{"id":3603,"date":"2023-07-03T05:19:08","date_gmt":"2023-07-03T05:19:08","guid":{"rendered":"https:\/\/digitalcoinprice.com\/blog\/?p=3603"},"modified":"2023-07-03T05:19:08","modified_gmt":"2023-07-03T05:19:08","slug":"experts-predicting-a-big-increase-in-crypto-gaming","status":"publish","type":"post","link":"https:\/\/digitalcoinprice.com\/blog\/experts-predicting-a-big-increase-in-crypto-gaming","title":{"rendered":"Experts Predicting a Big Increase in Crypto Gaming"},"content":{"rendered":"

The Value of the Crypto Gaming Market is Expected to More Than Double to Over $20 Billion in 2023 As Games Adapt and Improve.<\/span><\/i><\/p>\n

Crypto gaming may be an unfamiliar concept to many, but there are signs it is becoming more mainstream.\u00a0 Following the success of \u2018Fortnite\u2019, more games are being created that are free to play, with the profits being made from in-game sales.\u00a0 With many gamers being young and tech-savvy, this has naturally led to them using cryptocurrencies for their purchases.\u00a0 This has led to game developers designing games specifically for crypto users.<\/span><\/p>\n

Using blockchain technology for game assets has a number of benefits.\u00a0 The most significant advantage is having items transferable across games.\u00a0 A Worldwide Asset eXchange (WAX) survey showed that\u00a0 62% of gamers would be more likely to invest in digital assets if they were transferable between games.\u00a0 Using blockchain would tie the assets to the player, not the game.\u00a0 The security features of blockchain would also reduce fraud, theft, and hacking.<\/span><\/p>\n

Crypto gaming can take many forms.\u00a0 The simplest is Play-to-Earn (P2E), where players earn cryptocurrencies and NFTs by playing that can be sold for real money.\u00a0 \u2018CryptoKitties\u2019, created in 2017, was one of the first to do this.\u00a0 The aim of the game is to breed, trade, and collect cats.\u00a0 An NFT represents each unique cat.\u00a0 However, P2E games suffer from poor and repetitive gameplay that results in gamers losing interest and means the games rarely have sustainability.\u00a0<\/span><\/p>\n

Crypto gaming has moved away from the original basic games and now offers more developed gameplay with attached communities.\u00a0 Games such as \u2018Alien Worlds\u2019 have basic gameplay where players can earn by Trilium mining and by going on missions.\u00a0 There are also weekly elections on each of the six planets to choose members of the Syndicate, who then decide on proposals.\u00a0 This has helped to create a community, and getting involved with voting helps to build long-term interest.<\/span><\/p>\n

One of the most popular crypto games in 2023 is \u2018Axie Infinity\u2019.\u00a0 It is a blockchain game with an in-game economy based on Ethereum.\u00a0 The aim of the game is to collect Axies which are cute, digital pets that vaguely resemble axolotls.\u00a0 Players have to breed and raise their pets and even create kingdoms for them.\u00a0 Body parts and features are randomly assigned and you have to choose the best way to combine the options you have.\u00a0 They then battle other Axies, with each one being an NFT.\u00a0 Data from BeInCrypto shows that \u2018Axie Infinity\u2019 has over 300k active users.\u00a0 The game has a lot of similarities to both \u2018CryptoKitties\u2019 and \u2018Pokemon\u2019 and that familiarity seems to have helped to make it very well-liked.<\/span><\/p>\n

Another blockchain game that is leading the market in 2023 is \u2018Gods Unchained\u2019.\u00a0 The game can be compared to both \u2018Magic: The Gathering\u2019 and \u2018Hearthstone\u2019. \u00a0 It is an online trading card strategy game built on the Ethereum blockchain.\u00a0 There are more than 400 cards available and to play you buy a random pack of cards.\u00a0 You can buy, sell, or trade individual cards on a marketplace.\u00a0 Players start by choosing a god from the 9 available and then create a deck of 30 cards.\u00a0 You can then engage in skill-based multiplayer battles, with the aim being to reduce your opponent\u2019s health to zero.\u00a0 There are also tournaments to participate in and a campaign called \u2018Blessing of the $GODS\u2019 you can join.\u00a0 All the in-game assets are NFTs and players have complete ownership over their items.\u00a0 The developers of \u2018Gods Unchained continue to improve and expand the game regularly with new features and content.\u00a0 Gods Unchained has over 450,000 registered players and it has recently joined Epic Games Store.\u00a0 This combined with plans to make it available on mobile devices means the game should continue to grow.<\/span><\/p>\n

