With over 3.24 billion gamers across the globe, the gaming industry is at its peak where it is currently worth $173 billion and is expected to grow to $300 billion in the next five years. This makes it one of the fastest-growing markets that is also evolving across multiple dimensions.
Today, the way we play games is very different to before, where technological advancements across the board have enabled drastic improvements in user experience and interaction, allowing gamers to communicate with one another and immerse themselves in digital borderless worlds.
But a fairly new trend is rising up, and is being explored heavily to redefine gaming even further for both developers and players alike. This trend is the rise of blockchain, DeFi and NFT technologies in the gaming space, which have already had a significant impact by streamlining new models such as “play-to-earn”, making players, not developers, the leading financial decision-makers.
Over the last few years, several blockchain-based games have entered the limelight and have become very popular across the globe. These include examples like Axie Infinity, Splinterlands Decentraland and The Sandbox, to name a few. Within such games, players can earn cryptocurrency and NFT assets, and explore new opportunities that empower not only the gameplay itself but also the concept of wealth creation.
For example, Axie Infinity, the most popular blockchain-based game and most valuable NFT collection at the moment, generated $2.08 billion in Q3 of 2021, which demonstrates the amount of financial strength and interest such games have. Moreover, with the deep exploration of the Metaverse and upcoming projects like Star Atlas (for example), it is evident that gaming is set to become a prime driving factor behind participating in new virtual worlds with play-to-earn built into their core.
The Play to Earn Movement
The play-to-earn movement is one of blockchains’ most recent and significant phenomena, which has catapulted the word even further into the public domain alongside the term NFT. In fact, popularity has grown so much in 2021 around these technologies that an average of 1.54 million new daily active wallets were created between July and September, with half of them being used to play a blockchain-based game at least once during this time. In turn, this gaming activity has allowed the trading of in-game NFT collectibles to rise remarkably, where they generated $2.32 billion in sales during Q3 alone, which represents 22% of the total NFT trading volume for the period. Such growth shows that NFT’s will be very important for the future and a significant part of the vehicle that drives blockchain adoption.
Today, interacting and playing blockchain games has undoubtedly led a lot of newcomers into the space and has effectively raised the awareness of such technologies, their capabilities and their benefits. In this sense, gaming can drive mainstream adoption of blockchain technology and challenge the status quo in new ways. However, we are still at the beginning of this journey. Some prime barriers need to be overcome to make this a reality that includes solutions that are 100% truly decentralized, seamlessly scalable, and even more secure.
The great news is that there are many developments taking shape as we speak that aim to provide this enhanced environment that could make gaming the driving force for mass adoption. Newer blockchain networks like Binance Smart Chain alongside layer 2 solutions like Avalanche and Polygon to name a few, provide developers in the gaming industry with even more tools and flexibility to create highly scalable engaging games and experiences.
Such developments will also empower our work as a blockchain focused gaming studio to be part of this revolution by allowing us to deliver our bespoke gaming and marketplace solutions to individuals and companies as a service. We are excited to be at the forefront of this industry and are working closely with a number of interesting projects to explore all possible avenues on the road to mass adoption.
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About Reality Gaming Group
Reality Gaming Group is an award-winning developer and publisher of blockchain-based games, NFT digital collectibles and bespoke marketplaces for global brands. Key releases via the Reality Studios publishing label include Doctor Who: Worlds Apart, Smighties Universe, Reality Clash and Emojibles. Reality Gaming Group’s Digital Asset Trading (DAT) Platform is also available for license by third parties, enabling the creation of fully-managed NFT experiences across multiple content types.
The Reality Gaming Group leadership team has more than 20 years’ experience across Mobile, PC, Console, AR and VR games. The company is listed as a Top 50 blockchain games publisher by industry bible BlockchainGamer.biz.