Gaming has influenced billions of people around the globe, from arcade machines to mobile phones and home consoles to gaming systems. As a result, gaming is a popular activity for many in the modern age and remains one of the globe’s most profitable industries.
The first recognized example of a gaming machine debuted at the 1940 New York World’s Fair and was based on the ancient game of Nim. It was enjoyed by over 50,000 players and won more than 90%. Gaming was considered an anomaly in the middle of the 20th century and was mostly the topic of academic and scientific research.
The first multiplayer game system was created in 1967. By 1972, the design turned into the Odyssey console that later inspired Atari’s Pong video game.
In 1990, the gaming industry was finally recognized. Generations of gamers have been loyal to the gaming industry since the rise of 3D games and the success of franchises such as Mortal Kombat or Sonic the Hedgehog. Companies like Sony and Nintendo were also popularized by their interest in gaming.
Modern digital gaming is on the rise thanks to the internet revolution
New gaming possibilities were opened up by the rise of internet technology and improved computer processing speed. The internet allowed gamers from all over the world to connect and play, making games and graphics more complex. Additionally, updating and buying games was made easier by online stores like the Xbox Live Marketplace and Apple App Store. Gaming was made popular by the ease of these tools.
A Newzoo study revealed that mobile gaming revenues had captured over 50% of global gaming markets in 2018, and brought in $70 billion after a decade of double digit growth.
The worldwide gaming industry revenue had reached $178.2 Billion by 2021 due to technological innovations that have led to higher year-over-year numbers. According to estimates, the global number of videogame players will rise from 2.69 billion to 3.0 billion by 2020 to just under 3 billion by 2023.
While the popularity of titles like Lost Ark, Fortnite, and PlayerUnknown’s Battleground has drawn many to the gaming industry, growth also comes through the marriage of cryptocurrency and gaming, primarily through the ‘play-to-earn’ model.
Blending entertainment with financial speculation, Axie Infinity users can buy NFTs and use their virtual ‘creatures’ to win battles and create new NFTs. In 2021, the platform generated $1.3 billion revenue. The number of blockchain-based games increased by 2000% from Q1 2021 through the same period 2022.
Crypto-developers Look At What Works in Traditional Gaming and Aim to Replicate
Developers are trying to find ways to bring traditional gamers to the Web3 platform. Crypto gaming has gained popularity. Another strategy is to provide free-to-play gaming options to those new to cryptocurrency, following the example of Candy Crush and Angry Birds that let users jump in to a game immediately.
Crypto gaming’s social aspects are also taking shape as guilds and DAOs begin to spring up in conjunction with the space’s more popular titles.
Play-to-earn is a revolutionary model in the game industry that allows crypto players to earn assets by playing. The structure brings in a shift from a ‘publisher or developer first’ game economy to a ‘player first ecosystem’ where gamers stand to benefit instead of companies releasing titles.
Play-to-earn gaming platforms like Axie Infinity or DeFi Kingdoms are gaining popularity. Gamers flock to these sites to win and enjoy a vibrant community. Illuvium is one example of blockchain technology that has been gaining popularity. Its gameplay matches the best AAA games. The potential of play-to earn games is almost limitless, it is clear. You can adapt them to many different game genres. One example is a classic card trading system where players can keep their card packs as NFTs. Shiryo, a project that does just this is making it possible. Players of Shiryo will have the ability to create decks and mint NFT cards. They can also compete with each other in weekly games. Rewards include cards, tokens and card packs.
Powered by the Ethereum blockchain, Shiryo’s multiplayer experience comes from Amazon’s AWS Gamelift service, as traditional platforms like Steam do not allow NFT-based games. The team members are planning to create more packs, and improve gameplay over the next few phases that will be launched in late 2021.
Continued investment from venture capital firms and the play-to-earn model’s popularity only attracts more people to blockchain-based gaming. This has allowed the sector to remain strong, despite extreme volatility in crypto markets.
As more gamers become comfortable using virtual currencies, and as crypto-focused games deliver, the pace of cryptocurrency gaming will accelerate.