Online gaming is one of the world’s biggest industries. In 2020, the online gaming industry generated $20 billion in revenue and that increased to $24 billion in 2022. Online gaming is big business and there are millions of people around the world who play games online daily.
Alongside the increased popularity of online games, we have seen the rise of the blockchain and the two are combining to deliver a new online gaming experience. Read on as we look more closely at blockchain gaming and if it appeals more to online gamers.
What is Blockchain Gaming?
Ownership of items in online games is something that has become the norm in recent times. For example, many of the leading sports titles feature gaming modes where gamers can add players to their roster and own them until they decide to sell them on the marketplace.
Blockchain gaming works on the same principle but the gaming economy is a little different in that the items in the game have a real-world value. Backed by blockchain technology, the games give players the chance to trade in-game items for cryptocurrency, which has a real-world value, thus allowing players to make money playing online games. The transparency and security of the blockchain means the online games are safe and players can profit from playing regularly and being successful in the game.
The Appeal for Online Gamers
Blockchain gaming is likely to appeal more to online gamers because they are already well versed in how online gaming markets operate. For a newcomer to online gaming, playing a blockchain based game would be jumping in at the deep end and could result in a loss of money, which is something we will discuss in more detail shortly.
However, seasoned online gamers will know what to expect from blockchain gaming having already experienced in-game ownership opportunities. For example, some gamers choose to sell their in-game assets on auction websites for real money. The assets do not hold any actual value outside the game, such as a World of Warcraft items, but people are willing to pay real money to obtain these items to enhance their enjoyment of the game. This practice is frowned upon by the online gaming community and developers, which is why the switch to play-to-earn online games would be welcomed by a lot of gamers.
Blockchain based gaming appeals more to online gamers because it provides a transparent and safe market in the game itself for transactions to take place and players to earn real money.
The Backlash
As with any new form of technology, there are some groups who are not happy with the idea of blockchain based online gaming. There are already campaign groups in place who believe online games where players can purchase coins and use these coins to buy virtual packs in the hope they will land a valuable item, is a form of gambling.
This gaming model is close to the online sweepstake casino model which is popular in the United States, with many people taking advantage of the stake.us welcome promo offer. However, online games are open to children of all ages and that is why there have been complaints about blockchain gaming. People feel it is encouraging gambling and will lead to people buying cryptocurrency without knowing how the crypto market works and losing a lot of money.
With the assets in a blockchain based game having a real money value, the competition in the game is going to be intense and it could lead to online abuse. This is something that is already present in online gaming, but it will intensify as the value of in-game items could be worth a huge sum of money.
2023 is going to be a big year for blockchain gaming. Will it enter the mainstream gaming world, or will it sit on the outside as gamers continue to play the traditional form of online games?
