The market of video games is growing and changing the way the gaming industry works and the whole gaming business model. Game developers and gamers are profiting off crypto games, a new token, and NFT-based initiatives. That is allowing them to monetize the time they spend playing games.
This digital real-life asset has become popular in recent years with profitable predictions in the following years. Looking at the gaming industry itself, estimated worth is US$178.73 Billion in 2021. A 76.8% increase from a forecast made in 2016. That predicted that in the same year it will be worth around US$90.07 Billion. This data shows that the gaming industry has experienced a further acceleration in terms of growth.
Also, the number of gamers in billions by year shows that it will experience steady growth in the next couple of years. Beyond the number of gamers, their spending time while playing has increased considerably from 2019 to 2021 with an increase of 30%. Predictions point out that the growth will remain steady in the future.
Considering the play-to-earn market in specific, the sector received large contributions from venture capital in recent years. About 24 blockchain-based gaming companies have raised US$476 million in the first half of 2021 alone.
Having seen these numbers makes it clear why Facebook rebranded to Meta. Also Ubisoft has launched an NFT project named Quartz which consists of a marketplace for in-game items. where they can be transformed into NFTs collectibles. The upcoming play-to-earn trends are already visible as well as the emerging projects. These combines both blockchain technology and traditional video gaming development. Although, it is still in the anticipatory stage before blockchain gaming becomes mainstream.
The Future of Play to Earn Games Decentralized
game ecosystems with the arrival of web3 are the new norm and will not stop growing. For this reason, through play-to-earn games, they are finding a way that is going to change the way digital private property is handled. Something that was always centralized completely in the gaming sector. The future is uncertain but considering that the video gaming market is experiencing dramatic growth and it has promising predictions for the next few years, the future seems bright.
At the end of the day, it goes beyond allowing gamers and creators to make money. Play-to-earn games are promoting a self-sovereign financial system, changing the way of interaction between people and financial institutions, governments, and marketplaces.
It is already changing the video game industry. Therefore, while the blockchains continue to evolve in the future, they will transform even more.