The crypto world is becoming more integrated globally, and it is slowly getting its way into gaming. We are still waiting to see a gaming token make its way into the top 50.
The gaming industry is entering a new wave using blockchain technology that can make the gaming world more secure and has the potential to create new ways to monetize gaming. This is the upgrade that the gaming industry has been waiting for!
The gaming industry is worth over $300 billion that is made up of over a third of the world’s population. The industry has grown by over 500 million players within only the past three years. With this amount of growth, the gaming industry is now larger than both the movie and music industries combined.
Gaming has marketing budgets that can run up to hundreds of millions of dollars, so by the time games or consoles are released, people are lining up to purchase.
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All consoles and games are owned, created and monetized centrally. Another aspect that game companies use is the model that allows gamers to play for free but requires them to make in-game purchases to increase their experience, and there are generally more ads in the free versions of these games. People tend not to prefer this form of gaming since it interrupts gameplay, so they tend to opt for a pay-to-win option, which takes away from the skill of gaming.
With blockchain, gaming could change from a pay-to-win system to a play-to-earn option. Blockchain would use proof-of-ownership of in-game assets. It could also create a marketplace where gamers can buy or sell the assets as an NFT. These NFT’s will increase the growth of blockchain technology in the gaming industry. Games are slowly taking on this new way of gaming, and one of these is the game HodlGod.
HodlGod is a 3D battle game that is on the Unreal Engine, which is part of the WAX blockchain. The first tradable NFT’s in this game were sold for almost half a million dollars. A collab with Blockchain Heroes saw over $75,000 in NFT’s sold in less than one second.
People that enjoy NFT’s and love working with blockchain can access the NFT’s and other benefits on the Onessus ecosystem. Here they can lend NFT’s that have been won in the game and will be able to earn yields in VOID and other NFT’s. Play-to-earn is bringing a new world to gaming by bringing DeFi and NFT’s into the industry.
To integrate NFT’s into De-Fi, a system has been created to convert NFT’s into smart NFT’s, which can level up and can earn bonuses. This new approach focuses on gamers by giving them the control to do what they choose with their in-game assets.
This gamer first approach brings new prospects to the gaming industry and attracts both players and investors worldwide. Everyone wants to get in on this new take on gaming.