Although gaming and cryptocurrency seem like an intuitive couple, the two complementary industries’ current landscape shows that there’s still work to be done. While the challenges posed by reach, accessibility, design, and function have been tackled by different tech and crypto wizards, only a handful are thriving in this revolution. That’s despite the growth in the popularity of btc crypto gambling over the last decade.
Here’s a review of the current landscape in the two complementary industries as they continue encouraging the mass adoption of blockchain technology.
A Unique Opportunity
With crypto making news headlines over the last three months, gamification has been one of the top agendas in many fintech platforms. Most investors know that creating this type of sophisticated platform could bring in big bucks, and everyone is looking to grab a share of the growing market.
According to strategic adviser, Yat Si, gamers from the largest user base understand virtual assets and digital currency. However, the ability to create real economic value stands as the missing link. Nonetheless, blockchain games will soon change as the existing players recognize blockchain’s value because they’ll earn from the activity like with a real asset class.
The blockchain opportunity is also attracting more than casual-style game makers. Veteran game developers like Atari are also picking up the pace after being successful in the gaming market for decades thanks to retro titles like Tetris and Pac-Man. While Atari has recently struggled to keep up with new players in the market, it’s bouncing back with a plethora of weapons to win over gamers. The company is currently working on a new console and several crypto tokens to go alongside blockchain gaming.
Atari’s token (ATRI) was developed on the Ethereum blockchain and will work as an in-game currency for their games. Their future plans also include launching an NFT blockchain collectible, which will help them display elaborate art from their games. Speaking in an interview, Atari CEO Fred Chesnais reckoned that having a utility token is a must for any company that wants to remain relevant in the growing market. Fred also understands that adoption constraints are strongly intertwined with a steep learning curve.
Non-Fungible Tokens (NFTs)
While Non-Fungible Tokens are a relatively new concept in the gaming market, it’s evident they’re here to stay. These legendary pieces help to create anything from distinctive in-game characters to an art piece. NBA Top Shot developed by Draper Labs is a good example of these tokens, currently being the highest-selling NFT based on the sales volume.
In blockchain gaming, non-fungible tokens are also unique non-interchangeable items that gamers can compete for and use to trade. Popular platforms spearheading NFT creation and trade include OpenSea, a marketplace known for making the creation of these tokens intuitive and straightforward while allowing the creators to trade their creations for royalties.
High-engagement platforms are currently working on two types of NFTs. One of them is Game Parcel NFTs that will allow game creators and other third-party publishers to launch their game on their platform to their audience. Robots are the second type of NFT, designed to give the players boosts on their reward in skill-based tournaments and can be a character in dedicated games.
Exceed-Me is also offering an exciting parallel that allows you to win by performing strongly in tournaments or betting. The rewards include the native XED token, which you can trade on marketplaces for fiat currency or other tokens.
These examples prove that Non-Fungible Tokens are doing more than empowering casual gamers to interact through the blockchain to get an accessible revenue stream by enjoying a hobby that’s already part of their daily routine. They are also paving the way for improved engagement rates on gaming and other entertainment platforms.
Although NFT trading might be a daunting task for beginners, the crypto community is still delivering in these terms. Applications like Altcoin Fantasy and Bitcoin Flip are also helping newcomers understand the crypto market dynamics without risking any pre-owned or upcoming cryptocurrency at risk. The $150 billion generated in revenue last year in traditional gaming is also evidence of the dormant potential of crypto, blockchain, and gaming combo.
Last year’s gaming revenue surpassed both film and music combined, with about 30% of the global population engaging in games while locked behind closed doors. That means converting a small fraction of these players will drive millions of dollars to the blockchain market.
By facilitating the creation of interoperable game collectibles, blockchain technology is set to take the gaming industry to a new level. The technology is also creating new revenue models using enhanced loyalty programs and NFTs, which is also encouraging crypto’s mass adoption, mainly by gamers. Blockchain is also creating fresh markets for collectibles trading and sports betting.
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