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For players looking for something more creative, there is \u2018The Sandbox\u2019.\u00a0 This game will seem familiar to \u2018Minecraft\u2019 fans.\u00a0 It is a multiplayer game where users can build their own worlds with unique in-game objects.\u00a0 Players can design games or items and then sell them.\u00a0<\/span><\/p>\n

It is based on the Ethereum blockchain.\u00a0 The land is a NFT and players can create unique worlds and rent space to others.\u00a0 The game has 1 million unique players and 4.5 million user accounts with registered wallets.\u00a0 A recent update of \u2018The Sandbox\u2019 meant that now players no longer need a crypto wallet but can instead register for an account with just an email address and password, widening its appeal.<\/span><\/p>\n

The latest development in crypto gaming is Free-to-Own (F2O) games.\u00a0 Players are given NFTs and crypto in the game instead of having to earn them.\u00a0 The game’s owners make money as a percentage of the game economy.\u00a0 In effect, the game is co-owned by both the players and the developers.\u00a0 The theory is that players will be invested in the game so they will promote and champion it.\u00a0 The developers will only see a profit if the game succeeds, with many users exchanging their NFTs and crypto.\u00a0 As there is no need to purchase an NFT or tokens prior to playing the game, F2Os appeal to first-time blockchain gamers who are not familiar with crypto.\u00a0<\/span><\/p>\n

While this may seem very speculative crypto gaming is growing rapidly.\u00a0 A recent report from DappRadar and the Blockchain Games Alliance showed that a total investment of $739 million was made in blockchain gaming and metaverse projects in Q1 2023, a 12.95% increase from previous quarter investments.\u00a0 Trading activity in virtual worlds closed the quarter at $350 million.\u00a0 Over 67,000 virtual land transactions were recorded in March, nearly half of the quarter’s total of over 143,000.\u00a0 Crypto gaming saw a slow start to 2023 but it is expected that it will show rapid growth and expansion.<\/span><\/p>\n

While some cryptocurrencies have been created specifically for a game, mainstream digital coins are still the most used.\u00a0 Bitcoin is the most widely used, but it does have some drawbacks when used for crypto gaming.\u00a0 “We have found that Monero is popular with crypto gamers,” says Nathalie Roy, owner and creator of Monero Wallet, <\/span>XMRWallet.com<\/span><\/a>.\u00a0 “Monero’s speed and low fees appeal to gamers who often need quick and cost-effective transactions.\u00a0 Monero also provides complete anonymity, making it a good choice for users concerned about their transaction privacy.”<\/span><\/p>\n

With so much money being made in crypto gaming, it is no surprise that traditional gaming companies are moving into the market.\u00a0 One of the most high-profile is the upcoming Final Fantasy game from Square Enix, that will include NFTs.\u00a0 Square Enix is also releasing a new RPG built around blockchain technology featuring 10,000 collectible NFTs called ‘Symbiogenesis’.\u00a0 As more mainstream game developers embrace crypto gaming, its popularity will only increase.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The Value of the Crypto Gaming Market is Expected to More Than Double to Over $20 Billion in 2023 As Games Adapt and Improve. Crypto gaming may be an unfamiliar concept to many, but there are signs it is becoming more mainstream.\u00a0 Following the success of \u2018Fortnite\u2019, more games are being created that are free […]<\/p>\n","protected":false},"author":1,"featured_media":3605,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-3603","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-guide"],"_links":{"self":[{"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/posts\/3603","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/comments?post=3603"}],"version-history":[{"count":1,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/posts\/3603\/revisions"}],"predecessor-version":[{"id":3606,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/posts\/3603\/revisions\/3606"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/media\/3605"}],"wp:attachment":[{"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/media?parent=3603"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/categories?post=3603"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/tags?post=3603"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}