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In the year 2020, it is expected that there will be over 2.6 billion players worldwide. The present trend will add another 125 million by the end of 2022. Approximately half of them are originating from Asia and the Pacific. That figure is represented by a growing proportion of the crypto gaming community. The term “crypto games” is still rather uncommon, at least among the general public; nevertheless, according to certain trends seen this year, it is expected that their popularity will rise in 2022. Because of how significant the potential is, it just cannot be ignored. Many games have attempted – and mostly failed – to attain the capability of rewarding players and allowing them to sell their in-game items in exchange for real-world income. This goal can now be achieved with the help of blockchain technology.
What Is Cryptocurrency Gaming, Exactly?
The gaming industry has only lately begun to investigate the possibilities offered by cryptocurrency games. The first games were released only a few years ago. The fundamental goal of crypto games is to collect objects that can either increase or decrease in value throughout the game and can be sold at any time if a buyer can be found. CryptoKitties was one of the first and most successful blockchain-based video games. While playing the game, you have the option of purchasing a cat and caring for it. You may even get two of them and breed them to produce more kittens. You can either sell your pets or buy new ones as the market price fluctuates. The staggering sum of $117,000 was paid for the most expensive cat ever sold on CryptoKitties. The early crypto games were expected to concentrate on cats; nonetheless, these games came in a broad variety of shapes and themes. In this game, you can collect heroes, monsters, fish, and even hamsters. With such a varied assortment of game styles, you should have no trouble finding a title that suits your preferences.
Online gaming and cryptocurrency
The online gaming industry is one of the fastest growing sections of the gaming industry. It is expected that by 2025, its worth would have risen to $300 billion. As a result, it should come as no surprise that a large number of cryptocurrency developers are shifting their focus to it to make their coins compatible with iGaming. If current trends continue, 2022 will be a watershed year for the use of bitcoin in the iGaming business. Even if it appears implausible at the moment, there has been some discussion of inventing digital tokens that would only be used in online gambling. Existing coins, including Bitcoin, Tether, and Ethereum, are functioning correctly and are gaining acceptance at an expanding number of online casinos. At this rate, there won’t be a single website offering online gaming that doesn’t accept them by the end of 2022.
By the year 2022, Bitcoin will have become the most widely used system
The vast majority of crypto games that are now available were developed on the Ethereum blockchain, and we do not anticipate that changing before the year 2022. To put it another way, the Ethereum blockchain offers a very helpful base for the development of applications like these. It is easy to use, can be modified in a short amount of time, and offers excellent technical support to pull developers out of tricky circumstances when they occur. Ethereum is ideally suited for the usage of cryptocurrencies in gaming due to all of these features, and this is especially true when because the vast majority of game studios are independent. As a direct consequence of this, they are unable to pay for the brute force that is readily available to large developers. As a consequence of this, they desire both knowledgeable technical support and a platform that can be rapidly adapted to meet their specific requirements. Having said that, even this is subject to change during the following year, but more on that later.
Those Who Created It in the First Place
As was mentioned before, the market for cryptocurrency games is dominated by only a small handful of well-known brands. The great majority of companies that generate software are either one-person operations or rather modest corporations. They have spent the last two or three years working on the development of a game, and as a result of their hard work, in 2022, they will be able to reap the rewards of their labor and experience the fruits of their labor. Quite a few of the games, including My Crypto Heroes and Blockchain Cuties, already have thousands of players and are on the cusp of gaining significant notoriety as a result. Because of this, the individuals who developed them will have the opportunity to become the industry’s first crypto gaming powerhouses. On the other hand, several well-known studios are contemplating entering the bitcoin game market and are working on building the means to do so. They will contribute significantly, not just monetarily but also in terms of influence and talent; together, these three factors will have a big bearing on the market segment.
Advantages of Employing Cryptocurrency in the Gaming Industry
The distributed ledger technology known as blockchain is on the cusp of making significant changes to the Internet. One of the reasons why its widespread utilization is being held back is because the vast majority of people are oblivious to its existence. However, the advantages that it provides are quite substantial. This is something that can be helped with by using crypto games. People will have the ability to become accustomed to this cutting-edge technology if it is presented to them in a setting that is familiar to them, and what setting could be more familiar than the world of gaming? As a result of this familiarity, implementing blockchain technology into every other application will be a great deal simpler. Even casual gamers who only play crypto games for a few hours each week will be familiar enough with blockchain that it will not feel as foreign to them. This is because blockchain is a distributed ledger. The world will be better able to adjust to blockchain technology in preparation for its widespread acceptance as a result of the proliferation of crypto games.