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- 1 Traditional gamers do not embrace the technology’s integration into games for numerous reasons.
- 2 Gaming is by far the most dominant force in the entertainment industry.
Animoca Brands backed Transak, a company providing Web3 payments solutions, and Blockchain Gaming Alliance (BGA), a coalition focused on blockchain gaming, announced a partnership to boost blockchain gaming adoption.
Traditional gamers do not embrace the technology’s integration into games for a variety of reasons like environmental damage, loss of entertainment, lack of accessibility, and more.
Web3 Isn’t That Popular Among People
“Combining Transak’s comprehensive international crypto licenses and our straightforward, intuitive approach to Web3 onboarding with the Blockchain Game Alliance’s dedicated work in pushing blockchain gaming into the mainstream, we’re poised to make a significant impact in the gaming sector,” said Transak CEO Sami Start.
BGA is focused on generating awareness regarding the potential of blockchain in traditional gaming. Implementing the technology would allow gamers to own and trade in-game items including characters, skins, digital land plots, and more. The Sandbox and Decentraland are two of the most popular Web3 and metaverse games enabling such activities.
Their partners, Transak, are more into simplifying Web3 infrastructure for unhindered user experience. A blockchain game is different in many aspects from traditional games. For instance, the latter does not involve non-fungible tokens (NFTs) which allow a user to focus on the gaming experience. The former adds a financial punch where a gamer could get more involved in virtual marketplaces rather than the game.
Non-fungible tokens have received praise from independent artists as it has provided them with the ability to sustain themselves. They can now work as full-time artists while earning enough to fill their plate for survival, or even more.
Beeple, an NFT artist is one of the few names who have made a fortune from his digital art. One of his works dubbed ‘Everydays: The First 5000 Days’ made $69 Billion in November 2021.
Concurrently, it happened during the month of the ‘crypto boom’. Coins and tokens reached their all-time high activating cause and effect in the NFT market as well. Once colored coins actually saw the colors during this period with sales hitting nearly $19 Billion. However, the number went down drastically, generating $13 Billion in the following year.
NFTs are among the crucial elements required for Web3 development. Fewer people are aware of Web3 than non-fungible tokens according to a survey conducted by blockchain company ConsenSys and market research company YouGov. Only a quarter of respondents were familiar with Web3.
Gaming is by far the dominant force in the entertainment industry. According to MarketWatch, Rockstar Games’ Grand Theft Auto 5 is currently the best-selling entertainment product in the market’s history. Recently, rumors of the game’s sequel integrating cryptocurrencies into the game turned out to be false.
The Big 3 in the gaming industry remains Microsoft, Sony, and Nintendo. They dominate the market given that they produce major gaming hardware globally. Microsoft completed their $70 Billion acquisition of Call of Duty makers Activision Blizzard in October. The Windows-maker hinted that it would help them with metaverse development.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
