The chart of the different game tokens shows that they are still riding the wave even as the major cryptocurrencies are starting to form red candles. Their market capitalization is nearly $ 9.6 billion and their 24-hour trading volume of $ 4.31 billion - a tremendous feat in today's slow cryptocurrency market.
Let's take a look at some of the platforms that have already used blockchain to their advantage.
Gaming and blockchain
The most popular application of the blockchain is cryptocurrency. The blockchain records currencies created using the technology on an open, distributed ledger so that they are not easily counterfeited and can be spent twice.
Blockchain technology is poised to change the face of the monopoly console market. It can make the game more immersive, create a multiverse, and be the norm for game transactions and backend infrastructure.
There are two types of gaming platforms that currently use blockchains: hybrid and decentralized. Hybrid games run on a central server, whose resources can be traded on a Blockchain. Decentralized games run entirely on Blockchain.
Both models use the blockchain to take gaming assets, make them legal and permanent, and make them proprietary. The gaming industry is also facing regulatory problems.
New York, for example, has one of the most restrictive gaming policies in the world. This makes it difficult to access multiple gaming platforms. Blockchains, on the other hand, are self-regulated. This means that anyone, even New Yorkers, can play blockchain-based games.
Three examples of blockchain-based gaming platforms
Blockchains can create a shortage of items in the game and encourage more purchases. They also remove fraudulent items from a game.
1. CryptoKitties
Cryptokitties, a cryptocurrency collectible game on Ethereum is one of the most prominent applications of blockchain technology in the gaming industry. Although the game launched in 2017, it had already seen some success. However, the game's unique cats have recently been brought to the fore by non-fungible tokens (NFTs).
The game allows you to buy cats for breeding and trading. Cryptokitties are so popular that they were responsible for the largest sale of a collectible Dragon character, which was bought for 600 Ethereum.
Last month sales of the game of more than 7,310 gaming products brought in $ 271,177.
2. My pet Defi
My Defi Pet, an NFT collectible game developed by Kardiachain and TopeBox, the leading game developer in Vietnam, is a collaboration between Kardiachain and TopeBox. Combine traditional gaming architecture with blockchain technology.
It involves the breeding, evolution, and battle mechanism of pets, just like Cryptokitties. These animals can be obtained by purchasing eggs with in-game currency, winning them through offerings, or raising them to produce offspring.
These collectibles can be owned by players and used for various decentralized finance (Defi) applications such as stakeout, yield/agriculture trade, or trade.
My Defi Pet is the latest addition to the blockchain gaming industry. It has a market cap of $ 56.457.717. With a 24-hour trading volume of $ 8,927,100
the game is currently played by over 145,583 people who have hatched approximately 1,726,229 eggs worth $ 46.6 million.
A better future for gaming is Blockchain technology
3 . Axie Infinity
Sky Mavis, a well-known tech-focused gaming studio, created Axie Infinity, a blockchain-based Pokemon-inspired game. This game offers players an immersive gaming experience and allows them to earn cryptocurrency through different gaming activities.
Axie is a popular Ethereum-based gaming platform that has seen an increase in inactive users. The game has also generated over 90,000 Ethereum on its marketplace and has sold approximately 1,321,365 Axies to date.
Mass adoption
The combination of blockchain and gaming has great potential for growth in both sectors. Distributed technology is used by developers around the world to create new games. This not only improves the player experience but also generates new revenue streams.
Platforms like Enjin, Decentraland, Cryptokitties, and My Defi Pet are making big and ambitious moves in the world of blockchain-based gaming. We're still in an early stage, so it's unclear whether these platforms will be able to ride the wave of mass adoption.
Cryptocurrency-based games are initially good games, which have found the right audience at the right time, and something more profound is going on than just giving people the opportunity to make money while they play.
One of the biggest subsectors within cryptocurrencies right now in gaming.
According to CoinMarketCap, 162 gaming-related tokens now boast a total market capitalization of around $ 13 billion, after reaching just $ 7.9 billion in late July and $ 3.6 billion in mid-June.
This leap also shows just how popular the intersection of gaming and cryptocurrency has become, with cryptogames attracting a growing fan base mainly because they mix one of the world's favorite pastimes with the opportunity to make money.
Going forward, most analysts agree that the use of non-fungible tokens ( NFTs ) and play-to-earn models will continue to be dominant.
On the other hand, they warn that crypto-gaming will face a number of regulatory and accessibility hurdles before it can reach its true potential. Of course, there is something unique about crypto games, as they provide players with the opportunity to earn money as a side effect of the game.
Despite this, crypto games offer a significant refinement on more traditional game models, one that represents their unique appeal. In particular, Sebastien Borget notes that blockchain technology has allowed user-generated content (UGC) - which already existed in games like World of Warcraft - to enter the realm of true ownership.
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