5 reasons why blockchain-based gaming economies are the future

If you haven’t lived under a rock, then you probably know that the gaming industry is on an absolute tear. It is one of the most impacted industries by the COVID-19 pandemic.

Despite this, investors might not be aware that the following growth numbers are available:

Global gaming is the fastest growing form of entertainment worldwide, with a current value of $180 billion. The global film industry is valued at $100 billion, and all North American sports are worth $73 billion annually.

Global gaming market revenues. Source: Bloomberg, Pelham Smithers, GamingScan.comExperts predict that the number of online streamers of online games will rise to one billion by 2025 — one in nine people today. Three of the four most watched sporting events in America in 2018 weren’t even traditional sports events. They were esporting events. The League of Legends Championship had 45 million more viewers than the NCAA Football Championship, and 30 million more than the AFC Championship.

Esports viewers in the United States. Source: [email protected] Scott performed live on Fortnite’s popular gaming platform last April. It was viewed more than 12.3 million times and earned Scott $20 million per TechCrunch.com and GamesIndustry.biz.

What is the story? Where is the growth coming from?

Many of these changes can be attributed to technology’s rapid growth and rise. Technology is changing the way we communicate, assemble, create, consume, and transfer information. It’s also changing how we build online communities.

Howard Shultz was the ex-CEO of Starbucks and popularized the concept of a “third space” in his coffee shop concept. His belief was that people needed a third space to gather outside of their offices. Starbucks was the solution.

This same concept is being used today by the younger generations. The new shared space, called the metaverse, is digital. This is where children are more often hanging out these days. They visit this place to meet their friends. You can listen to music or play video games. This is the next generation of digital communities. AOL chat rooms, Myspace, and Myspace are all examples. Facebook, and then the metaverse.

Now we have concerts in the metaverse. Burning Man is now digitally available. And we’re just getting started.

Gaming history

In the 50’s, the first video game was released — a simple tennis-based game similar to Pong. In 1977, Atari was created. Nintendo began releasing popular games in the 1980s with Mario Bros., The Legend of Zelda and Donkey Kong.

It is important to remember that the business model has evolved significantly over the years. For example, $60 was the price we paid for a GameStop game. Then, we were free to go. The cost was one-time and you could play the game for as long as you wanted. The games were released in the same way that Hollywood movies would be promoted and released. 90% of revenue would be generated in the first two week.

This model is now available. The freemium model has arrived. Freemium users can play and then be prompted to make in-game purchase to improve skills, outfit avatars, get weapons, or enhance animations. This is what we see today in Fortnite, Roblox and other popular games.

This model is much more lucrative for game developers as it keeps their users active and constantly upgrading to keep up with their friends. The future is one where social signaling takes place between younger generations via their avatars, weapons and skins. The future is here.

Gaming will shift to blockchains

Today’s gaming happens over closed data networks. This means that the platform does not own any of their in-game assets (skins or avatars, etc.). They are owned by the platform. Axie Infinity disrupts this model by allowing users to own assets, such as non-fungible tokens (NFTs), on Axie. They can then sell them in a market/gaming economy for profit. Below is a look at the Axie Infinity user’s revenues since May this year.

Axie Infinity total revenues. Source: Token Terminal

The annual revenues from Token Terminal are $2.7 billion. This open, permissionless, pay-to-play game blockchain game is free to all players. Important Note: Blockchain technology is the mechanism through which players can own their in-game assets. This is not possible with the tech currently used.

Blockchains enable gaming economies to grow organically. Users can also be paid to play. Axie Infinity, again, is leading this charge. Axie users invest to acquire Axie native tokens and Axie NFTs. They can then earn the SLP token through playing/competing. The tokens can then be used to exchange for crypto assets, fiat, or other currencies. Axie Infinity is a game that allows users to earn several times more than their monthly salaries in the Philippines. This happens despite the economic hardship caused by COVID-19. Let me ask you: What is the best way to earn money playing a blockchain game? Or what about not getting paid to play a non-blockchain gaming game? Charlie Munger said, “show me the incentives, and I’ll tell you the result.” Public blockchains are available to everyone and are permissionless. Are you connected to the internet and have a mobile phone? You are invited to join. Even though this is how it works today in closed data architectures, it’s not the way it works for people who live outside of the United States. Participation on a blockchain is possible, as well as earning income. As smartphone adoption increases with the development of 4G/5G technology in emerging countries, we can expect to see more people access crypto and blockchain-based gaming in the near future. Open protocols reduce the cost of existing technologies and make them more affordable. Public blockchains can be used to do this. Ethereum is an open protocol. Ethereum is open-source. Anyone can create games. This allows one to outsource a lot of their capital and operating costs to the Ethereum base blockchain. It makes it much easier for entrepreneurs to create games on Ethereum. Competition is increased by low barriers to entry. This benefits the end-users. This has been proven time and again throughout history. Blockchains are the next generation of open-source technology. DecentralizationBecause blockchains are open and permissionless, anyone can build on them. We can expect to see blockchain games built on top a variety of layer-one blockchains such as Ethereum, Solana and Cosmos. Users will be able switch between games easily and can bring with them their NFTs such as avatars, skins, weapons, or avatars. This is a first. Users will also be able trade their NFT assets to make a profit, or perhaps they want to create NFTs. You don’t need a gaming platform to make this happen.

Blockchains will make gaming economies the future.

com. You should do your research before making any investment or trading decision.

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Jason Basler– Financial Updates My Name is Jason Basler and I am also the main source from the ‘Topnewsscoop.com’ of all the exclusive and most delicate visualization of the activities in the business sector. My first step towards this journey was taken in the very early years of my life. I started with an independent financial consultant. However, I only had almost 4 years of skills and experience in this market. I have always been a free personality and like to fly one place to another, to explore more and more. Moreover, this passion and craze of traveling gave me a chance to report a section for best news associations. Last but not least, I am presently working full-time as an editor. Address: 4830 Crim Lane Dayton, OH 45402, United States of America Phone Number:  +1 937 727 7917 Email: [email protected]

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