Before the collapse of several exchanges, blockchain gaming was one of the hottest topics on crypto twitter. Speculators in the industry have been betting big on the combination of blockchain technology with online gaming. The global video game market generated approximately $198.6B USD of revenue in 2021. NFT technology offers several technological advantages to the gaming industry that can’t be ignored.
One of the main problems for traditional games is initial investment. Games carry a hefty price tag, and free-to-play games often lure gamers in with an excellent play loop then offer additional content that is needed to fully enjoy the game. This additional content usually adds up to more than the cost of buying the entire game.
When the gamer is ready to move on to a new game, they are left with an investment they cannot easily sell second hand. NFTs change all this.
Blockchain Enables a New Gaming Economy
In a blockchain enabled game, assets, skins, weapons, avatars, and most all of the in-game items needed to enjoy a game become tradable assets. This means that a gamer can trade or sell their items that they either bought or won and begin the move to a new game. In an NFT enabled game economy the developers and gamers win in the end. Not only can they make money back on their initial investment, but in blockchain gaming they can be incentivized to play more with play-to-earn options.
In Play-to-Earn gaming, players can earn various rewards or cryptocurrency by leveling up and playing in the game. These items can usually be traded for other in-game assets or exchanged on the market for other currencies. This changes the $200 billion dollar gaming economy completely.
Barriers to Adoption of Blockchain Gaming
One of the barriers to the adoption of blockchain gaming is the learning curve. Many gamers do not understand how to use decentralized wallets or interact with crypto exchanges. Nor do they want to transfer their assets to different blockchains or platforms to play other games. Many platforms are trying to solve this missing link.
HyperPlay and MetaMask Offer an Innovative Solution
HyperPlay is one platform solution that may gain traction. According to the website it is a “Web3 game launcher from the future.” Where gamers can carry their wallet, NFTs, tokens, and achievements into every game.” On November 2nd they announced their partnership with MetaMask, one of the most widely used decentralized wallets in crypto.
— HyperPlay (@HyperPlayGaming) November 2, 2022
Users will be able to login to HyperPlay with an existing Epic Games or GOG account. This is a huge step for the onboarding of Web2 gamers to Web3. Since one of the biggest blocks to mass adoption is ease of use, the ability to login to a blockchain gaming platform with Web2 simplicity has huge implications.
The platform is still under development and access to the alpha build just opened to developers on November 16th. Gamers won’t be left out. They will have access to test the games in the public beta some time in February 2023.
While the crypto markets continue to weed out bad actors, don’t forget to keep your eye on the gaming sector. The true builders are still working behind the scenes.
Opinions expressed here are opinions of the Author. Influencive does not endorse or review brands mentioned; does not and cannot investigate relationships with brands, products, and people mentioned and is up to the Author to disclose. Accounts and articles may be professional fee-based.