Blockchain is new, and it is trying to bring out a revolution in the economy with decentralization. Though cryptocurrencies from this tech have flourished, it is not seeing consecutive downfalls. Bitcoin price has dropped for 9 straight weeks, which is the highest in the history of crypto. Even during these tough times, NFT gaming platforms are still having the strength and hope to come up. Gamers who started playing these NFT-based games never left them even when the market was at its all-time low. Experts predict that it will take months to recover from this extreme downfall, but the capital investment for crypto gaming is not showing a sign of going down. Is it worth playing these games? What is happening in the crypto gaming community? Here is everything you need to know.
Stealing the spotlight
Though blockchain is almost 2 decades old, it hasn’t reached the crowd yet. Though many people started using blockchain and crypto, it is not widespread for every commoner. But the last few years have seen both all-time highs and the all-time low in the market. Last year, 2021, was the year of NFT with a massive market capital. At the same time, one thing that took most of the blockchain is the blockchain-based games.
NFTs came with NFT games, and gamers started involving in them. They gave a passive income to the players and attracted a lot of new users. Play-to-earn games came out, and they gave a convincing income to the players. This made many gamers in countries like the Philippines and Vietnam leaves their daily jobs to earn better in these NFT games. These games provided their daily bread and pushed them to make it their profession.
On top, even at the lows
Dapper Radar has given a surprising report recently that the number of Active Unique Wallet is the most found in-game Dapps and gaming wallet transactions since this April. This clearly states that people playing crypto games are not slowing down. That month saw an all-time low in the crypto market, and people thought it was not easy to recover from this downfall. On the other hand, many venture capitalists found the potential of crypto games.
The first quarter of 2022 saw a dip in all cryptocurrencies and NFTs as well. Crypto games being an exception, earned a whopping $2.5 billion in the first quarter, which is way higher than $4 billion during the whole of 2021.
The funds are pouring from everywhere to improvise this new gaming ecosystem. What is all with this new update in the gaming industry? Why is it in the spotlight?
Transforming the web3 gaming ecosystem
What does web 3.0 have to do with the gaming industry? Blockchain’s main aim was to bring decentralization even in the world wide web. This was gradually taken up by the gaming industry efficiently. How? By allowing the players to hold responsible for their in-game assets through NFTs and the governance of the NFT gaming platform. Play-to-earn games have transformed the gaming experience by converting what is fun into money. This concept has brought many users to this decentralized gaming community where the players hold power. The concept was just a test run, but it turned out to be a massive success, with a number of games and a huge crowd of players rushing towards it.
Metaverse opening up a new world
The next big thing that is emerging in the gaming world is the introduction of metaverse games. Though VR or virtual reality is something that is old to gaming, Metaverse is a complete package. It gives extended reality (XR), in other words, a combination of VR and Augmented reality to give a real-world experience.
Making games more fun, Metaverse is expected to hit huge in the market. By adopting blockchain technology and Metaverse, the gaming industry will get better and merrier. These adoptions will make it resistant to future crypto dips and whatever storms that may come over.
Final say,
The crypto gaming industry will be in the spotlight unshaken for years with Metaverse backing up. NFT gaming platforms are getting and will get an overwhelming response from the global gaming community unless it is fun and entertaining. Only these two factors keep the boat sailing. While crypto traders look for the right time to invest to earn the best through currencies, gamers enjoy investing their time to get the best out of it.
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