- Crypto Gaming is a new concept in the gaming industry wherein games are built on blockchain systems.
- In these games, rather than old coins, there are cryptocurrencies or NFTs to reward the players.
Crypto gaming is a new term for netizens as it combines the two most booming industries: crypto and gaming. It is hard to trace when the real adoption of crypto gaming started but we will definitely say that the launch of crypto games is for disrupting the industry.
According to a report, the crypto gaming industry is expected to increase from $4.6 Billion in 2022 to $65.7 Billion in 2027. This is a remarkable change that will take place in the future. However, it is ironic how blockchain or it is still miles away from achieving its true potential. This is because the concept of crypto gaming is new to gamers. They don’t believe in the potential of crypto or blockchains. But, if you see it in comparison to what is called traditional gaming, then you find that there are more advantages or benefits that it offers.
The first advantage it offers is that you can play to earn real cash. This is called the Play-to-Earn model in which you can easily earn the cryptocurrencies or NFT tokens by playing the game. The second advantage is that it is decentralized and provides the users with a free choice to play however they want. Now, combining the advantages and potential of blockchain systems, we will try to understand whether the crypto gaming industry is on its way to revolutionizing the gaming industry or not. It will also be ensured if it is just hype that will go down in the future.
What is Crypto Gaming or Blockchain Gaming?
Crypto gaming involves an online game that is developed with the help of integrating blockchain technology into it. It allows gamers to earn real money by encashing the cryptocurrencies or NFT tokens they earned in the game by just playing it. The concept these blockchain games use is called the Play-to-Earn model. This model is what makes blockchain games different from traditional games. Traditional games are used to engage the mainstream people in games but in blockchain or crypto games, you earn depending on your gameplay. These games are considered more secure as they use blockchain technologies. Also, these games provide real-time ownership of the items. Examples of such games include Axies Infinity, Cornucopias, Farmer’s World, Splinterlands, and many more.
How Does It Revolutionize The Gaming Industry?
To answer this question, we should identify various problems that the industry possesses. The main problem it faces is that the whole industry is based on the Play-to-Earn model which makes the players transfer from one game to another in which they find more profits.
Crypto gaming will revolutionize the gaming industry as it has a lot of potential in the future by integrating blockchain systems into it. Moreover, besides the problem it has, more and more platforms will come in the future to contribute to this new wholesome concept of it. It would be interesting to see how the future of crypto gaming will revolutionize traditional and modern gaming techniques.