One major impact of blockchain is the distribution of wealth. Globally, many people have become millionaires thanks to the cryptocurrency boom. However, there are still some people who haven’t been able to maximize the blockchain.
To further grow blockchain adoption, gaming has been very vital. As a result, blockchain in the gaming industry has seen about 41 million more people owning cryptos. However, this impressive growth is owing to the hard work of some companies.
Though blockchain is all about decentralization, some developers still need to come together to build the infrastructure. Through their various product, these companies contribute to the maturation of the ecosystem. Fortunately, recent times have seen a flurry of companies and projects come into the scene. However, it can be hard to keep track.
Hence, we’d like to intimate you with the top 5 blockchain gaming companies with huge impacts on the ecosystem through this article.
What Makes Blockchain Gaming Companies Unique?
In 2017, when CryptoKitties launched, it was thought to be a mere viral sensation. However, the subsequent $ 1 million character sales attained made the project newsworthy. At the time, such sales volume was game-changing. But, in the five years that followed, interest and investment in the space have risen steadily. In the first half of 2021 alone, 24 gaming companies using blockchain closed about a $476 million investment.
For such a new industry, such investment figures are wild, and there’s more on the way. Blockchain gaming’s economy is deemed to hold massive potential, such that not only VCs are investing anymore. Gamers are also willing to invest more into the space.
For instance, upon realizing how well they can make money from blockchain gaming, several players quit high-paying jobs. Such paradigm shifts don’t just happen.
While it remains a consensus that blockchain gaming still has a long way to go, several current factors and features make the niche unique. Below are some factors differentiating blockchain gaming companies from conventional companies.
Giving Players Ownership: For traditional gaming companies like EA Sports, Sony, Tencent, Nintendo, Microsoft, Activision Blizzard, etc., all in-game utilities belong to them. Even if players earn rewards in-game, such value can’t be taken out of the game. Hence, all financial value goes to these companies.
However, the list of blockchain gaming companies includes organizations with a difference. In-game elements of these gaming projects belong to the players. This ownership is because the in-game features are NFTs. Upon ownership, players can do what they want with their assets.
Blockchain Gaming Companies will eventually become DAOs: Decentralized Autonomous Organizations are fast rising through the ranks of blockchain products. DAOs are member-owned community infrastructures with no central leadership.
DAOs are governed by the transparent smart contract, which anyone can verify. Furthermore, the organization’s rules are encoded in the database, which cannot be altered without a vote.
The establishment of gaming DAOs will redefine the standard of operations, fundraising, community projects, etc.
Blockchain Games provide financial rewards to players: Through the play-to-earn gaming model and economy, players can earn real-world financial rewards from their time and effort in-game. As a player, you participate in in-game activities and earn rewards. The rewards are attached to your wallet ID. With blockchain games, the utilities and rewards are NFTs and can be traded to fiat currencies on exchange platforms.
Anyone can set up a blockchain gaming company: One primary attribute of gaming companies using blockchain is that anyone can set them up. You can choose a blockchain and start building on it as an individual. In addition, you can leverage resources that are already existing on the blockchain to develop your own NFT games.
Blockchain in the gaming industry is the present and the future. The technology harbors much potential, thanks to its characteristics. We can only wait to see what the future holds. For now, let’s take a look at companies giving us a clue about gaming’s future.
The 5 Best Blockchain Gaming Companies In The World
Any company that builds its game on a blockchain or uses blockchain in any part of its in-game economy is a blockchain gaming company. As of January 2022, there are 398 active blockchain games. These top 5 blockchain gaming companies created some of the most successful and popular blockchain games.
A company with a rich history in developing blockchain games, the Hong Kong-based brand has built Sandbox, Crazy Kings, and Crazy Defense Heroes. The reputation amassed so far has the company currently working with big-name institutions like WWE, Marvel, Power Rangers, Formula One, etc.
