Blockchain Gaming: Unlocking Hidden Potential Despite Limited Mainstream Influence
Summary:
Despite the success of blockchain games like Axie Infinity, Gods Unchained, Star Atlas, Decentraland, and The Sandbox in the blockchain sector, their mainstream influence remains limited. As per a OnePoll survey, over half of the respondents were either unfamiliar with or never involved in blockchain gaming. The survey also revealed that 63% of the participants believe customers should be compensated for lost in-game purchases or DLC due to game discontinuation. Blockchain gaming and online metaverses could prevent the loss of such assets by tethering them to nonfungible tokens (NFTs), which can transform these usually non-resellable items into potential income sources. Axie Infinity acts as evidence of blockchain's potential, generating $1.3 billion in 2021 and providing significant income for gamers in developing regions.
Blockchain-dependent games such as Axie Infinity, Gods Unchained, Star Atlas, Decentraland, and The Sandbox are grabbing attention in the blockchain realm, despite not yet making substantial inroads in the broader gaming landscape. A recent survey by OnePoll implies that the world of blockchain gaming remains primarily untapped, presenting ample opportunities for developers and studios. The survey, which polled 2,000 adults, found that 52% of participants lacked any knowledge of blockchain gaming, and 32% knew about it but had never engaged with a blockchain game themselves.
When quizzed regarding the possible disappearance of in-game purchases and downloadable content (DLC) because of studio shutdowns and gaming server closures, 63% of the respondents suggested that customers should be reimbursed for any in-game purchases and DLC lost when games are permanently discontinued. About a third (34%) said that the gaming community should be involved in deciding when gaming servers should stop operating and games should be taken down online.
Blockchain gaming and continuously active online metaverses allow players to safeguard their hard-earned in-game assets by associating them with a nonfungible token (NFT). This blockchain linkage offers gamers a chance to sell their in-game assets, characters, and other digital properties, which usually have no resale value.
Given the highly centralized state of the gaming industry and the growing dependence on digital downloads or even streamed games, players find themselves at the mercy of studios and publishers who often yank games from online shops and frequently shut down online gaming servers. Moreover, players often lack opportunities to earn money. Despite this, could players manage to earn a substantial income by reselling their digital assets?
There are a few success stories of this happening in e-sports, but they are generally rare. However, platforms such as Axie Infinity, a NFT-supported blockchain game where players gather, rear, and battle creatures named "Axies," seeks to address this economic gap. Axie Infinity raked in an impressive revenue of $1.3 billion in 2021, proving to be a significant income source for players in developing countries, where some reportedly earned up to $1,300 every month by playing the game. This shows how blockchain can unlock value and create markets for reselling in-game items, thereby providing an income for players.
Published At
5/29/2024 6:30:00 PM
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