The digital gaming industry is no stranger to tech trends and innovation. For starters, over just a couple of decades it’s swelled to encompass verticals like online casinos, growth into new segments such as mobile gaming and even launched a few trends of its own—Virtual Reality, anyone? There’s one burgeoning tech trend that’s set to transform the future of gaming forever, and also stands to benefit itself from increased exposure in the 3.32 billion-strong global gaming audience.
Blockchain technology is reshaping the digital landscape and it’s especially potent in the gaming industry. The combination of crypto and gaming is transforming how players interact with games, providing enhanced security, novel play to earn (P2E) opportunities and more. Could crypto and gaming be the perfect partnership? Let’s find out!
What is Crypto Gaming?
Crypto gaming, aka GameFi, essentially refers to the convergence of blockchain decentralised finance tech and gaming activities. The sector first emerged by applying economic incentives into gaming experiences, allowing players to earn cryptocurrency and other digital assets by participating in games, completing tasks, or achieving in-game milestones.
Its growth has been fueled by several key developments. Firstly, the rise of NFTs (Non-Fungible Tokens) has meant that players can both own and transfer their in-game assets, while advancements in blockchain scalability and cross-chain interoperability have enhanced the gaming experience by providing faster and more efficient transactions.
What’s more, significant investment from venture capital firms and major interest from mainstream gaming companies have served to accelerate the development and adoption of GameFi projects. As a result, it’s evolving into a decentralised virtual ecosystem where gamers can generate real-world value from their in-game activities
It’s not just conventional video gaming experiences that have been impacted by the emergence of blockchain and crypto in the space. Brands in the iGaming vertical are beginning to integrate decentralised payment and withdrawal options into their offerings, which increases the appeal of online casino, poker and sports betting activities with crypto enthusiasts.
Admittedly, iGaming is an industry that doesn’t necessarily need a surge in popularity. Online casinos already cater to a wide demographic of players, and promotional strategies such as the opportunity to register on a gambling operator’s website via a promotional code only add to their appeal. To see a concrete example, you can register here to access the Oddschecker casino offers by taking advantage of the 200 dollar bonus codes dedicated to players living in the United States. However, integrating blockchain-based currencies as payment methods is also a smart move, thanks to the increased security they can provide.
How Does Crypto Gaming Differ?
Conventional digital games are based on a pay to play model, meaning that gamers have to either outright purchase a game to own and play it or pay for a monthly subscription to a service like Xbox GamePass. Any in-game assets that players receive, either by purchasing them or receiving them are controlled by the game developers. They only exist within the game’s ecosystem and cannot be transferred or traded to another player.
In contrast, crypto-based games empower gamers to truly own their digital assets, usually as NFTs, which they can then trade, sell or keep outside the game. What’s more, they also have the opportunity to earn crypto tokens as rewards, including in-game currencies and blockchain-specific tokens.
There are also several other ways in which blockchain games will differ from video games, most notably on the security front. This new technology provides a transparent and secure environment for transactions and game mechanics, helping to ensure fairness and minimising the risk of fraud.
Core Crypto Games
Since GameFi is a rapidly expanding market, new projects are launched annually. Even the likes of Ubisoft and Square Enix are moving into decentralised territory with their upcoming games. This choice can be overwhelming to crypto enthusiasts and gamers alike looking to get started, but there is a core group of tried and trusted GameFi titles that any prospective players should begin with.
For instance, Axie Infinity is a long-running title that blends Pokemon-inspired gameplay with blockchain tech. Players can purchase, breed and battle digital creatures called Axies (which are represented as NFTs on the Ethereum blockchain) and go on to earn native crypto tokens.
Alternatively, Metaverse-style experiences such as The Sandbox offer ways for players to create and monetize their own gaming titles using NFTs and the native SAND token. The platform provides all the tools users need to develop their games, while those who prefer to play games can get their hands on unique and innovative indie titles and support their community in the process.