They have also collaborated with other blockchain-based gaming companies like Sky Mavis, OpenSea, Dapper Labs, etc. Arguably, Animoca brands are the best blockchain gaming platform.
OpenSea isn’t popularly known as a gaming company. Instead, the company’s platform facilitates NFT projects globally. Bar the recent security breach of the platform, it’s been an invaluable asset to the NFT world. NFTs are central to blockchain games, and OpenSea is the world’s best NFT game trading platform. On there, players can get tokens and other assets needed for gaming.
On OpenSea, you can sell, buy or auction your tokens. You can also trade your in-game assets and collectibles for fiat currency.
Designed for superfans, CoinFantasy is the world’s first decentralized fantasy gaming platform for crypto markets based on the play-to-earn model. Thanks to their product, players can enter a contest and stand a chance to win amazing rewards daily.
On this platform, players get to pick a lineup of cryptos that they feel will rise in value. Subsequently, players’ lineups compete. Players with the highest points win the money. However, unlike other fantasy gaming platforms, there are no losses on CoinFantasy.
Mythical Games is another major blockchain gaming company. They built the Blankos Block Party that was the rave in 2020. Being one of the major gaming companies using blockchain, they had a different approach to the release and marketing of their game. Their game was made public upon completion, and their marketing focused on exploring the player-led economy their game featured.
Responsible for the development of Axie Infinity, Sky Mavis has established its place in the blockchain gaming industry. The company has been successful, with a meaningful impact on the ecosystem. The game’s utilities and tokens are also traded on major exchanges like OpenSea, Binance, etc. Running on the play-to-earn model, Sky Mavis’ Axie Infinity has risen to be a way to make money for people across the world.
Factors To Consider Before Choosing a Blockchain Game
When trying to pick a blockchain game to play, there are several factors to consider. These are:
- The Blockchain: Different blockchains exist. Each blockchain also has unique offerings, reflected in the games built on them. Hence, you must study the pros and cons of each before settling on one. Ethereum remains arguably the best blockchain for gaming.
- Rewards: The rewards from a blockchain game must be worth your time. Hence, do your research to know just how much you can get from a game before investing time and effort.
- Buy-in: Some cryptocurrency games are free, while others require a financial commitment. Know how much you’ll need to invest in a game before making a move.
- Ease of Cashing Out: It’s best to play blockchain games traded on popular exchange platforms. Examples of such games are CoinFantasy, Axie Infinity, Decentraland, etc.
The list of blockchain gaming companies will continue to grow. More experts and investments are finding their way into the niche. Hence, expect more exciting and viable projects. However, if you want to get started with blockchain gaming now, check out CoinFantasy.
Frequently Asked Questions
There are different crypto games out there. These games fall into different categories and offer varying functionalities to players. Hence, it isn’t easy to pick the very best. However, Axie Infinity’s AXS is the best gaming crypto based on valuation and market size.
NFTs are non-fungible tokens. NFTs are entities that are one-of-a-kind. They can’t be replicated. NFTs in games promote ownership for players. Players can own and trade the entities by making the characters, rewards, and utilities in-game NFTs. This way, players can transfer value out of the game.
Blockchain gaming works by giving players total control over assets they earn from participating in-game. Blockchain games differ from traditional games. In conventional games, even if players buy assets in-game, such assets still belong to developers. However, blockchain games allow for the transfer of such assets.
Yes, blockchain gaming is the future. Blockchain gaming introduces a new economy that’s profitable for both developers and players. Also, blockchain gaming aids the adoption of the technology. There have also been more investments in the new industry in recent times.
Ethereum remains the best blockchain for gaming. Several blockchain gaming projects widely use the platform. Because of the number of games using Ethereum, it’s easy for players to derive value from time spent playing. Interoperability experience is also improved on the platform.
Blockchain in the gaming industry is the future because these novel technology-enabled platforms allow developers to enable features like token wallets, NFTs, payment rails, etc. All these are elements of web3 – the internet’s future. Also, blockchain games create an inclusive economy called play-to-earn.