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Gaming has been synonymous to the tech world for the past two decades. Although gaming has been existent from 1950, it started becoming mainstream with advancements of microprocessor technologies from early 1980s, when scientists were able to build simple games after the advent of CD-ROMs. Since then, many companies were able to successfully capitalize on the gaming industry with the likes of Sony, Microsoft, Nintendo by manufacturing gaming consoles and Electronic Arts, Ubisoft, Epic by designing popular games.
With blockchains taking the center stage for future advancements across various industries, the gaming industry is also starting to keenly observe how to build and rapidly capitalize using blockchain technology. We are seeing Blockchain or “Play-to-earn” games starting to surge in recent times. These games are usually free to start playing or we may have to pay some sort of upfront cost mostly in crypto to play these games. As we progress, we can start winning rewards such as in-game assets in the form of NFTs (Non fungible tokens) which could be some virtual assets such as skins, weapons, powerups, etc.
Although it may look similar to what we have been playing for the past decade, the main difference is that the assets for the game are stored in a public blockchain, and players “truly” own the assets they earn. This is considered revolutionary, as we may still hold this asset in the blockchain and will definitely hold some value, even if the game goes through some trouble. The other distinct advantage is that since these assets are held in blockchain, it may even be possible to move them from one game to another eventually, such as using a weapon or a popular skin from PUBG in Call of Duty or vice versa.
Popular blockchain games such as Axie Infinity, Sandbox, REVV Racing are gaining traction to a greater extent and the players are actually able to earn a decent amount by playing these games. Below is a list of top five games by their value in smart contracts that have amassed hundreds of thousands of players according to DappRadar.
As everything in the technology world, On chain games also come with their own set of pros and cons. Major names in the gaming industry such as Ubisoft and Electronic Arts are predicting blockchain technology will play a vital role in the future of gaming. From a gamer’s perspective, we should see if enabling this technology may raise or lower the barrier to enter and play the games.
As blockchains need a lot of resources for server maintenance and upkeep, this may drive up the cost of playing these games. For instance, according to loadedgamer.com, the average cost to play Axie Infinity right now is roughly $300 USD or roughly 24,000 rupees, however a player with a decent team can make anywhere between 8$ and 40$ daily, averaging 24$ daily or 1,900 rupees. Game developers are coming up with innovative and refined games to garner attention of gamers and we can see many play-to-earn as well as pay-to-earn games in coming years developed with blockchain technology.
Disclaimer: This article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.