Data from Newzoo reveals that Esports and the Play-to-Earn model will drive blockchain gaming industry to mass adoption this year. Earlier this year, world’s provider of games and esports analytics Newzoo released a report to provide insights and predictions into the gaming industry in 2022.
Esports Teams To Adopt Blockchain
According to Newzoo, the Play-to-Earn model will be the spotlight of the year, in the context of major industry players getting more involved in blockchain technology.
“Publishers might use blockchain technology to facilitate more secure and legitimized player-to-player trading within a centralized game environment.”
Play-to-Earn, or making money from games is not a novel concept, players have used online markets to buy and sell in-game items for ages. However, on the previous platform, hackers can still exploit security cracks to cheat the system, steal users’ in-game items and make a fortune.
Blockchain and NFT technology provide developers with options to improve transparency and game security. Blockchain will play a vital role in leveling up the entire game industry, and GameFi, as well as NFT are part of the industry’s next generation. Blockchain-based platform is a technology platform that performs transactions or means of transmitting information and data using advanced cryptographic systems and algorithms to assure safety and protection.
A New Model
Blockchain games developed on this platform and using non-fungible token technology enable players to create unique items and acquire tokens as private assets. NFTs grant the owner, who is the player, the direct right to own and control this virtual asset, rather than the game publisher or any third party. Tokens are used in blockchain game titles to buy and sell items, staking – receiving benefits by locking a set quantity of tokens, upgrading the interface and user experience, or speculating for the future.
While there has been a lot of buzz about blockchain games and NFTs in recent months, the correlation between blockchain and Esports is predicted to give favorable promise in 2022.
Blockchain Gaming Will Run the Market
When esports teams combine with blockchain technology, it’s easy to see a handful of potential points. In fact, esports are most likely the early model of the metaverse. Unlike traditional sports, which take place on a physical competition field, esport takes place in a virtual competitive game environment with varying setups depending on the game.
Professional players can participate and control the game with electronic devices such as controllers and keyboards in esports. As the metaverse gains popularity among tech giants, there will be plenty of potential for blockchain-powered esports companies to expand considerably this year.
Newzoo’s findings also pointed out that young players are among key factors that determine how the game industry directs. Analysis suggests that “proto-metaverse” games like Roblox, Fortnite, and Minecraft may become more widespread as younger people continue to play these games.
Blockchain-based Games Are On The Rise
High demands lead to high investments.
At the moment, Axie Infinity is still leading the blockchain gaming sector. Its success stimulates more active engagement of other blockchain-based gaming projects. Over time, there are continuously numerous release announcements. There are currently more than 300 tokens of blockchain games listed on CoinMarketCap. Decentraland, Axie Infinity, Gala, The Sandbox, Enjin are top projects, with market capitalization exceeding billion dollars.
For small game makers or studios with a limited scale, P2E blockchain games are an opportunity to try their best without having to invest a lot in marketing. As this is a highly community based game, promotion is highly dependent on player experience and game service related factors.
Blockchain games are currently being developed in many different genres such as card games, turn-based games, strategy, sports, shooting. However, there are a bunch of obstacles against P2E blockchain games, including lack of good gameplay experience, outstanding and unique graphics – the very basic aspects of any game.
It is uneasy to have both great game plot and great graphics in one game since a majority of blockchain games is now too focused on creating economic systems