As the global adoption of blockchain and cryptocurrencies picks up speed, more and more industries are reaping the benefits of decentralisation. Sectors as varied as live sports, healthcare and even fine art have reinvented their business functions using the transparency and security of crypto, while the consumer finance landscape has been forever changed by the advent of DeFi (Decentralised Finance).
As we move into an ever more digitalised world, crypto is poised to play a leading role in shifting how we both engage with and experience everything from work to play. In today’s article, we’ll be examining just how crypto and blockchain are shaping the future of digital entertainment.
Earning While Playing
Ok, so consumers have effectively been able to play with decentralised currencies like Bitcoin in Ethereum since they were first accepted as valid forms of payment across a diverse range of gaming genres and sectors. In the iGaming market, for instance, several Bitcoin casino platforms have launched since the late 2010s that enable players to both gamble with and win payouts in the leading crypto token. Even massive mainstream gaming brands such as Microsoft accept BTC, ETH, USDC and more in their online store.
While this has undoubtedly brought forth a range of benefits to both players and retailers, the biggest impact that cryptocurrencies have had on gaming is in the creation of the Play to Earn sector. Crypto and blockchain games leverage NFTs, smart contracts and governance tokens to provide gamers with rewards in the form of digital assets with real-world value. Play to earn economics is revolutionary in that it rewards gamers for the time they spend playing, reshaping not just the overall gaming experience but also consumers’ leisure time.
In the past few years, the P2E sector has blossomed to the stage where it’s now bursting with high-quality gaming experiences, several of which are, in turn, helping to usher in the Metaverse. Metacade and Decentraland are two such projects, and they’re encouraging users to engage with GameFi and Web3 experiences either by playing P2E games or by snapping up NFT-based real estate. Meanwhile, long-running crypto games such as Axie Infinity are now as commonplace as established video game titles.
A New Level in Gaming
Speaking of video games, the impact of crypto and blockchain isn’t localised solely to decentralised sectors and initiatives. If mainstream game developers like Ubisoft and Square Enix have anything to do with it, the video gaming industry will be transformed by crypto and blockchain integration.
French development company Ubisoft, which is behind hit games like Rainbow Six Siege and Assassin’s Creed, first announced its intentions to pursue blockchain gaming in 2022. Last year, it officially unveiled the Champions Tactics series, built on the Oasys network, signalling a radical shift for the AAA studio in the process. Although the first instalment, Champions Tactics: Grimoria Chronicles, is currently still in development for the PC that hasn’t slowed down Ubisoft’s foray into decentralisation.
More recently, the company has teamed up with both an established network and stepped in as a validator node partner for an up-and-coming chain, further cementing its position as a blockchain pioneer.
Ubisoft has entered a “collective endeavour” with Immutable, the company behind the Immutable X layer-2 blockchain, which currently powers NFT games such as Guild of Guardians and Gods Unchained. We’re yet to receive any confirmation on what will materialise from this new partnership, but speculation is rife that a completely new blockchain game will be among the results.
The gaming giant is also now a validator node partner for the Ethereum-compatible network, Wemix 3.0. Again, we’re waiting to see what the result of this will be, but this alliance is nevertheless a powerful statement for Ubisoft to make.
Ubisoft isn’t the only recognisable gaming brand venturing into blockchain gaming. Final Fantasy maker Square Enix announced its commitment to decentralised games at the beginning of 2023 and has since launched the Ethereum and Polygon NFT-based game Symbiogenesis, complete with a free NFT auction last November.
Making its Mark on the Music Biz
The music industry isn’t exactly an obvious choice for blockchain adoption, but decentralisation is slowly but surely making its mark, liberating recording artists in the process. Streaming platforms like Spotify have come under intense scrutiny in recent months as light has been shed on the pitiful fees they pay to artists. Now, several blockchain and crypto networks geared towards providing better monetisation models for artists have come to the forefront, some of which have some impressive backing.
Leading the charge is Sound, an Ethereum and Optimism (layer 2) based platform founded in 2022. Having secured $20 million in Series A funding, with participation from icons like Snoop Dogg, producer Tay Keith and Coinbase, the project has minted over 130,200 song NFTs in the past year. This has resulted in $5.5 million in revenue being generated for artist creators, proving the efficacy of its monetisation model.