Gaming is now an integral part in our lives. It is an industry that has been thriving for decades, bringing in billions each year. Statista estimates that more than 3.24 million gamers around the world were either actively participating in or passively playing games last year. Despite the massive size of the gaming industry, gamers have expressed concerns about the traditional model of gaming, which is the “pay-to-win” model. To rank up or achieve specific goals in traditional gaming, players must acquire in-game resources. This can put a strain on the financial health of gamers. In this article, we’ll look at the role of blockchain technology in improving the gaming industry with the play-to-earn model.
Traditional Gaming: Current Status
The traditional gaming industry has advanced in providing entertainment and excitement around the world. Although the industry has experienced a lot of success in recent years there are still many problems. The current gaming system lacks transparency. It is not possible for players to track in-game transactions. Game developers also determine the gaming economy’s value. This creates a highly opaque, centralized gaming market.
Furthermore, in-game items purchased in ‘pay-to-win’ gaming models have no ownership, as players have no right to gaming items purchased outside of the gaming environment. Another issue to consider is traditional game developers’ constant changes to gaming environments, forcing gamers to purchase new in-game items.
GameFi Concept
GameFi was before there were in-app payments. These allowed users to pay real money for special features and items or to get them through gaming.
GameFi is an abbreviation for “Game Finance.” It refers to anything in the gaming industry supported by blockchain technology. GameFi was built using the play to earn model. Play-to earn (P2E), a new gaming model, is possible thanks to the introduction of blockchain technology and NFTs. GameFi has introduced the “play-to-earn” model. This allows players to earn real money just by playing and acquiring digital assets. They can also trade these digital assets for real money. Gamers can turn their gaming passion into passive income streams with this model.
GameFi, a new digital addition, is intriguing. It only contains games that make use of blockchain technology, and it gained traction in 2021 as more and more gamers began to embrace the concept of the “play-to-earn” model, with the current market cap of Axie Infinity, the largest GameFi project, sitting at $3 billion, according to Coinmarketcap. The “play-to-earn” game industry is expected to grow globally and boost the gaming industry, reaching $314.40 billion by 2026.
GameFi Project Provides Utility
Attack Wagon, a blockchain game development studio, is an example. Attack Wagon is an innovative blockchain gaming studio. It focuses on free-to play and earn-to-play games. Attack Wagon offers a rich gaming experience through the use of blockchain technology, DeFi and NFTs. Scrap Guilds, a Sci-fi RPG with direct in-game use of Attack Wagon’s native token $ATK, was recently released by Attack Wagon and available for purchase on Gate.io and Quickswap.
Attack Wagon aims to offer real-time value by giving users the ability to passively earn cryptocurrency in different games. This will increase their chance of making more money. ERC-20 polygon token $ATK. You can use $ATK to purchase in-game items such as NFTs or PVP entry fees in the Attack Wagon community. Scrap Guild, Attack Wagon’s first game, has a rich storyline and exciting features such as multiplayer mode, quests, PvP, and so on. Quarter three is the target date for game release. Their new website will be launched coming Friday and will feature details on the upcoming Land Sales, their Free NFT’s and more. They mention in their announcement that they are giving away prizes worth over 150k ATK through multiple contests. These contests will begin at the launch of the website.
Future Gaming
The blockchain technology will undoubtedly play a major role in changing the gaming industry and propelling them to new heights. With the advent of NFT and blockchain technology, the play-to earn model will be the future of gaming. Blockchain technology is being used to solve the challenges gamers face. Projects like Attack Wagon need to continue to be mainstreamed to provide users with exciting and immersive gaming.