Why Are Crypto Gaming Businesses Taking Off?
In the previous year, you’ve seen games like Axie Infinity, a crypto gaming company have a meaningful impact on real-world, national economics. Companies like UFO Gaming have made history by becoming the first to enter the esports market. You’ve overheard all of your buddies talking about the supposedly valuable NFTs making crypto gaming billionaires overnight.
Naturally, you begin to question how all of this is possible. How is it that crypto gaming companies like Axie and UFO Gaming are up 38 percent in the last week yet have a lot of room for expansion, leaving their traditional counterparts scrambling to stay up? Market News will show you how to do it.
The @AxieInfinity Origin launch date is set for April7th. 👇 Check out what is to expect until then and the planned schedule for this coming launch week!#p2e #NFTgaming $AXS $SLP #AxieInfinity https://t.co/nUd5XKaiOf
— Play to Earn Online Magazine (@PlayToEarn) April 1, 2022
Gaming and cryptocurrency collide at the intersection of two unstoppable industries.
The crypto gaming sector is now worth a whopping 180 billion dollars. It’s the world’s fastest-growing type of entertainment, with a market value greater than that of music and movies combined.
In the crypto and blockchain sector, we saw the rise of GameFi and NFTs in 2021. As blockchain is persistent in gaining traction as a worldwide phenomenon, businesses worldwide are seeking new ways to incorporate this innovative technology into their core services.
Crypto gaming has evolved into a free market for cutting-edge technology. New games also bring with them new in-game mechanisms and economic structures. Legacy game developers are still trying to figure out how to work with this new paradigm.
Blockchain gaming gives us new revolutionary features like NFTs and play-to-earn incentive structures that might potentially precede the general implementation of blockchain technology in gaming and beyond. Every day, game creators develop new ways to use cryptocurrencies to allow players to buy and sell characters, in-game stuff, cosmetics, and other items within their games’ digital economy.
As a result, crypto gaming has become one of the most critical trends in the blockchain industry, bringing together three thriving industries: gaming, crypto, and finance.
What makes crypto games better is a trillion-dollar question.
Games on the blockchain are designed with economics in mind. Naturally, game developers will be challenged to create value-added experiences that benefit players, resulting in new game design ideas. Let’s go through the advancements in UFO Gaming, one of the most well-known participants in the GameFi field.
UFO Gaming was the first blockchain gaming platform to join esports. Its tough in-game economy, which combines minting NFTs with fulfilling objectives, has set it apart from the competition. That’s why it’s a fantastic initiative to look into when discussing the potential of crypto and NFT gaming in general.
Here are the most significant advancements in traditional gaming that crypto games bring:
- Ownership of In-Game Assets by Individuals
Blockchain games provide a level of personal ownership in gaming that has never been seen before. Smart contracts and NFTs will give full ownership of in-game assets, safeguarded by all of blockchain technology’s security and transparency guarantees. Players can mint their assets (such as characters, skins, and weaponry) in UFO Gaming’s debut game, Super Galactic, sell them, or use them for gaming.
- The Ability to Make Money While Playing
With the development of crypto gaming, a giant tidal wave of play-to-earn gaming has erupted. The user can gain rewards in UFO Gaming by completing numerous daily quests. Not only that, but those who manage to manufacture UFOeps NFTs may level them up and sell them for a profit on the UFO Gaming marketplace.
- Incentive Structures and Tokenomics
The link between the developer and the player appears to be considerably greater in blockchain games. Developers are incentivized to design experiences and incentives that line with the demands of players and community members because it is the players who profit.
- Transactions that are transparent and immutable
The blockchain allows for trust and agency. Every transaction takes place on an immutable ledger. Players are aware that their digital possessions will persist outside of the game’s realm indefinitely and that they can be sold or exchanged on other platforms. The Ethereum blockchain is used by a blockchain gaming platform like UFO Gaming to keep a secure, immutable ledger of transactions.
• There will be 10 unique representations of the Genesis NFTs.
• Each of these new models has four-level upgrades.
• Scarce: Only 10,000 will be minted.
However, by breeding two Genesis NFTs, the amount of Alpha- and Beta NFTs will exponentially increase. pic.twitter.com/SDTyD7Gstz
— UFO Gaming (@TheUFOtoken) March 31, 2022
- Blockchains power future Gaming Economies Will
As a result, we’ve seen a shift in the gaming industry’s dynamic in less than a year. Developers are allowing players to take control. Players may now extract monetary value in portable assets from the games they play, thanks to tokenization and in-game economics. They may take control of their online persona. They can play these games with the confidence that their economic systems are stable and transparent.
With players’ eyes always on the next fun play-to-earn sensation, companies like UFO Gaming are determined to set new standards. It’s safe to say that gamers, developers, and those who champion crypto and blockchain as the foundation of tomorrow’s industries have a bright future.