Talk of the town today in the Gaming Industry. Crypto and the future of Video Games!
Little did we know that two different and distinct industries, crypto and video games, would become so closely related in the future. Crypto and video games industries are going hand in hand nowadays despite having separate work mechanisms and philosophies.
Crypto is focused on introducing a new financial system, digital money to compete with the traditional ways. While the video game industry is solely focused on providing entertainment.
However, their amalgamation has introduced a new evolutionary phenomenon altogether.
The result is what some call the future of video gaming, you may have heard several names; GameFi, blockchain-based games, NFT games, P2E, and more.
NFT's and DeFi Dapps have created a lot of interest for gamers as well as investors. Both industries have had a bull run in the past couple of years.
One such example in the video game industry is Splinterlands game which has laid quite a solid foundation for the P2E model. It is a collectible card game that uses Hive blockchain and boasts over 800,000 users.
“Once players experience asset ownership, they say verbatim 'I'm never going to buy free-to-play games again.' Why would you spend $500 in a game if you could buy $500 of assets in a game, earn with them, build a community, and sell for more later when you're done playing?" says Splinterlands’ CEO and co-founder, Jesse 'Aggroed' Reich, "Crypto is going to eat the world, and gaming will lead the way.”
In addition to Splinterlands, Axie Infinity is also a popular success story where the integration of blockchain technology in video games has led to massive success.
Recent worldwide lockdown ignited the interest in videogames as well as crypto, since then both have taken off and their adoption seems inevitable in time to come.
There are several new projects under development but the success will require both stability in the crypto market as well as the element of entertainment in video games. If any one of the elements struggles, then P2E games might become a failure.
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