NEW YORK, March 30, 2022 /PRNewswire/ -- In the last year you've seen games like Axie Infinity exert real influence over real-world, national economics. You've seen companies like UFO Gaming make history by being the first to enter esports. You've heard all your friends talk about the seemingly priceless NFTs that are making millionaires overnight in crypto gaming.
Naturally, you start to wonder – how is all of this happening? Why are crypto gaming companies like Axie and UFO Gaming up 38% over the last week and still have significant room for growth, leaving their legacy competitors scrambling to keep up? Market News is here to explain to you how.
The Intersection of Two Unstoppable Industries: Gaming and Cryptocurrency.
The gaming industry is currently worth a staggering 180 billion. It's the fastest-growing form of entertainment globally, with a higher market worth than both music and movies combined.
In 2021, we saw the rise of GameFi and NFTs in the crypto and blockchain world.
As blockchain continues to grow as a global phenomenon, industries all around the world are constantly looking for more ways to incorporate this revolutionary technology inside their core offering.
Crypto gaming has become a free market for exciting innovations in the space. And with new games come new in-game mechanics and economic models. Legacy game developers are still struggling to understand this foreign paradigm.
With NFTs and play-to-earn incentive structures, blockchain gaming shows us new innovative features that could easily precede the widespread adoption of blockchain technology in gaming and beyond.
Every day, developers are inventing new methods to leverage cryptocurrency so players can purchase and trade characters, in-game items, cosmetics etc. inside the digital economies of their games.
That's how crypto gaming has become one of the biggest movements in the blockchain world, as well as bringing together three flourishing industries: gaming, crypto and finance.
The trillion-dollar question is – what makes crypto games better?
Games on the blockchain are built with economics at the forefront.
Naturally, developers will be challenged to craft value-add experiences that benefit players which drives new innovations in game design.
Let's explore some of these innovations in one of the most notable players in the GameFi space - UFO Gaming.
UFO Gaming became the first blockchain gaming platform to enter esports, and it has separated itself from the competition with its intricate in-game economy that combines minting NFTs with completing quests. That's why it's a great project to explore when talking about the potential of crypto and NFT gaming as a whole.
With that said, here are the most substantial innovations crypto games bring to traditional gaming:
The Personal Ownership of In-Game Assets
Blockchain games enable a degree of personal ownership that hasn't been seen before in gaming. Smart contracts and NFTs will enable the full ownership of in-game assets, protected by all the security and transparency guarantees of blockchain technology. In UFO Gaming's debut game, Super Galactic, players can mint their own in-game assets (such as characters, skins and weapons), sell them, or simply use them for gaming themselves.
The Ability to Earn From Playing
The rise of crypto gaming has given life to a massive tidal wave in play-to-earn gaming. In UFO Gaming, the player can earn rewards for completing various daily quests. Not only that, but people who managed to mint the UFOeps NFTs can level them up and sell them on the UFO Gaming marketplace for a profit.
Tokenomics and Incentive Structures
In blockchain games, the connection between developer and player seems to be much stronger. Players are the ones who profit, so developers are incentivized to create experiences and incentives that align with the needs of players and community members.
Transparent, Immutable Transactions
The blockchain enables agency and trust. Every transaction occurs on a ledger that's immutable. Players understand that their digital belongings will exist outside of the game's universe permanently, and they can be sold and traded on other secondary platforms. A blockchain gaming platform like UFO Gaming uses the Ethereum blockchain to maintain a secure, immutable ledger of transactions.
Blockchains Will Power the Future Gaming Economies
That's why in less than one year, we've seen a change in the dynamic of the gaming industry. Developers are letting players, take the lead. Through tokenization and in-game economics, players can now extract monetary value in the form of portable assets from the games they play. They can have ownership over their digital identity. They can participate in these games knowing their economic systems are immutable and transparent.
With players always having their eyes set on the next fun play-to-earn sensation, and with companies like UFO Gaming who are determined to set new standards for the GameFi space, it's safe to say it's a bright future out there for gamers, developers, as well as those who champion crypto and blockchain to be the foundation of tomorrow's industries.
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SOURCE Market News
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