The Evolution of Gaming and Its Integration into the Crypto Universe
19 May 2022 - 2:00AM
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From arcade systems to home consoles and mobile apps, gaming has
made its way into the lives of billions across the world. As a
result, gaming is a popular activity for many in the modern age and
remains one of the globe’s most profitable industries. The first
recognized example of a gaming machine debuted at the 1940 New York
World’s Fair and was based on the ancient game of Nim. Played by
about 50,000 people, the computer won more than 90% of the time. In
the mid-20th century, gaming was regarded as an oddity and
primarily was just the subject of scientific and academic research
projects. It was not until 1967 that the first prototype
multiplayer video game system emerged. By 1972, the design turned
into the Odyssey console that later inspired Atari’s Pong video
game. The 1990s finally brought the gaming industry to prominence.
The rise of 3D gaming and successful franchises like Mortal Kombat
and Sonic the Hedgehog cultivated generations of loyal gamers.
Interest in gaming also established companies like Nintendo and
Sony as household names. The Internet Revolution And The Rise Of
Modern, Digital Gaming The rise of the internet and better computer
processing power ushered in new gaming frontiers. Games and
graphics became more intricate while internet servers allowed
global gamers to play together. In addition, online storefronts
like the Apple App Store and Xbox Live Marketplace made buying and
updating games much more effortless. Ease of access through these
tools helped bring gaming into popular culture. In 2018, a Newzoo
report revealed how mobile gaming revenue had captured more than
50% of the global gaming market, bringing in about $70 billion in
revenue after enjoying a decade of double-digit growth. By 2021,
the worldwide gaming market revenue had jumped to $178.2 billion as
continued technological innovation led to more impressive
year-over-year totals. Estimates project the number of global video
game players will jump to just over 3 billion in 2023, up from 2.69
billion in 2020. While the popularity of titles like Lost Ark,
Fortnite, and PlayerUnknown’s Battleground has drawn many to the
gaming industry, growth also comes through the marriage of
cryptocurrency and gaming, primarily through the ‘play-to-earn’
model. Blending entertainment with financial speculation, Axie
Infinity users can buy NFTs and use their virtual ‘creatures’ to
win battles and create new NFTs. The platform made $1.3 billion in
revenue in 2021. From Q1 2021 to the same period in 2022,
blockchain-based gaming jumped by 2,000%. Crypto Developers Look To
What Works In Traditional Gaming And Aim To Replicate Crypto gaming
has grown in popularity as developers work to understand how to
welcome traditional gamers into the Web3 world. One strategy is to
offer free-to-play gaming options for those who might be newer to
the cryptocurrency world, following in the legacy of apps like
Angry Birds or Candy Crush that allowed users to jump into a game
quickly. Crypto gaming’s social aspects are also taking shape as
guilds and DAOs begin to spring up in conjunction with the space’s
more popular titles. But the play-to-earn model, where crypto users
can collect assets while playing, stands as one of the most
transformational aspects of the gaming world. The structure brings
in a shift from a ‘publisher or developer first’ game economy to a
‘player first ecosystem’ where gamers stand to benefit instead of
companies releasing titles. As a result, play-to-earn games like
Axie Infinity and DeFi Kingdoms continue to grow in popularity as
gamers flock to platforms where they can enjoy an energetic
community and win. The technology continues to prove its potential
as projects like Illuvium, one of the most anticipated blockchain
titles in the gaming industry, develop gameplay similar to most AAA
games available today. There is no doubt that the potential for
play-to-earn games is nearly limitless. They can cater to different
gaming genres, one being a classic card trading game where users
can hold their card packs as NFTs. One project that aims to do just
that is Shiryo. Shiryo players will be able to mint packs of NFT
cards, form decks, and compete against each other in individual
games and weekly competitions for rewards that include tokens,
cards, card packs, and avatars. Powered by the Ethereum blockchain,
Shiryo’s multiplayer experience comes from Amazon’s AWS Gamelift
service, as traditional platforms like Steam do not allow NFT-based
games. Team members plan to release more packs and boost gameplay
in the future after launching the first couple of phases in late
2021. Continued investment from venture capital firms and the
play-to-earn model’s popularity only attracts more people to
blockchain-based gaming. As a result, the industry remains strong
even amid immense volatility in cryptocurrency markets. Crypto
gaming only looks to accelerate as more people, especially
traditional gamers, get comfortable with virtual currencies and see
how crypto-focused games continue to deliver on their promises.
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