Discover more from The Loop News
The Future Of Blockchain Gaming.
Thought I'd do a short post talking about some of my personal thoughts on the world of blockchain gaming, and how it plays a part in the "metaverse" specifically Web3.
I am lucky to be in a position where I can build what I preach. Just like when investing, I push my thoughts online, as I only invest in what I believe. So, a lot of the information I spread benefits me, full transparency.
Blockchain gaming is going to be the catalyst for seamless mainstream adoption to the Web3-supported Metaverse. If executed correctly.
I recently read a thread that talks more about “the metaverse” and what it actually means to you, by 6529, a good thing to add here:
The word “metaverse” is currently a hype word used for every project in the Crypto space as of now like 6529 mentioned, but there is some substance for some projects. My definition for the metaverse is: A virtual world, and a world that can be as simple as… a game, social platform, both… and more. And, chances are yours aligns with that concept.
Now, let’s talk more about my vision for blockchain gaming, which is a big part of the Metaverse for many.
The beauty of blockchain gaming is the ownership of your assets. To a level where it links with the “Metaverse” more than you think. A world where owning a singular NFT plays a unique role in multiple games, platforms and projects. Your wallet address is YOUR identity in the Metaverse.
Games have been one of the fastest-growing industries in the world this past decade, with millions of users playing daily and billions of dollars spent on virtual items yearly. Player demand and $'s spent on virtual items every year continue to grow at a rapid pace. However, these virtual items whether utility-driven or cosmetic based, are never really "owned" by the consumers that are responsible for a brands' success.
For games like MMORPGs, ownership of assets + virtual currency (*that is as valuable as fiat*) is a must. It was inevitable. And, primarily a reason why I and many others are building in this field. The recent generation has already got a hang of paying for digital assets like Fortnite skins, CS: GO knives and loot boxes. But, still not “owning” the asset. And, many will not realise what this means until it becomes a popular talking point. However, when they do realise the benefits, this generation will be the first to understand.
AAA+ game studios lose out on a lot of revenue if they pursue something like NFT integration. They are currently scared of blockchain games. Games also take longer to build, adding NFTs to an existing game is what I like to call low-effort, so building a game from scratch while thinking about the right way to integrate NFTs is the better approach. And, a well-built game will be a fun game, a balance is needed if p2e is a feature that games strive to add.
Axie Infinity is a great example of early movers in the space, and a major part to their success is the founders’ belief in their product and what they were trying to build early. Now that NFTs are getting to the mainstream level, slowly but surely we will see more companies come in. Whether this has a positive effect or negative is entirely dependant on the community.
I have spoken to many people in the traditional gaming space these past few months, and the response has either been: a) I hate blockchain games. b) Blockchain games are the future.
It is clear there is demand, it’s about who can execute at a level to where that demand turns into players.
Players -> More Adoption -> More Crypto Adoption -> More DAU… -> Repeat with 1000x blockchain games.
This was a short article, but if you haven’t kept up to date with the craziness that has been occurring in the NFT space recently, be sure to follow my Twitter.