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- 1 According to Canada-based market research firm, Grand View Research, the blockchain gaming industry will reach $300 Billion by 2030.
- 2 The feature of blockchain in gaming will increase the compound annual growth of the gaming industry by 68.3%, from 2023 to 2030.
The growth is expected to increase because the blockchain gaming industry is luring the gamers by offering benefits such as- control over the asset, metaverse, and earning rewards.
Previously, the industry has not been so profitable without the blockchain assembles in gaming. In early gaming days, the players did not own the assets. However, the feature of owning the assets makes the gamer more involved with the game, as it gives the power of possession.
Crypto Rewards Enhancing Gaming Sector
Gamers get crypto rewards for playing the games. These rewards can be utilized to buy other items in the game. The digital avatars creation also attracts the users who tend to buy accessories crafting their avatars.
Metaverse in the gaming industry is made possible by the crypto blockchain assembly. Assets can be purchased in the virtual reality of games. This is also a reason for engaging and attracting new gamers.
Hence, the future of decentralized gaming is endless. The game creators are offering new ways for income and investment by incorporating the DeFi protocols. Thus, players can monetize their gaming sessions.
In-game assets can be traded on decentralized exchanges.Though blockchain gaming is currently a very small space, it is expected to grow at a fast rate.
Crypto blockchain gaming has been adopted by Square Enix and Ubisoft. Both have introduced Non-Fungible Tokens (NFTs) in some of their products, reporting mixed results.
The Epic Game Store, a popular PC game, has almost 20 blockchain games. It is prepared to launch in 2023. Ex-tiktok gaming head Jason Fung is also head to launch the blockchain games startup.
Blockchain Gaming Provides New Opportunities
Blockchain gaming provides new opportunities for playing, socializing, and commerce. In Metaverse, players can interact and explore. They can also participate in various activities in the virtual world.
With blockchain technology creation of secure digital identities is made possible. This will avoid fraud in the gaming industry. The tokenization will help to buy, sell and trade the assets on decentralized platforms. As a result of which, investment and earnings will be started by blockchain gaming.
Since blockchain creates a record for each item, the players will gain the surety of non duplicacy in their items. The crypto blockchain is used as a means of exchange in the virtual world. It allows gamers to buy and sell virtual goods and services in a decentralized, secure way.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
