- According to an analyst, the gaming industry will grow at a CARG of 9.64% between 2021 and 2026, ranging from $173.70 billion in 2020 to $ 314.40 billion by 2026
- The gaming industry is known for its rapid growth and evolving nature, but everything changed with the introduction of crypto gaming
- Aside from its incorporation and benefit towards its consumers, the gaming industry also improved its gaming engines through blockchain technology
Web3 and Blockchain technology have proven their applicability, more so in their endeavour to prove the applicability of the crypto ecosystem. Over the years, Web3 has ventured into various sectors; the financial, healthcare, and even music industries. The vast applications and interoperability within the different aspects of Web3, NFT, AI, Metaverse and Crypto have proven that the net interaction of the Internet fully functions. Many individuals know that cryptocurrency was the first successful iteration for Web3, but what they need to realize is that crypto began peering into a specific industry long before the NFT franchise gained its fame; the gaming industry. Here’s a look at how crypto gaming came from a familiar franchise to a $ 2 trillion market.
The unparallel success of the gaming industry
In the last few decades and even before then, games were a thing of recreation. All work and no play makes jack a dull boy was a saying which hinted that man could not live off of work, sleep and food. Having a form of recreation is a crucial element for the human brain.
With the world slowly developing electronics, so did the gaming concept, which revolutionized the world. In a matter of decades, gaming industries slowly gained popularity globally, and it’s steadily grown. During the digital age, it received one of its highest growth rates as gaming consoles, software and programs continued to advance, and so did the consumption rate. According to an analyst, the worldwide gaming industry will grow at a CARG of 9.64% between 2021 and 2026. Thus ranges from $173.70 billion in 2020 to $ 314.40 billion by 2026.
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As the years progressed and technology advanced, so did the gaming industry, and it slowly incorporated AI into games and developed between consoles that would last. Eventually, the gaming industry entered the Virtual world. The advancements and innovations continued growing, but none were like cryptocurrency. The gaming industry soon transformed into crypto gaming.
The gaming industry is known for its rapid growth and evolving nature, but everything changed when it introduced crypto gaming.
Crypto gaming is the new iteration of the gaming industry.
Before the concept of crypto gaming, many individuals used cryptocurrency to acquire financial services without needing a bank. By then, blockchain technology was still a part of the entire system of Web3, and many still needed to view its potential. Fortunately, once developers discovered blockchain’s applicable nature, many sought different ways to infuse decentralization within various sectors. The gaming industry was among the first test pilots.The gaming industry has already made billions yearly. Aside from digital and gambling games, millions of people constantly play for recreation or to attain great prices at tournaments. That all changed when they discovered that by participating in crypto gaming, anyone had the chance to earn while playing.
This sent shockwaves throughout the gaming industry. Now the gaming industry has found a way to reward loyal players with digital assets that had real-world value and found a way to test their systems through the aid of multiple gamers worldwide.
Since the dawn of the gaming industry, game developers have been the only ones benefitting financially. Currently, gamers can win in-game items that are of value when placed in the crypto ecosystem. Crypto gaming has redefined the traditional gaming business and has consistently grown.
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Aside from its incorporation and benefit towards its consumers, the gaming industry also improved its gaming engines through blockchain technology. Its decentralized nature has allowed the gaming industries to develop their in-game crypto wallets or at least create a bridge between crypto wallets and various games. This makes transacting and in-game purchases much more accessible. Now when playing VR games, Multiplayer, or even RPG games, it’s easier to transfer, purchase or sell in-game items to acquire crypto coins.
Tamadoge, Shiba Inu, and DogeCoin are currently the most popular cryptocurrencies affiliated with the gaming industry. Tamadoge has gathered a fan base over the years, from collaborating with various companies to integrating t crypto coins in games.
The casino industry is one of the numerous subsectors of the gaming industry already impacted by the crypto ecosystem. Cryptocurrencies such as Bitcoin, tether and Ethereum have caused a buzz in online casino sites as more and more users opt to gamble using crypto coins. The gambling industry is even far older than the gaming or crypto industry, yet it is still one of the most influential recreations people cannot get enough of.
Why has crypto gaming taken the hearts of many
Blockchain technology has numerous advantages. Its core principle advocates for decentralization, which is the polar opposite of most organizations’ current governing system. Advocating for the distribution of power, blockchain technology advocates efficiency, speed and transparency. Its applications attribute these aspects, and crypto gaming is no different.Also, Read NFTs and blockchain technology spell out an end to counterfeits in the fashion industry.
The following are some of the cryptocurrency’s essential functions in the gaming industry, leading to its wide adoption rate.
Increased security and safety
The digitalization of the gaming industry increased its scalability and even transformed the very concept of games. Unfortunately, it also opened up its doors to unwanted attention. In almost every single digital game, there will always be a hacker. Many such players are at an advantage, which paints a dire picture of the associated industry.
With crypto gaming, blockchain is a fundamental mechanism that inspires most gaming networks. This attribute significantly boosts its security even without additional blockchain APIs. In addition, cryptocurrency layers can conduct all the payments and even disclose personal information, if they choose so, without the worry of compromise. The gaming industry has an immutable ledger containing every transaction conducted within the game, reducing the likelihood of theft and fraud.
Incorporate Unique characters
Crypto gaming also brought NFTs into the gaming industry, unique in-game characters that users can own. It is a common trait among gamers to acquire the one character no one else has. With this initiative, the gaming industry incorporated NFTs within various games, which it met with plenty of positive feedback.
One crucial factor that elevates the crypto ecosystem over traditional financial services is their speed and efficiency. Gone are when you generally had to wait a few days after transferring your fiat currencies to purchase in-game items. Crypto gaming solves this issue by allowing players to link their crypto wallets t the game directly. More sophisticated crypto games already have crypto wallets in the game, making purchases much more straightforward. This fact is also why the cryptocurrency is popular within the casino industry.
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Better bonus offers and promotions.
For years the gaming industry has tried to find ways to give back to its players to attract them even more. This led to online tournaments, free in-game loot and many more. With the cooperation of the crypto ecosystem, doing so became much more accessible. Currently, many games offer prices in the form of crypto coins, NFTs or airdrops to their loyal gamers. This inherently leads to the gaming industry gains even more crypto gamers interested in earning while they play. Some individuals have even made gaming a career choice.
Crypto gaming has revolutionized the gaming industry while empowering and showing the applicability of cryptocurrency. Blockchain technology has radicalized various sectors, transforming our view of them. Web3 and all its aspects genuinely have earned their place as the pioneers of the fourth industrial revolution.