Are Crypto Games Going to Take Over Gaming Industry?

UTC by Andy Watson · 4 min read
Are Crypto Games Going to Take Over Gaming Industry?
Photo: Coinspeaker

Game projects have brought on new use-cases, spurring the increase of users and bringing new concepts and fresh experiences, allowing players to remain glued to the space as developers create innovative concepts. 

Crypto games have been one niche of the web3 industry that has taken the world by storm. From its inception, the crypto gaming space has been full of surprises. Even when cryptocurrency prices go through a bear market phase, the crypto gaming industry remains unaffected by price movements.

It led pundits within the space to predict that crypto games shall lead the adoption of web3 technologies. The prediction has remained so. New games have proven the use-case of the underlying technologies repeatedly. Many crypto games deployed almost a decade ago remain popular as fans continue to play them.

Game projects have brought on new use-cases, spurring the increase of users and bringing new concepts and fresh experiences, allowing players to remain glued to the space as developers create innovative concepts.

Blockchain Technology Has Many Uses in Gaming

Since 2013, when Vitalik Buterin espoused the concept of smart contracts which can run off blockchains, blockchain utility has exploded, and gaming has led the pack in the space’s growth. So many projects now exist beyond the house that Vitalik built. It has given rise to new projects that host many games and allied ecosystems.

However, a few games deployed basic blockchain functionality into gaming ecosystems. EverdreamSoft (EDS), a Swiss-based blockchain development company, deployed their first game, “Spells of Genesis” with Bitcoin and Ethereum functionalities in 2017 after a 2015 successful fundraising for development. The firm at the time raised over 900 BTC (about $300,000) at the time.

The game became the first to deploy the world’s first mobile game that enabled the use of blockchain assets. Most recently, WonderHero, a new play-to-earn blockchain game, launched with the highest amount ever of gaming guilds, bringing about $2.5 million USDT to the table and becoming a world-first with the highest amount of guilds at launch.

These widely different use-case scenarios enable the flexibility of web3 technologies. It also exposes the many uses web3 technologies provide to gaming systems and paves the way for further innovation within the space.

These use-cases are beyond the current contexts within which web3 technologies exist. As innovation grows within the space, the world shall see a dramatic increase in these use-cases. The rise of the CryptoKitties game in 2017 provided yet another use-case scenario and gave impetus to new crypto gaming ecosystems thriving today. CryptoKitties, as a gaming ecosystem, broke through many misconceptions and concerns critics had about the ability and utility of crypto games.

The Crypto Games Industry Has Gone Beyond CryptoKitties

While the fervor behind CryptoKitties has come and gone, project gaming developers have come through with use-cases that go beyond just hosting interactive digital assets as Non-Fungible Tokens (NFTs).

Creaton, an NFT hosting and deployment platform, has taken this further with the ability for content creators to host their content, mint them as NFTs off Polygon and get payments from fans, followers, and audiences in real-time. This approach allows for content monetization and growth of the user base for each item minted and stored within the Creaton ecosystem. Creaton’s services attracted investors within the space with input from NuCypher, ZBS Capital, and ExNetwork.

It also brings NFTs center stage as prime expressions of assets within crypto gaming systems. With new standards occurring across different blockchains and ledgers, these use-cases will improve and increase depending on the utilities put on the table by gaming ecosystem developers.

Digital Content Gets Commercialized within Gaming Ecosystems

Content has become king within gaming ecosystems. Players get to experience great gameplay but also create new assets based on content and monetization via virtual marketplaces. These marketplaces enable another function of the web3 space: digital economies.

With the world turning towards the next big project the internet offers, digital economies are fast becoming a new avenue for players and content creators to get incentives. From play-to-earn to content deployment, the commercial uses of content have given rise to player-oriented communities where profit is possible alongside a thriving base for new ideas, which, of course, is still the primary function of gameplay.

What’s Next for the Crypto Gaming Industry?

Gaming enthusiasts are trooping in their numbers because of the experiential and economic benefits crypto games offer. This fulcrum will enable the continuous shift for gaming project developers and fans once they discover just how profitable the web3 space can be for everyone.

New communities, driven by members, shall arise and give new meaning to web3 technologies as the world continues to shift to their adoption.

In the end, it’s not just about utility. It is also about functionality. The best games will not only be the older classics but also new ones that provide more than adequate features and capabilities for players. That is all that counts, and it shall keep players glued to crypto games and their allied communities.

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