❓Why is now a good time
Huge market opportunity
Decentralized gaming is set to be the future owing to its potential to transform the gaming industry, favoring significant growth of the market over the forecast period.
The global gaming market is expected to grow from $184 billion in 2022 to 2025211 billion dollars (Newzoo's Global Gaming Market Report)
Total number of crypto wallet holders has grown to 400 million (Statista, June 2023)
Total investment in Web3 gaming projects exceeds $2.3 billion by 2023.Fortune BusinessGlobal Blockchain Gaming Market Size to Reach 6150 by 2030, Forecasts New Insights Reportbillion, growing at a CAGR of 21.8% from a market size of $128 billion in 2022.
Web2 Gaming companies are starting to enter the blockchain space in order to secure new growth engines and raise new capital through tokensKim.
Increased demand for games
"Over the years, from "Fonite" character skins to "MagicGold in World of Warcraft, gamers have always traded virtual currencies and assets. But in these traditional games, you can't really own anything in the virtual world because the economy exists in a closed market.You may have paid $60 to have a license to the program, playYou can play the game for a month, pass it, and then turn it off and get nothing else out of it. In other words, you can't trade in-game currency or items with fiat money, and you can't take it with you to other games, because you never really own it. We still have these problems in the current game market.We need to work it out together."
With the advent of decentralized gaming, blockchain technology has revolutionized the gaming industry. This innovative concept has reshaped the way gamers interact with the virtual world and offers multiple benefits. Decentralized gaming influences blockchain technology to provide players with ownership, transparency and better security for in-game assets.
In addition, with players fully owning their own in-game assets, playing for money games has become an important part of the crypto world section, enabling players to earn rewards just for playing games and completing tasks. Blockchain-based games offer tokens and NFTs This creates a new level of value for in-game assets in blockchain technology, such as rewards that can be exchanged for other tokens or sold on specialized exchanges. This creates a new level of value for in-game assets in blockchain technology.
The convergence of blockchain technology and irreplaceable tokens (NFTs) has led to the evolution of the gaming industry. These cutting-edge technologies have transformed gamer experience, creating multiple opportunities and introducing ownership and value to the gaming ecosystem.
NFT has gained popularity as a new way for creators to monetize their digital content, providing gamers with a way to collect and trade game NFT is a sense of community, where players work together in a decentralized ecosystem to create a new way of generating income from in-play items.Collaborate, trade and compete in the system. Example:
November 2023, CVerse, an idealistic project managed by dedicated gamers, has been able to create a new generation of gamers through the integration of the blockchain and the NFT system and introduced its digital currency, IC coins and functional NFTs to the gaming world, along with a new era.
With the adoption of NFTs in blockchain technology, gamers have access to more ownership and production opportunities. This also has helping to generate a financial return on their time invested in the game, which in turn drives the growth of the market.
Regulatory policy support
In recent years, with the wide application of blockchain technology, many countries and regions around the world have gradually established regulatory frameworks for blockchain and cryptocurrencies. The maturity of this regulatory environment is of great significance to the development of blockchain games.
For example, in 2021, Google announced that it would allow NFT and blockchain gaming apps to be uploaded to its Play Store, a move that the wording not only provides a broader market and user base for blockchain games, but also marks the mainstream technology giants' commitment to blockchain the value of the game is recognized. In addition, some countries and regions have begun to introduce clear cryptocurrency and NFT policies for the blockchain games provide legal clarity and support. These regulatory clarity and supportive policies provide a stable legal and business environment for the development of blockchain games, reduce risk for developers and users, and increase the confidence and vitality of the industry.
Maturity of the technology
Technological advancement is a key driver for the development of blockchain games. In the past, one of the main challenges facing blockchain games was the lack of a generalized game public chain capable of hosting large-scale users and complex game logic. However, as technology continuous maturity, such as the emergence of high-performance public chains such as Solana, provides strong technology for the development of blockchain gamingWith its high throughput and low transaction costs, the Solana public chain has become an ideal platform for developing decentralized applications.(DApps) and games ideal for bringing a quantum leap in performance and user experience to blockchain gaming. Powered byThe demand for online games is not newly growing due to easy access and user-friendly gaming experience.
Popularization of industry education
Popularization of industry educationWith the popularization and precipitation of industry education, the understanding and acceptance of blockchain games by developers and users have been increasing.The traditional Ponzi model of chain play has been gradually phased out of the market and replaced by a more fun and sustainable approachof game design. For example, Stepn created a new kind of game by combining mobile fitness with blockchain rewards.The game mode not only improves the participation and interest of the game, but also demonstrates the potential of blockchain games in providing innovative solutions. In addition, the rise of various online courses and seminars, as well as active exchanges in communities and forums, have accelerated the dissemination of blockchain knowledge and accumulation of skills, laying a solid foundation for the healthy development of the industry.
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