How blockchain is revolutionizing the gaming industry?



The gaming industry takes pride in its ongoing modernization and innovation. It always looks ahead and is prepared to adopt new technological advancements to enhance the player experience and produce the upcoming best game.

All we can recall from the early days of the gaming industry is playing the 16-bit version of Super Mario on a console. But in 2023, we’re playing games like Gods Unchained, Crypto Kitties, The Last Will, Decentral, and a lot more! The gaming industry transitions from being a source of entertainment and fun to earning as a technology with blockchain engineering speeds up toward its peak.

Blockchain gaming is quickly emerging as the newest and most well-liked craze in the cryptocurrency world. GameFi is revolutionizing the gaming industry and giving players a host of new opportunities, including more control over their gaming and the chance to make money while playing, so the number of users is growing quickly. 

Some Stats on Blockchain Gaming to analyze the market growth.

Gaming-related NFTs generated $4.8 billion in revenue last year, or 20% of all NFT sales in 2021, according to data from DappRadar. Even DeFi was outdone by GameFi applications in terms of user popularity. 

According to Bloomberg, in November 2021, games accounted for close to half of all active cryptocurrency wallets connected to decentralized applications.

According to Forbes’ article on cryptocurrencies, the blockchain gaming sector has expanded by more than 2000% over the last year. Investments totaling more than $2.5 billion were made in the first quarter of 2022, a significant increase from the $4 billion invested in all of 2021. 

A Compound Annual Growth Rate (CAGR) of 70.3% is predicted for the global blockchain gaming market, which is expected to increase from USD 4.6 billion in 2022 to USD 65.7 billion by 2027. Because of the unprecedented growth, new gaming standards have emerged, making it even more crucial to comprehend these new assets.

What is Blockchain Gaming?

Video games that incorporate blockchain technology into some aspect of their design, development, or gameplay are referred to as “Blockchain Gaming.” Blockchain video games are different from conventional video games as they make use of decentralized systems, open protocols, and distributed ledgers to enable brand-new features and functions that are not possible with conventional gaming.

This gives players more control over their gaming experience and opens up new possibilities for the ownership and distribution of game assets by allowing them to own and manage their virtual assets outside of the game environment.

The use of blockchain technology in gaming also makes it possible to create new types of gameplay, such as P2E i.e play-to-earn models where players can earn game tokens/cryptocurrency or other rewards for participating in the game or decentralized governance models where players can cast votes on important game-related decisions.


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