create a financially-inclusive economy for players. Thanks to blockchain gaming, players can now make money from playing time. The new economy is in total contrast to the reality of traditional games.
In traditional gaming, only developers make money. However, with blockchain-based games, everyone makes money. Many tout this two-way economy as being unsustainable. But that’s because they don’t understand how blockchain gaming works.
How do Blockchain Games Work?
Blockchain games are also called NFT games because they feature non-fungible token characters, utilities, and rewards. As said earlier, blockchain games are designed to give players financial compensation. The only way blockchain-based games achieve this is by allowing players to transfer value out of the game. This is in contrast to the reality in traditional games.
Even if a player makes the in-app purchase of weapons and other utilities in traditional games, everything still belongs to the developers. As a player, you can’t take these items out of the game – their values remain in-game.
However, because crypto games are built on the blockchain, the characters, utilities, and rewards are all NFTs. Therefore, once you own a feeling, it’s attached to your wallet address. Subsequently, you can transfer the character and utility out of the parent game. Owing to this, blockchain-based game players can trade value online.
Being able to attach value to digital items is the true revolution of blockchain technology. It’s on this premise that the new play-to-earn economy was birthed in the gaming industry. However, before creating blockchain games for mobile and desktop, play-to-earn in games was technically meaningless.
In those games, players could accumulate assets and rewards, but the assets have no real-world value. Think of all the coins you’ve earned in Super Mario or Candy Crush. Unfortunately, none of the rewards and earnings can convert to money for you.
In NFT games, however, such rewards do convert to money. The advent of games where players get redeemable rewards is causing a fundamental shift in gaming. We are only left to see if this shift will stand the time’s test.
Summarily, blockchain games work as such;
- you buy into a game (primarily by purchasing characters)
- you participate in the games to earn rewards
- your activities in-game also ramps up value for your character
- the rewards and characters are attached to your wallet address.
- You can then sell these items on crypto exchanges like Binance, Coinbase, etc.
- Beyond rewards, the gameplay can involve earning the game’s token, which you can also sell on exchange platforms.
There are about 400 play-to-earn blockchain mobile games, and they all follow these fundamental economics. However, you shouldn’t just dabble into any game you find on your timeline. FOMO also shouldn’t cause you to ape into the game. Do your due diligence.
Note-worthy trends Regarding the future of blockchain gaming
The various positive trends posit that the future of blockchain technology in mobile gaming is bright. For developers and gamers, there are several reasons to ensure the sustenance of the novel industry.
The Growing Market
There’s so much craze about blockchain/web3-related concepts – GameFi, NFTs, Metaverse, etc. So, the market is responsive to cool offerings emerging from the crypto gaming market. As a result, the market size snowballs, with no specific leader, which is perfect for indie developers.
Though, a few projects created by buoyant studios are already ramping up more users globally. But, technically, anyone can still ride on the market’s interest and hit it big with an exciting game. For both developers and gamers, the market is just right. There’s so much potential hanging. With both stakeholders’ work, play-to-earn blockchain mobile games aren’t going away soon.
The financial incentive of mobile blockchain games and the ease of accessibility account for the high-level engagement by players. Several people are quitting their jobs to play blockchain games full-time. Prevalence of such devotion can only mean one thing for the industry – continued relevance.
Beyond time and effort, players also invest so much money in these games. The such heavy investment comes from both individuals and corporations. For instance, there is news that large corporations are buying properties in the metaverse.
Having large corporations participate in these blockchain-based game projects is a huge positive, with effects bound to ricochet around the industry. Also,
Players make money; developers bag their profits, investors get massive returns, and everyone is happy. The wheels keep spinning, and the money keeps cycling. All you need to do is know the game, and you could be a part of a future of financial freedom.
Over the several decades of the internet’s existence, users didn’t own anything that lives on the internet. Data, information, images, videos, etc. The developers and platform providers own these entities. However, with the advent of blockchain, users can now own and hold value on the internet.
For instance, you can capture monetary value on the internet through BTC. Now, you can have absolute digital ownership of images, thanks to NFTs.
As explained earlier, in-game characters and utilities are tied to the players, not the games. So, you can move assets you own from one game to the other – interoperability. The actual ownership play to earn blockchain mobile games offer is why more players find their way into the industry.
Thanks to blockchain’s impact on the finance industry through bitcoin, the world is now more open to DAOs. Users now no longer want to follow whatever centralized institutions dictate. Being able to make the rules is something the blockchain affords.
In blockchain gaming, players can now earn a game’s tokens, then subsequently stake it to be part of the decision-making community. So, when a change needs to be made, the whole community votes. So, the community is charged with making the best decisions to keep the platform alive, as this serves the best interest of the users too.
Is blockchain gaming the future of mobile gaming? The signs point in the direction of yes. However, as a technology, blockchain has certainly proved to be full of surprises. So, it’s hard to tell what cat it’s pulling out of the bag next. But one thing is sure, blockchain in the gaming industry will persist for the foreseeable future. So, to be a part of the future of gaming, participating in games like CoinFantasy is the best way.
Frequently Asked Questions
The primary purpose of blockchain games is to drive further adoption of blockchain technology. However, recent times have seen a shift. Therefore, a secondary point of blockchain games is to help players generate profit from what they love doing. Merging gaming and blockchain has been successful in achieving these two goals.
Yes, the future of blockchain technology is full of potential. The technology is so powerful and empowering that it’s gotten worldwide governments on their toes. With the current activities around the technology, it’s safe to say it’ll be around for a long while.
A blockchain game alliance is an organization primarily committed to heralding blockchain in the gaming industry. This organization focuses on generating more awareness of the impact the technology can make while conceptualizing new ways to leverage blockchain in games.
There are about 400 blockchain games in existence. The very first crypto game to be created was Cryptokitties. Now, there are even blockchain platforms gamifying the stock market. In addition, various blockchain gaming companies are pushing the limits to create a future economy that pays players.
Currently, Axie Infinity is one of the most popular blockchain games. However, new projects are coming up now. One of such is CoinFantasy, where you pick teams of cryptos that’ll do well in the market. Also, CoinFantasy operates a lossless policy.